News
US P&C insurers estimated to pay out $11.5bn in Q3 property losses
US property/casualty insurers are expected to pay homeowners and businesses an estimated $11.5bn for third-quarter property losses resulting from a total of 11 catastrophes in 22 states — the fourth-largest insured property loss in a third quarter since…
Broker looks to become dominant force in East Midlands after MBO
The Berkeley Burke Group has sold its general insurance business to the management.
MMA opens new office in Scotland
MMA Insurance has opened a new office on St Vincent Street, Glasgow.
Haynes gains wider role at Tokio Marine
Kiln Group chief financial officer Peter Haynes is to assume a broader financial management and leadership role for Tokio Marine companies.
FTSE crashes in early trading
The FTSE 100 has crashed to 3686.26, down 5.08% at 10:50am. Aviva was down 11% to 219.50 pence per share.
Kiln CFO Haynes given senior appointment in Tokio Marine Global
Kiln Group and Tokio Marine Global has announced Peter Haynes, the Kiln Group chief financial officer, is to assume a broader financial management and leadership role for Tokio Marine companies, subject to the requisite regulatory consent.
Brit Insurance snags new liability underwriter from Zurich Commercial
Brit Insurance Holdings, the UK-based international general insurance and reinsurance group, said it as appointed Darren Mallett as liability underwriter on its UK division.
AIG CEO Liddy says $123bn loan 'may not be enough'
(BestWire) — Edward Liddy, chief executive officer of American International Group, said the $123bn in federal loans given to the company may not be enough to keep its head above water, Reinsurance reports.
Towergate appoints new CEO
Towergate Financial has appointed Ian Darby as chief executive officer from 31 October 2008.
Aegis and Hiscox join forces to enhance cyber protection
Bermuda-based energy mutual Aegis has teamed up with Hiscox to offer members new protection against a range of privacy and confidentiality risks.
Brit appoints liability underwriter
Darren Mallett has been appointed liability underwriter at Brit UK where he will report to London region underwriting manager Bernard Milford-Cottam.
Bollington corners 30% of UK fostering agency market
UK commercial broker Bollington has rapidly secured a 30% market share of the UK fostering agency market.
Post Office unveils winner of travel insurance tender
The Post Office has signed a further five year contract with broker Aon to continue managing its travel insurance scheme.
Lancashire boss in no doubt "the market has turned"
Lancashire has reported a net operating loss of $105.7m ($119.4m after tax) for the third quarter of 2008.
Report claims aggregators will drive up insurance prices
Internet comparison sites hitting profit margins and forcing insurers to rethink their strategies, according to research out today.
Former Aviva boss Snowball joins JLT
Jardine Lloyd Thompson has appointed Patrick Snowball as a non-executive director with effect from 1 November 2008. His appointment follows that of John Paynter who joined the Board on 1 October.
Weak pound leads Hiscox to increase capacity
Hiscox has said it will not decrease the capacity of Hiscox Syndicate 33 at Lloyd’s to £550m as previously planned and will increase it to £750m for the 2009 account.
US insurers in bail-out talks with Treasury
Three US insurers are understood to be in talks with the US Treasury about a possible state-cash injection.
Aegon in Dutch government talks
Giant European insurance group Aegon is in weekend talks with the Dutch government over the possibility of it joining a Euros 20bn state recapitalisation scheme, according to a report in the UK's Sunday Times newspaper.
Tax millstone for US reinsurers prompts legal call
Less than one in four insurance industry professionals polled by AM Best believe US insurers and reinsurers can compete with firms based in low-tax domiciles. The survey also shows that over half support tax law changes to address the issue.
Great Lakes Casualty upgraded in wake of acquisition
Ratings Agency AM Best has upgraded the financial strength rating to A (Excellent) from B- (Fair) and issuer credit rating (ICR) to “a” from “bb-” of Great Lakes Casualty Insurance Company.
Life - Reinsurance Group of America sees income drop
Life reinsurer, Reinsurance Group of America has reported net income for the third quarter of $25.2m compared to $76.5m for the same quarter last year. However operating income increased by about 25% to $118.5m from $95.65m in the same period last year.
Towergate appoints new board member
Towergate Partnership has appointed Darryl Clark to the main board of Towergate as company secretary and group risk management director.
Founder steps down as regulator hits Quinn with £2.56m fine
Sean Quinn senior, the founder and chairman of Quinn Insurance, has been fined £2.56m (€3.25m) by the Irish financial regulator.