News
Transport mutual members told of money laundering risk
Members of mutual insurer International Transport Intermediaries Club have endorsed the mutual status of the Club and backed its directors, but received a stern warning to comply with international money laundering regulations.
Coface in export credit launch
Credit insurer Coface UK has added launched a financing facility aimed at exporters trading abroad.
AM Best affirms Converium rating
AM Best has affirmed the financial strength rating of B++ (Very Good) and upgraded the issuer credit rating (ICR) to "bbb+" from "bbb" of Converium. The under review status has been removed, and the outlook is stable for all ratings affected.
Middlesex University accredits "first ever" UK case management qualification
RTW Plus, in association with Middlesex University, has launched what it claims is the “first accredited UK case management qualification”.
US Asbestos Bill unlikely this year
The chances of the US Congress agreeing to establish a fund to compensate asbestos victims this year have diminished after the Senate majority leader left it off a list of priorities for the few days left in the legislative period.
First Assist connects six call centres
Health insurer FirstAssist, has implemented a £2m Avaya Internet Protocol-based contact centre solution across all its sites.
Benfield introduces Romanian quake model
Benfield has launched GAPQuake Romania, a fully probabilistic earthquake loss model capable of evaluating losses from all seismic sources in and around the country.
Jones steps down from BDMA
The British Damage Management Association has announced that Gwyn Jones will be relinquishing his role as its operational development manager at the end of October 2004.
Creechurch takeover by Logan/Hastings Direct finalised
The purchase of Lloyd's insurer Creechurch by Hastings Direct parent Logan Trust Group has been confirmed.
Scor releases windstorm damage estimate
Scor has announced that it estimates its exposure to the cost of the hurricanes in the United States and in the Caribbean to be €22.5m, on a gross basis and before taxes.
Fitch upgrades Mapfre
Fitch Ratings has upgraded Mapfre's long-term rating to 'A+' from 'A' and its €275m debentures due 11 July 2011 to 'A+' from 'A'. At the same time the agency has assigned an insurer financial strength (IFS) rating of 'AA-' to Mapfre Mutualidad, the…
Converium package passed at EGM
Converium shareholders have formally approved the management’s package of measures designed to restore the company’s financial strength.
Atrium doubles profits in first half
Lloyd's insurer Atrium Underwriting has announced profit before tax increases up strongly to £16.1m (30 June 2003: £8.2m)
Aascent Finance in Northern Ireland push
Aascent Finance says it is has opened the first independent premium finance office in Belfast to service Northern Ireland brokers, as it aims to capture 30% of the market.
Website launch for insurance archive
The Actuarial Profession today announced that over 400 papers presented at its General Insurance Conventions from 1974 are now accessible on the organisation’s website.
NU to join Rural portfolio
From 1 October 2004 Norwich Union will be joining the portfolio of established insurers supporting Rural Insurance, a leading agricultural underwriting agency, part of the Primary Group.
Jeanne less disruptive than Frances says Cunningham Lindsey
Hurricane Jeanne was less disruptive in the Bahamas than Frances according to loss adjuster Cunningham Lindsey.
Fitch looks at total US hurricane losses
Fitch Ratings has claimed that with estimates for insured losses from Hurricane Jeanne ranging between $4 bn and $14bn, it is now possible that combined US insured losses from Charley, Frances, Ivan and Jeanne could equal or exceed the combined 1992…
Cox broking hires Heath Lambert three
Cox Insurance has hired three key individuals in its Broking Division – Paul Firkins will become business development executive; Janey Ware will become relationship manager and Jasper Garnham joins as executive consultant.
Hiscox in 05 capacity u-turn
Hiscox is raising capacity of its Lloyd's syndicate back up to £775m after initially deciding on a 14% cut, citing foreign exchange pressures and an improved rating environment.
S&P raises Converium outlook
Standard & Poor's (S&P) has revised to positive from developing its CreditWatch implications on its 'BBB' long-term counterparty credit and insurer financial strength ratings on Switzerland-based reinsurer Converium.
Jersey insurance market remains static
The Jersey Financial Services Commission today announced that no new insurance company companies were set up during the quarter ended 30 June 2004, nor were there any cancellations. The total number of insurance licences at 30 June 2004 remained at 170.
RMS estimates Jeanne damage
Risk Management Solutions (RMS) has estimated that insured losses from Hurricane Jeanne would be between $4 to $8bn, based on an assessment of the hurricane’s characteristics at the time of landfall and its projected path.
Lloyd's upgraded
Rating agency Fitch has today upgraded the Insurer Financial Strength rating of Lloyd's of London to 'A' from 'A-' (A minus). Following the upgrade the outlook is Stable.