News
Axa in Lloyds TSB tie up
Axa has announced today that it has secured the contract to underwrite Lloyds TSB Insurance’s travel insurance from 1 February 2006 following a competitive tender.
Heath Lambert in home insurance launch
Heath Lambert today announced it will be the sole provider of cover for Diamond's new home insurance product.
Moody’s downgrades XL Insurance, but XL Re affirmed
Moody's has downgraded the insurance financial strength ratings of XL's leading insurance operating subsidiaries, including XL Insurance (Bermuda) Ltd to Aa3 from Aa2 as well as the senior debt rating of XL Capital Ltd to A3 from A2 and has downgraded…
Moody's lowers Transatlantic Re’s rating
Moody's Investors Service has lowered the insurance financial strength rating of Transatlantic Re to Aa3 from Aa2. The outlook for the rating is stable.
Endurance takes $115m hit from $12bn Wilma industry loss
Bermudian (re)insurer Endurance Specialty Holdings has announced a $115m estimated net loss from Hurricane Wilma . The estimate is net of reinsurance, reinstatement premiums, and tax benefits. Endurance added that its estimated gross lossesfrom the storm…
Russ quits at Quanta
Quanta Capital Holdings has announced that its Board of Directors has appointed Robert Lippincott as its interim chief executive.
Integro acquires Lloyd's broker to enter UK market
Broker Integro today announced the acquisition of Lloyd's broker Humphreys Haggas Sutton & Co. HHS is a Lloyd's broker founded in 1994 by its three principals, Toby Humphreys, Simon Haggas and John Sutton.
FSA highlights brokers' 'positive' approach to regulation
Many insurance brokers are adapting well to the introduction of statutory regulation, the British Insurance Brokers’ Association's (Biba) Scotland conference has been told. Andrew Honey, the Financial Services Authority’s (FSA) head of insurance, small…
Industry calls for changes in safety management as commercial fire claims soar 20%
The annual fire bill could be reduced by £34m a year with 15% fewer fires through changes to the building regulations according to research commissioned by the Association of British Insurers. With 35% of fires arising from poor fire safety management,…
Marsh to launch national public sector practice
Marsh is set to expand its reach into the UK public sector next year with the launch of its new national Public Sector Practice on 1 January 2006. This will focus on developing Marsh’s business with local authorities, development agencies, police and…
BNP Paribas arranges €110m of natural catastrophe protection
BNP Paribas, as sole bookrunner, has arranged €110m of catastrophe bonds for Aiolos, a Cayman Island exempted company. The company worked very closely with Munich American Capital Markets in structuring and managing the transaction, with Risk Management…
Alea sells off parts of US business
Alea Group Holdings has announced that it has entered into an agreement to sell the renewal rights to certain portions of its US primary programme business written by Alea Alternative Risk (AAR) to subsidiaries of AmTrust Group.
AXIS raises $200m from common stock issue
Bermudian (re)insurer AXIS Capital has announced that it has closed the previously announced public offering of 6.8m common shares at $29.42 per share, raising aggregate net proceeds of approximately $200m.
Lloyd's deal complete
Imagine Insurance has completed the acquisition of all of the outstanding shares of Lloyd’s managing agency, Abacus Syndicates, and its associated service company, Abacus Underwriting Agencies.
Thatcham: whiplash-busting seats gaining ground
Motor research centre Thatcham has revealed that vehicle manufacturers recorded a 6% improvement for fitting of so called 'good' rated seats. The findings mean that almost one in four new cars now offer good protection in low speed crashes - helping…
AXIS taps Wall Street for a further $250m
Bermudian (re)insurer AXIS Capital Holdings has announced that it has agreed to sell $250m of preferred shares. AXIS says it intends to use the net proceeds for funding its insurance and reinsurance segments. A week ago the company announced that it was…
GAB bosses reunite
Former GAB Robins boss Arthur Rackstraw has accepted the post of managing director of Aquilo Inspection & Reinstatement Services Ltd. He resigned from former GAB subsidiary Sergon in January 2005 following its acquisition by Homeserve.
FSA: begin planning for MiFID
The Financial Services Authority has moved to encourage senior management at regulated firms to begin preparing for the implementation of the European Union's Markets in Financial Instruments Directive (MiFID), which is likely to come into force on 1…
RBSI head joins Cox in affinity drive
Cox Insurance today announced the appointment of RBS head of corporate partnerships David Birch as sales director. The insurer said he would oversee Cox’s stated objective, to strengthen its position as a major provider of affinity solutions in the UK.
Illium syndicate enters commercial motor
Lloyd’s liability insurer Illium Syndicate 4040 is launching a new UK commercial motor division for 2006. The Commercial Motor Underwriting team will be headed up by John Shepherd.
Amlin reveals $52m Wilma hit
Lloyd’s insurer Amlin this morning releases a trading update, including an improved forecast for Syndicate 2001 for the 2003 year of account and an initial loss estimate for Hurricane Wilma of US$52m.
Munich Re places €110m European windstorm cat bond
Giant reinsurer, Munich Re has announced the private placement of €110m of risk-linked securities to provide immediate protection against severe Western European windstorms.
Ratings agencies mark Swiss Re for possible downgrade
Fitch Ratings has placed Swiss Re on Rating Watch Negative and GE Insurance Solutions (GE Insurance) on Rating Watch Positive.
Former Cox boss takes up CEO post as GoshawK board resigns en masse
Former Cox director Michael Dawson has taken over Goshawk as chief executive as part of a wholesale shake up.