News
Erinaceous Group sees broking revenue fall in 2005
The Erinaceous Group's insurance services division delivered a "relatively modest" 3% organic growth in profit in 2005. Total divisional revenue for 2005 was 22.4m pounds representing a fall of 2% compared to pro-forma 2004 after acquisitions are…
Brit mulls side-car venture to re-enter retro
In its preliminary 2005 results statement, Lloyd’s (re)insurer Brit has reconfirmed that it pulled out of the Cat retrocession market at the 1st January renewals. However, Brit confirmed that it may soon be back in what it sees as an attractively priced…
Converium announces 2005 profit
Converium has announced that it made a profit of $68.7m in 2005.
Brit returns profit, appoints Citigroup as Broker
Brit Insurance Holdings has reported pre-tax profits were almost halved to £62.4m during 2005. The insurer also announced the appointment of Citigroup as its new joint broker, as predicted in Post Magazine.
Capita Insurance to deploy further SAP solutions
Capita Insurance Services, the insurance division of support service company Capita Group plc, is to deploy the SAP CRM on-demand solution. The company currently uses applications from the SAP for Insurance solution portfolio, including claims management…
AA Insurance buys back commercial book from Aon
AA Insurance regained its former commercial insurance book from Aon.
Cooper Gay sees top line growth of 12% in 2005
(Re)insurance broker Cooper Gay has announced results for the year ended 30th September 2005 that saw turnover and other operating income up 12% to £58.4m (2004: £52.1m).
Munich Re claims record profit
In its anniversary year, with a stable premium base, the Munich Re Group has announced that it achieved a record profit of over €2.7bn in 2005.
Cooper Gay profits up 5.9%
Broker Cooper Gay has announced its results for the year ended 30th September 2005, reporting that turnover and other operating income was up 12% to £58.4m (2004: £52.1m).
American Re reports heavy 2005 loss after $1.4bn charge
Munich Re’s US subsidiary American Re has reported a 2005 GAAP net loss of $1,558.8m, primarily a result of the $1.4bn addition to the Company’s net loss and loss adjustment expense reserves recorded during the second quarter.
James Hampden Insurance Brokers makes acquisition
James Hampden Insurance Brokers (JHIB) has acquired Dragoon Insurance Services (DIS). Simon Hall, ceo of JHIB, commented “We have known and worked with the owners of this well run business for some time and therefore the opportunity to acquire the…
Beazley squeezes out profit
Lloyd's insurer Beazley announced its annual results this morning, with the group managing to retain profitability despite hurricane losses.
NU launches haulers' liability
Norwich Union is targeting the freight market with a new hauliers’ liability policy and two guides.
SLE Worldwide launches event cancellation insurance
SLE Worldwide, a sports, leisure and entertainment insurer has launched an event cancellation policy which provides online quotations. The new policy protects events of all sizes in the event of cancellation, abandonment, postponement, interruption or…
Lancashire loses retro underwriter, gains deputy CUO
Bermudian start-up (re)insurer Lancashire has announced that J. Alex Richards, currently retrocession underwriter and vice president of Lancashire will leave the company by mutual consent effective 1 April. The move comes after Bryan Bumsted, previously…
Buyers want disclosure of brokers' commissions
Corporate insurance buyers believe brokers should be made to disclose their commission earnings fully and automatically when arranging cover, according to a recent survey. The report also found a widespread lack of understanding about the level and…
Fitch report pushes for barriers to fall in Indian insurance market
A new report from Fitch Ratings today said that several new players are expected to enter India's rapidly growing insurance market in the next one to three years, especially if the foreign direct investment ("FDI") limit is raised. Most private insurance…
Hiscox profits down £20m
Hiscox has seen its 2005 profits fall by £20m from £89.5m to £70.2m.
XL sponsors Chinese leadership programme
XL Capital has joined an executive training and development program designed to help the People’s Republic of China identify and nurture future leaders among the country’s insurance regulators and executives.
Norwich Union prints monster freight guide for brokers
Norwich Union has claimed it is helping brokers make the most of the freight market with two new comprehensive guides and a new hauliers’ liability policy. Entitled “Lightening the Burden”, the 46-page broker guide contains detailed information about the…
Allianz extends small broker support service
Allianz Cornhill is extending its telephone-based small broker support service to brokers in the South West and Midlands. The move follows a pilot and launch in the South East which has produced an 81% increase in new business.
ABI and CAB reiterate injury reform needs
The Association of British Insurers and Citizens Advice have called for the Government’s Compensation Bill to mark the start of much wider reform of the UK’s personal injury compensation system.
Equity makes acquisition
Equity has announced the successful acquisition of Tudor Wight Insurance Consultants. The business will continue to trade from its present premises in Freshwater, Isle of Wight and will be rebranded Equity Insurance Brokers.
Amlin announces record profits for 2005
Amlin has announced that despite the appalling Atlantic hurricane season in 2005, it made record profits.