News
Chubb third quarter losses top £300m
Insurer Chubb has estimated its total losses from third quarter catastrophes, primarily Hurricane Katrina, to be approximately $600m before tax (£340m). This amount includes estimated losses and loss expenses net of reinsurance recoverable, reinsurance…
Ex-barristers join BLG reinsurance team
Barlow Lyde & Gilbert has appointed two new members to its reinsurance team. Leigh Williams, who joins this month, and Tim Kenefick, who will arrive in January 2006, were both barristers at leading insurance and reinsurance law chambers 7 King’s Bench…
Former Gen Re CEO gets Wells Notice
Berkshire Hathaway has said the former chief executive of its General Re unit could face action from the US securities watchdog as part of an investigation into nontraditional insurance products.
Willis makes South African acquisition
Willis Group Holdings has agreed to acquire the business andassets of Reinsurance Consultants and Intermediaries the reinsurance division of South African insurance broker Glenrand.
Medico-legal firm planning ATE insurer launch from Gibraltar
The Board of LitComp Plc, a national supplier of medico-legal and psychological reports, has conditionally agreed to acquire the entire issued share capital of Fairmont Holdings Limited, the holding company of Elite Insurance Company Limited. Elite has…
Run off association announces new structure and board
The Association of Run-Off Companies has held its first AGM as a limited company, following which various changes to its board were announced.
Marsh wins Beijing Olympics account
Marsh, the world’s leading risk and insurance services firm, has been selected to provide insurance consulting and risk management services for the 2008 Summer Olympic Games in Beijing.
Ecclesiastical to rationalise loss adjuster panel
Ecclesiastical is looking to reduce the number of loss adjusters it currently works with through a review of its panel. Chief claims manager David Bonehill said: "As a specialist insurer we want to work more closely with a smaller number of key adjusters…
Battered Goshawk may sell Rosemont Re
Bermudian reinsurer Goshawk has doubled its net Katrina loss from a range of $25m to $30m to a revised total of $60m and revealed that it is seeking a major new capital injection or an outright sale of Rosemont Re, without which Rosemont’s ability to…
FSA issues outsourcing CEO letter
In one of its Dear CEO letters the Financial Services Authority has outlined its views on the use of outsourcers.
Want to use a Prince's Trust supported business?
The insurance industry, through the Insurance Leadership Group is rallying behind the Prince's Trust which raises funds and provides support for disadvanted young people via practical support including training, mentoring and financial assistance. By…
Platinum takes $45m Rita hit but still sees FY profits
Platinum Underwriters Holdings has unveiled a net Hurricane Rita loss estimate of $45million. However the Company added that it expects to be profitable for the full year of 2005, assuming no significant catastrophe losses or other unusual adverse events…
Fairfax almost doubles its Katrina loss
Fairfax Financial Holdings has increased its original estimate of aggregate potential net losses relating to Hurricane Katrina to $388m before tax and minority interests, or $233m after tax and minority interests, based on an industry loss estimate of …
Quanta pulls out of property pending review
Quanta Holdings is to make a strategic, but possibly temporary withdrawal from technical risk property and property reinsurance business for “next few months” pending a review. Tobey J. Russ, Quanta's chief executive commented, "We have been executing…
Everest covers big 3Q losses with $475m common stock sale
Everest Re Group, Ltd has announced that it has agreed to sell approximately $475m of its newly issued common shares to Goldman Sachs. Everest said that expects to use the proceeds from the sale of its common shares for working capital and general…
AIG executive arrested in bribery case
Three men, including an executive of American International Group (AIG), have been indicted in the US on charges of alleged bribery.
Vehicle repairers want to be solutions centres
Representatives of almost 1000 bodyshop sites have registered an initial interest in becoming one of the new Fortis Solutions Centres. The final list of approved Solutions Centres will provide a range of vehicle repair and customer services to both…
JPM take on new staff as part of expansion programme
A West Midlands commercial insurance intermediary has taken on six new employees as part of an expansion programme.
Appointment at Multiassistance
Ifti Adam has been appointed as the finance and administration manager of Multiassistance.
Corpore extends operations across the UK
Injury management and vocational rehabilitation specialist, Corpore, has extended its operations to provide wider regional support from two new locations in Wolverhampton and Manchester. This is in addition to established operations in London, Cardiff,…
Income protection accused of breaching TCF rules
Income protection insurance policies could be in breach of the principles of the Financial Service Authority's Treating Customers Fairly initiative.
RNICE considers scheme of arrangement
Reliance National Insurance Company has been granted leave by the English Court to convene a meeting of its creditors for the purposes of considering a solvent Scheme of Arrangement. The Scheme has been developed in conjunction with advisors KPMG and law…
Japanese P/C industry stable, claims Moody’s
Moody's Investors Service is claiming that that over the next 12 to 18 months, the possibility of a rating action is likely to be low to moderate for its rated Japanese property and casualty (P&C) insurers, the agency says in a new report.
CNA Europe head quits
CNA has announced that Julian Enoizi is to be appointed managing director of its European businesses, subject to regulatory approval. He will succeed Keith Davies who has held that position since 2001 and will pursue other professional ventures after a…