News
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.
Law firm hits out at Government for falling for insurers'
The government has fallen into a trap set by the insurance industry in a phoney war over a compensation culture that does not exist, leading personal injury law firm Thompsons announced this morning.
Government unveils Compensation Bill
The Parliamentary Under Secretary of State, Baroness Ashton of Upholland, this morning issued the following written statement on the long expected Compensation Bill.
Rating agencies downgrade RenRe
Moody's Investors Service has lowered the senior debt rating on RenaissanceRe Holdings to Baa1 from A3 and the insurance financial strength rating of Renaissance Reinsurance to A2 from A1.
Willis appoints RSA exec
Willis today announced the appointment Royal and Sun Alliance's group financial controller Patrick Regan.
Appointment at Fusion Insurance
Steph Riordan has become executive manager at Fusion Insurance. She joins from Richmond House Group,...