News
Converium restates accounts
Converium has announced the results of its restatement of accounts following an external review into its practices. It also announced that for the third quarter of 2005, the company reported a net loss of $6.9m and for the nine months ended September 30,…
Willis welcomes TRIA extension
Joe Plumeri, chairman and CEO of Willis has welcomed US congressional action to extend the Terrorism Risk Insurance Act (TRIA) for a further two years.
Beazley syndicates given clean bill of health
A.M. Best has affirmed the Best’s Syndicate Rating of A (Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 623 and Lloyd’s Syndicate 2623 which are both managed by Beazley Furlonge Limited.
Hiscox Bermuda given A- rating by AM Best
A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating (ICR) of “a-” to Hiscox Insurance Company (Bermuda) a newly capitalised Bermudan insurer. The outlook on both ratings is stable.
Independent trio charged
The Serious Fraud Office has brought proceedings against three former directors of Independent Insurance. They appeared in the City of London Magistrates' Court today, charged with conspiracy to defraud.
FSA calls for networks to improve control over appointed representatives
The Financial Services Authority (FSA) has called for retail networks to improve their supervision of Appointed Representatives (ARs). An FSA survey found a number of potential shortcomings in areas such as the level of compliance resource in Principal…
Lancashire starts underwriting with A- from AM Best
AM Best Company has formally granted new Bermudian reinsurance start-up Lancashire Insurance Company a Financial Strength Rating of A- (Excellent).
Harbor Point opens with $1.5bn, looks for US acquisition
Stone Point Capital has announced the completion of fundraising of new Bermudian start-up Harbor Point Limited and the closing of the acquisition of the ongoing assumed reinsurance business of Chubb Re.
Swiss Re ties up Admiral deal
Motor insurance specialist Admiral has agreed a quota share reinsurance contract with Swiss Re. The deal will see the Swiss company reinsure 5% of the UK private motor premium written via Admiral Insurance Services Limited during 2006.
Capita forms new arm for major affinity push
Capita subsidiary BDML Connect has launched a new subsidiary, BDML Insurance Solutions (BDMLIS), which will focus on niche areas of the affinity insurance market.
Agency Underwriting launches fast track claim service
Agency Underwriting (AUL) has launched a new service, aimed at cutting time taken to resolve claims of less than £1,000. The fast track service was launched this month.
Lloyd's underwriter slams direct market for Katrina failures
The direct market’s failure to act decisively to restore pricing discipline post Katrina is “Jurassic”, according to Martin Reith, CEO of Ascot Underwriting.
Homeserve in £14m Improveline acquisition
Homeserve has announced the acquisition of Recommend Limited, which trades as Improveline for an initial cash consideration of £14.0 million on a debt free and cash free basis.
Ace foresees big profits and growth in 2006
Bermudian (re)insurance group Ace has issued guidance to investors for the 2006 year, which sees 6%-8% growth in property and casualty premiums and an expected combined ratio of 88%-90%.
Spitzer releases report on Greenberg allegations
New York Attorney General Eliot Spitzer has released a formal report on the alleged abuses carried out by former AIG CEO Maurice ‘Hank’ Greenberg and other executors of the estate of the late Cornelius Vander Starr.
IPC chairman to go in reshuffle
Bermudian catastrophe reinsurer IPC Holdings has announced the retirement of its chairman Joseph C. H. Johnson, with effect December 31, 2005. Mr. Johnson will also be retiring from the board of IPCRe.
WR Berkley to open Spanish office
W. R. Berkley Insurance Europe, has announced the establishment of a branch in Spain.
Former AIG CEO misused assets, claims Spitzer
Former AIG chief executive Maurice “Hank” Greenberg was part of a group that enriched themselves at the expense of the estate of AIG founder Cornelius Vander Starr, according to New York Attorney General Eliot Spitzer.
Quanta to raise $129m in stock offering
Bermudian (re)insurer Quanta Capital Holdings is to raise $129m in a public offering of common and preferred stock.
Catlin changes underwriting management.
Catlin has formed a group underwriting board which will be responsible for the formulation and execution of underwriting strategy for the group. The, international specialist property and casualty insurer and reinsurer has also appointed a new active…
Powell Insurance Brokers makes acquisition
Powell Insurance Brokers has acquired the commercial division of Gregson Williams Insurance Brokers.The staff from Gregson Williams have moved to Powell’s offices on Liverpool’s waterfront.
Allianz Cornhill introduces new electronic reporting system
Allianz Cornhill engineering has introduced an electronic reporting system named eServices.The inspection report management package provides inspection customers with four new reporting tools.
FSA touts 100% compensation FOS hike
The Financial Services Authority today published the findings of its review of the compensation and eligibility limits for the Financial Services Compensation Scheme (FSCS) and for the compulsory jurisdiction of the Financial Ombudsman Service (FOS).
Chaucer appoints two directors
Chaucer Syndicates has appointed two new directors; Janet Helson will lead the development of Chaucer’s third party syndicate management activities and Gina Butterworth, becomes risk officer and has responsibility for Chaucer’s business-wide risk…