News
Fitch has a "positive" outlook on RSA
Fitch Ratings has today changed RSA's outlook to positive from stable, and affirmed its insurer financial Strength at 'A-' (A minus) and long-term issuer default at 'BBB+'.
CEGA targets personal accident and creditor services
Third party claims administrator and emergency assistance provider CEGA is targeting personal accident and creditor business.
Heath Lambert reports interim results
Heath Lambert's trading profit for operations is up by more than 8% to £9.2m compared to the same period last year.
Cobra share price crashes on talks termination
Boker Cobra's share price has crashed 25 pence (24.39%) after confirming merger talks have been cancelled.
Endurance diversifies business
Property and casualty insurance and reinsurance provider Endurance has diversified its offerings to clients and brokers in the UK and introduced new lines of business.
Prudential settles “sham reinsurance” lawsuit with SEC
Prudential Financial has agreed to settle a lawsuit by the US Securities and Exchange Commission alleging that it improperly reported more than $200m in income through sham reinsurance contracts with General Reinsurance Corp.
NOAA increases hurricane forecast
After a "very active" July, National Oceanic and Atmospheric Administration has projected an 85% probability of an above-normal season – up from 65% in May.
RAM Re expresses disappointment at Moody’s downgrade
RAM Holdings has responded today to Moody’s Investors Service (Moody’s) ratings action.
Berkshire Hathaway earnings drop 7.6%
Berkshire Hathaway has reported net earnings of $2.88bn in the second quarter of 2008, compared to earnings of $3.12bn in the second quarter of 2007.
Primary Broker Services founder Davey returns
SSP has appointed former PBS Holdings chief executive and Primary Broker Services founder, Jonathan Davey, as a director, reporting to SSP chief executive, Laurence Walker.
Zurich extends Bradford and Bingley insurance deal
Zurich has extended its long-standing home insurance relationship with Bradford and Bingley.
Former RBSI head joins Towergate broking arm
Towergate has appointed Jim Donaldson in a new senior operations role in the Towergate broking division.
Insurer offers body shops PAS 125 incentive
From the 1 July 2009 Allianz’s 173-strong approved repairer network will be required to conform to the new PAS 125 British Standards Institute Kitemark specification. The same criteria will also apply to any repairers wanting to join the network for the…
Allianz appoints new motor manager
Allianz Insurance has appointed Simon Law as its new motor damage supply manager.
Goodwin says RBSI sale could be weeks away
The chief executive of Royal Bank of Scotland says a number of parties are interested in the bank’s insurance arm but that a deal will not be struck unless an “acceptable” price is agreed.
Open GI launches online pricing tool
Open GI has launched a new online pricing tool that enables brokers to apply real time rating flexibility on the web.
Burrows confirms Cobra announcement soon
Steve Burrows, chief executive of Cobra, has said there has been no "formal offer" for Cobra after confirming an approach on 4 July. He told Professional Broking that he is expecting to release a stock market announcement about the interested party…
Allied World Q2 net income off 35%
Allied World, the Bermudian (re)insurer, said that second quarter net income fell to $79.2m from $123.3m a year earlier. Net income in the first half of the year dropped to $210.2m, compared to net income of $237.2 m, for the first six months of 2007.
AIG CEO won't rule out capital raise as shares plummet
(BESTWIRE) As they announced a third consecutive quarterly loss, the leadership at AIG would not rule out the possibility of a capital raise during a conference call to discuss the company’s second-quarter earnings Reinsurance reports.
Talbot addition helps Validus H1 net income soar
Validus, the Bermudian reinsurer, said that second quarter net income rose to $75.9m, compared with $70.8m in the sme period of 2007. Net income for the first half of the year was $142.4m, compared with $127.5m for the corresponding period in 2007.
Erinaceous confirms name change to Barbon
Erinaceous Insurance Services has confirmed it has completed its rebranding exercise and from today (Friday) will operate as Barbon Insurance Group.
Argo Group H1 up net income up 30% despite $20m storm losses
First half net income at Bermudian reinsurer Argo Group jumped by 30% despite first half storm losses of $20.6m.
Fortis announces £43.3m pre-tax profits
Fortis Insurance UK has announced pre-tax profits of £43.3m (H1 2007: £19.0m) despite challenging market conditions.
Catlin sees 21% drop in profit before tax
Catlin has reported a 21% drop in profit before tax of $150m on a $2.1bn gross premiums written (up 4%) for the first half of 2008.