News
LCL completes Bermudan run-off acquisition
Run-off specialist LCL Group has reached agreement for the acquisition of the Bermuda–registered Associated International Insurance (Bermuda) Limited.
Amlin forecasts Katrina loss as $110m as it unveils record first half profit
Lloyd’s insurer Amlin this morning reported half year profit before tax of £134.1m, up 56% over first half of 2004. However, it warned that its net losses attributed to Hurricane Katrina had been provisionally estimated at $110m.
Insurance consultancy announces launch
Newly created ISG (Independent Services Group Limited) has just launched, aiming to provide a variety of specialist services to the London and international insurance and reinsurance markets.
RMS hikes Katrina loss estimate to $100bn
Risk Management Solutions has claimed that the economic loss from Hurricane Katrina and subsequent flooding in New Orleans is expected to exceed $100 billion.
Katrina: AM Best positive, but sees some downgrades
AM Best has stated that it expects that virtually all rated companies will be able to meet their commitments arising form hurricane Katrina, despite the projected magnitude of the potential losses, although it said that “a few individual companies’…
Hannover Re hit by Katrina
Hurricane Katrina is possibly set to become the most expensive ever natural disaster suffered by insurers in industry history, according to Hannover Re. Estimates of the total insured losses currently amount up to $30bn.
DLA hires expert in solvent schemes
International law firm DLA Piper Rudnick Gray Cary has appointed Helen Jenkinson to its insurance and risk solutions team.
Heath Lambert appoints corporate rescue specialist Hamill
The Board of broker Heath Lambert Group has appointed Keith Hamill as non-executive Chairman. Mr Hamill has wide senior management experience across a range of industries in the private equity and public sectors. He is currently Chairman of Travelodge,…
RBSI claims Direct Line/Churchill integration complete
Royal Bank of Scotland Insurance has announced the integration of the Direct Line and Churchill businesses has been successfully completed.
Moody’s doubts P/C rating action over Katrina
Moody's Investors Service has stated that despite the apparent severity of Hurricane Katrina, it does not anticipate taking extensive rating actions on property & casualty insurers.
Broker Drakefield appoints new chairman and FD
Broker Drakefield Insurance Services, has made two new board appointments. Bob Morton has joined as non-executive director and M.E.Barry has been appointed finance director.
London Market Faculty makes contract certainty move
A new Certificate from the Chartered Insurance Institute (CII) has been launched to help individuals and organisations meet the FSA’s contract certainty challenge.
RSA publishes guide to The Courts Act
Royal & SunAlliance has published management guidelines to assist businesses in addressing the changes in legislation to personal injury claims.
Cox splits underwriting between volume and specialist lines
Cox Insurance Holdings has appointed John Josiah and Keith Charlton as joint active underwriters of Equity Red Star – Lloyd’s Syndicate 218 – from 1 January 2006. Ray White, the current active underwriter, will continue with the group as underwriting…
S&P puts Alea on credit watch
Alea has been placed on creditwatch by Standard & Poor's. The troubled insurer and reinsurer yesterday announced it was planning a $210m equity rights issue to stem the tide of reserve calls from its US casualty underwriting.
Brit takes on Barclays chief
Brit Insurance Holdings has recruited Kathy Lisson as its chief operating officer.
$20bn Katrina to cost Swiss Re $500m
Swiss Re has estimated its claims for Hurricane Katrina will be in the range of $500m before tax. Swiss Re expects Hurricane Katrina to cost the insurance industry in the region of $20bn billion, making it the most costly hurricane after Hurricane Andrew…
Broker Network buys out member
The Broker Network, the network of independent community insurance brokers, has acquired the goodwill and asset purchase of member Whitehouse Woodall Reeves general insurance brokers, of Birmingham.
Zurich sells CMGL
Zurich Financial Services Group has sold its 100% of the share capital of Claims Management Group Limited (CMGL) to Sovereign Capital Partners LLP and the management of CMGL.
SMEs risking fines for poor fleet management
According to a major new piece of research, two-thirds (66%) of SMEs do not check that employee-owned cars used for business trips are properly maintained and insured, despite their legal responsibility for the state of those vehicles.
Know your agency: Jon Gregory Insurance Recruitment
Understanding the specialisms of recruitment consultants is important. Proprietor Jon Gregory gives the lowdown on Jon Gregory Insurance Recruitment
Charity campaign for trustees is launched
A campaign has been launched to get more employees in the financial services sector to become truste...
80% see stress as an "excuse"
According to a management report, almost 80% of bosses believe staff use stress as an "excuse" for a...
What the papers said this week
Daily Mail What motorists do for a living plays a big part in determining how much they pay for mot...