News
RSA calls for government action over floods
Insurer Royal & Sun Alliance has issued a report calling on the UK government to act over flood risks in the UK.
Fitch downgrades Montpelier Re ratings two notches
Fitch has downgraded the long-term and senior debt ratings of Montpelier Re to 'BB' from 'BBB-' and the insurer financial strength (IFS) rating of Montpelier Reinsurance to 'BBB' from 'A-'. All ratings remain on Rating Watch Negative.
SEIB signs new contract with Misys
South Essex Insurance Brokers, a specialist in Equine insurance, have signed a new contract with Misys, following an IT review. The deal will involve a combination of Misys’ BROOMS back-office and specialist software to cater for SEIB schemes going…
Fortis beats five to win Post Office business
Fortis Insurance has secured a further 2-year contract to underwrite the Post Office travel insurance product. The reappointment, commencing January 2006, follows an extensive appraisal by Aon, Post Office’s appointed broker, of offerings and…
Willis signs up Scottish partner
The Willis Commercial Network has recruited another member to its successful Network by signing up Commercial & Agricultural Insurance Brokers of Arbroath.
Fitch puts Converium on Rating Watch Negative list
Fitch Ratings has placed Converium's Insurer Financial Strength 'BBB-' rating on rating watch negative following the company's announcement that it is to delay publication of its Q3 results pending the restatement of its financial accounts.
ABI jumps to defence of PPI
In a joint response to the FSA review of payment protection insurance, the Association of British Insurers, APACS and the British Bankers’ Association, have pointed out that, if sold properly, PPI provides important protection against loss of income due…
PPI market set for FSA investigation in new year
The regulator said it will investigate a number of firms after its enquiry into payment protection insurance highlighted poor behaviour.
Munich Re ICR downgraded by AM Best
AM Best has downgraded to “aa-” from “aa” the issuer credit rating (ICR) of Muenchener Rueckversicherungs (Munich Re) (Germany).
NIG commercial director Carslake quits
NIG today announced the departure of its director of commercial lines, Lyn Carslake. His decision comes months after his fellow commercial boss Charles Earl quit.
Ex NU broker boss in Towergate and BDML moves
Former Norwich Union intermediary business director Ken Wallace has taken on four no-executive posts with major brokers.
Moody’s affirms CNA ratings
Moody's Investors Service has affirmed the Baa3 senior debt rating of CNA Financial Corporation and the A3 insurance financial strength ratings of Continental Casualty Company and its rated pooled and reinsured property/casualty insurance affiliates. The…
Katrina losses rise as Chaucer ups 2006 capacity
Lloyd’s (re)insurer Chaucer has increased its Hurricane Katrina loss estimate from £35m to £47.5m and is to increase its 2006 capacity to £450m from £400m in 2005.
Converium to restate profits
Converium has announced that it is to restate its profits as it carries out an extensive internal review of certain reinsurance transactions and engaged outside counsel to assist the Company. Converium has reported substantial progress in this internal…
SVB sells Fusion to Towergate
SVB has sold its majority stake in Fusion Insurance Services to Broomco 3881 Limited (“Newco”) at a value for the entire issued share capital of Fusion of £25m.
Moody’s affirms Chubb ratings
Moody's Investors Service has affirmed the A2 senior debt rating of The Chubb Corporation, and the Aa2 insurance financial strength rating of its principal insurance subsidiaries, namely Federal Insurance Company and its affiliated pool members. The…
Misys looking to offload general insurance business
Software supplier Misys has indicated it may sell its general insurance arm, in order to focus on 'core' operations.
ABI warning over Compensation Bill
The Compensation Bill will only deliver full benefit if it is the first step in the reform of the UK’s compensation system, according to the Association of British Insurers.
Fusion appoints regional sales manager for Bristol
Fusion Insurance has appointed Simon Marriott as Regional Sales Manager.
Goshawk breaches banking covenants
Troubled Bermudian (re)insurer Goshawk has announced that it has breached “certain of its banking covenants”. The firm says it is “working closely with its lenders in order to resolve the position going forward”.
Montpelier Re reveals massive hurricane losses
Montpelier Re Holdings has reported a net loss of $875.1m for the three months to September 30, 2005 and a net loss of $691.9m for the first nine months of 2005.
Compensation Bill comes under immediate scrutiny
The Constitutional Affairs committee has launched an inquiry into the compensation culture and contingency fees, which coincides with the introduction of the government's Compensation Bill.
Major overhaul of company law unveiled
Sweeping changes to simplify and improve company law were unveiled in the Company Law Reform Bill, published today. Deregulation is at the heart of the Bill, which contains proposals to save businesses up to £250 million a year - including £100 million…
Richard Brindle to head $750m-$1bn Lancashire Bermuda start-up
Reinsurance Magazine has learnt that Richard Brindle, previously a star underwriter with Charman underwriting at Lloyd’s before its 1998 acquisition by ACE, is to start a new short-tail reinsurer on Bermuda.