News
Berkley hires former XL US president for R/I opps
W. R. Berkley has announced the appointment of C. Fred Madsen as senior vice president - reinsurance operations.
Catlin brings in Quanta boss for New York office
Bermuda-domiciled International (re)insurer, the Catlin Group has announced the opening of an underwriting office in New York for its Catlin US subsidiary
Catlin establishes New York office
Lloyd's insurer Catlin's US operation has established an underwriting office in New York.
ABI scheme tops Commons compensation debate
The government has yet to decide on the insurance industry's proposals for a compensation body for mesothelioma claimants. At a debate in the House of Commons yesterday, the scheme's advocate Conservative MP, Oliver Heald, requested the government's…
Best affirms Axis, waits for Charman successor plan
AM Best has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of "A" of Bermudian (re)insurer Axis Specialty Limited (Axis) and its operating affiliates. Concurrently, the agency has affirmed the ICR of …
AWAC prices IPO
Bermudian (re)insurer Allied World Assurance Company Holdings (AWAC) has announced a guide range for the flotation price for its shares on the New York Stock Exchange. AWAC said the 8.8m common shares should start trading for between $34.00 and $37.00…
Japanese life insurers capital resources rising, claims Moody’s
According to Moody's new report, "Capitalization Improved at Japanese Life Insurers but New Risks Rising", Japanese life insurers' capital resources are in fact rising, against the backdrop of a stabilizing operating environment and insurers' efforts to…
South Korea hit by Ewiniar
Typhoon Ewiniar has struck western South Korea, with its heavy rains and strong winds bringing substantial damage across the country.
Sterling Insurance and Sterling Life’s IFs ratings upgraded
Sterling Insurance Company and Sterling Life today announced that their IFS (Insurer Financial Strength) ratings have been upgraded to A- (A minus) from BBB+ by Fitch, the global rating agency. Both companies are part of the Sterling Insurance Group.
Lloyd's climate change debate falls short says Ascot
A leading Lloyd's underwriter has criticised the market's opening debate on climate change for providing "little true weight" and predictable "rhetoric". Matthew Washington, aggregate manager at Ascot Underwriting, said of the Lloyd’s 360 Debate on…
ABI looks to debunk compensation myth
Independent research published today by the Association of British Insurers claims to show legal representation does not usually lead to higher or faster compensation.
Swiss Re to cut 2000 jobs
Swiss Re has confirmed that it will reduce its global workforce by up to 2 000 positions through lay-offs and natural attrition in the wake of its final takeover of GEIS.
Lloyd's broker announces a 25% hike in profit
Lloyd's broker THB Group this morning announced a 5% increase in turnover to £34.1 million (2005: £32.4 million) and an operating profit up 25% to £3.8 million (2005: £3.1 million) for the year ending 31 March 2006.
Lloyd's spread capital fund relaunched ahead of listing
Insurance Capital Partners, a relaunched fund providing opportunistic spread capital to the insurance industry managed by a team drawn from CBS this morning announced a planned 100m pound IPO.
Gresham backs Giles' £45m MBO
Gresham, the UK mid market private equity specialist, today announced that it has backed Chris Giles and the management in the management buyout of Giles Insurance Brokers in a deal valued at £45m.
Allianz drops Cornhill
The Management Board of Allianz Cornhill Insurance this morning announced that as from 30 April 2007, the company's legal name will change to Allianz Insurance.
CBG Group acquires broker
Manchester-based CBG Group has acquired the broker ET Knagg and Co for around £1.4m.
Fitch downgrades Swiss Re ratings
Fitch Ratings has downgraded its Issuer Default Rating and Insurer Financial Strength rating on Swiss Reinsurance Company to 'AA-' (AA minus) from 'AA+' and has removed the ratings from Rating Watch Negative.
Europ Assistance ties up claims outsourcing with Citybond Suretravel
Europ Assistance is opening a dedicated claims unit for its major corporate client, Citybond Suretravel. This news follows a recent two-year extension of the contract between the two organisations.
NIG adds two new products to its online network
Brokers will be able to access two new products on NIG’s on-line commercial quote system as of today. Business from Home and Hotel are the latest additions to NIG Network.
S&P affirms rating on Standard Life
Standard & Poor's Ratings Services has assigned its 'A' long-term counterparty credit and insurer financial strength ratings to UK-based life insurer Standard Life Assurance and its 'BBB+' long-term counterparty credit rating to Standard Life PLC, the…
BDMA appoints new director
The British Damage Management Association is delighted to announce the appointment of Jonathan Davison, a past chairman of the BDMA and formerly chief executive of Chem-Dry UK Ltd, to a newly created post of director of strategic development
Lloyd's broker confident of 15% market share with new joint venture
Lloyd's broker Howden has opened a new venture in Miami.
Colemont appoints aviation manager
Colemont Insurance Brokers has appointed David Tyler as managing director of Colemont’s aviation division.