News
Insurers warned Rita will "probably" strengthen into category 4 hurricane
After hitting the Florida Keys, Hurricane Rita gained power on Wednesday and headed across the Gulf of Mexico on a course that could take it to Texas and Katrina-battered Louisiana.
S&P downgrades Advent
Late yesterday S&P it lowered its public-information (pi) Lloyd's Syndicate Assessment on Advent's syndicate 0780 to '2pi' (high dependency) from '3pi' (average dependency).
Axa identifies surge in crime related business pay-outs.
Nottingham is most at risk from business crime says an Axa survey which also discovered that 50% businesses believe lack of police presence and security systems to be the root cause of crime.
Wellington outlines new 2006 business plan
Wellington has increased its capacity projection fro 2006 in the wake of Hurruicane Katrina.
Post Office hires new insurance boss
The Post Office today announced five new appointments to its financial services team, including a new head of insurance.
Winlow quits as Zurich MD
Zurich has announced that Mark Winlow, managing director of its UK Personal Lines business, has decided to leave the organisation.In a statement from the insurer, zurich said neither the company nor Mr Winlow will be discussing the terms or background to…
First Assist sells business
First Assist has today announced the sale of its private medical insurance business to Standard Life Healthcare for an undisclosed sum.
Norwich Union launches online broker regulatory risk tool
Norwich Union has launched a new online tool to help avoid the threat of fines or being barred from doing business under the FSA’s rules regarding broker-insurer trading arrangements.
Arig launches Takaful Re
Arab Insurance Group (Arig) has announced the creation of the first reinsurance company in the MENA region which is to be organised and operated in a fully Shari’a compliant manner - Takaful Re.
Moody's gives Pool Re vote of confidence
UK terrorism events are unlikely to lead directly to meaningful rating actions, according to Moody's Investor Service, but indirect consequences could result in negative rating pressure, it said.
London Market seeks clarity on finite reinsurance rules
The International Underwriting Association has published guidelines on finite reinsurance for companies in the London Market.
Personal injury is top PI claim
Personal injury has taken over from commercial property as top cause of professional indemnity notifications.
Zurich launches Driver Solutions
Zurich has launched Zurich Driver Solutions, a new risk management service providing brokers with a package of services to help fleet managers and businesses identify and manage driving risks.
Brokers celebrate at Insurance Age Awards
Brokers across the UK are celebrating their success after the 12th Insurance Age Awards which took place in London at The Brewery last Friday.
US insurers react angrily to Katrina law suits
The National Association of Mutual Insurance Companies (NAMIC) has issued a statement in reaction to lawsuits being brought by Mississippi Attorney General Jim Hood against insurance companies handling claims related to Hurricane Katrina. The statement…
Chaucer predicts 10% rate increases
Lloyd's insurer Chaucer has reported an increase of 19% in gross written premium to £263.3m and a profit before tax increase of 79% to £35.8m, for the first half of 2005.
Heath Lambert appoints chief executive
Broker Heath Lambert has appointed Mark Hardinge as Chief Executive of the Group’s Financial and Professional Risks operation.
Beachcroft Wansbroughs launches Treating Customers Fairly service
Beachcroft Wansbroughs, the commercial law firm, has introduced a ‘Treating Customers Fairly’ service to its Financial Services Division.
SVB moves out of the red
Lloyd’s insurer SVB this morning reported an interim profits before tax of £27.7m (H1 2004: £120.1m loss).
AM Best issues ratings alert after Katrina
Due to the evolving effects of Hurricane Katrina, AM Best has been aggregating public and private information in order to assess the financial impact it will have on insurers. AM Best expects all rated companies will be able to meet their current loss…
Teceris appoints new partner
Teceris, the high end loss adjusting expert has appointed Jack Chisholm as a Partner and head of the construction and engineering team. Jack will be responsible for bringing increased scale to Teceris’ business sector.
AM Best maintains Lloyd's rating
A.M. Best has hinted at greater leniency towards Lloyd's and has opted to maintain its financial strength rating despite potential losses from Hurricane Katrina.The rating agency said in a statement today it expects all rated companies will be able to…
Spitzer indicts eight former Marsh managers
New York Attorney General Eliot Spitzer and State Insurance Superintendent Howard Mills have announced the indictment of eight former executives of America’s leading insurance brokerage firm for their roles in an alleged massive bid rigging scheme that…
RSA appoints claims supply chain director
Royal & SunAlliance has appointed Nigel Fleet as its new claims supply chain director. Mr Fleet has a thorough background in the insurance industry, including roles within Prudential and AXA.