News
Aon income stable despite contingent commission dip
Aon's contingent commission income reduced from $46m to $11m in the last quarter of 2004, against the same period in 2003. In its end of year results, the broking group reported profits from its continuing operations increased to $685 million from $676…
Smart and Cook in acquisition boost
Smart and Cook has added to its acquisition team with the appointment of Dave Ball as integration director.
Noonan acting CEO of United America Indemnity
US P&C insurer United America Indemnity, has announced that its Board of Directors has appointed fellow Board Member and former Audit Committee Chairman Edward J. Noonan as acting chief executive.
Aon signs Gecalux deal
Aon Corporation has announced that it has entered into an agreement with Le Foyer and Kredietbank to transfer the business of Gecalux Luxembourg, Gecalux Switzerland and Gecasuisse.
Partner Re reports increased earnings for Q4 2004
PartnerRe has reported net income of $143.7m for the fourth quarter of 2004. This net income includes net after-tax realized gains on investments of $16.1m. Net income for the fourth quarter of 2003, including net after-tax realized gains on investments…
Five firms defaulted by FSCS
The Financial Services Compensation Scheme has declared five firms in default and is inviting customers to make claims.
Moody’s downbeat over German life industry
The overall rating outlook for the German life insurance industry remains negative due to ongoing earnings pressure and a series of strategic challenges, according to Moody's Investors Service in its new Industry Outlook on the sector.
Advent syndicate 780 faces possible downgrade from Moody’s
Moody's Investors Service has placed the B Average, negative outlook, performance rating of syndicate 780, Advent Underwriting Agency, on review for possible downgrade in light of concerns over future capital support for the syndicate.
AM Best puts GE Frankona under review
AM Best has placed the financial strength ratings of A (Excellent) of the operating companies of GE Frankona Group under review with negative implications.
Prettejohn: call for mandatory disclosure
Nick Prettejohn, chief executive of Lloyd's made an impassioned plea during a speech at the Insurance Institute of London on the importance of disclosure and contract certainty.
Aon report looks at risks ahead in 2005
The impact of climate change and a growing raft of environmental legislation are set to be two of the fastest growing risks to UK businesses according to Aon’s 2005 Risk Report.
Quinn Direct announces UK motor launch
Quinn Direct, has officially announced the launch of low-cost private motor cover in the UK.
Hiscox acquires Alex Forbes business
Hiscox has acquired Insurex Expo-Sure, the specialist insurance provider to the conference, event and exhibitions market. Hiscox will acquire 100% of the operation, from Alexander Forbes.
Equitas settles with American Standard
Equitas has reached a “comprehensive” agreement with American Standard Companies to settle all American Standard’s insurance claims against underwriters at Lloyd’s of London reinsured by Equitas.
Ace announces lower 2004 earnings
Ace has reported net income for the fourth quarter ended December 31, 2004 of $282m, compared with net income of $444m for the same quarter last year.
Balcombe resigns from Mastek
Mastek Insurance has confirmed that Justin Balcombe has resigned as UK head of insurance to pursue further interests in the marketplace.
LMA merger promises one voice for Lloyd's
The Lloyd’s Market Association has merged with the Lloyd’s Motor Underwriters’ Association (LMUA). The move makes the LMA the one, definitive association responsible for representing the interests of all the managing agents and syndicates operating…
Axa UK unveils restructure
Axa Insurance has announced a restructure, dividing the business into four core operational units: Distribution, Customer Operations, Corporate Development and Underwriting.
Willis releases D&O report
The start of 2004 was a testing time for the global D&O market, according to a new report by Willis.
Marsh UK CEO handed new role
Marsh has announced today that Bruce Carnegie-Brown, chief executive officer of Marsh in the United Kingdom and Ireland, has been appointed president and chief executive officer of Marsh's Europe/Middle East Operations.
Flood risk: Government refutes ABI claim
The Government has dismissed claims that 10 000 new homes will be at risk from flooding following the ABI's report, Making Comunities Sustainable (SEE POST MAGAZINE, 3 Feb, p56). Lord Rooker, Minister of State at the Office of the Deputy Prime Minister…
Scor issues renewal statement
Scor has described its 2005 reinsurance renewals for the property/casualty market as being ‘satisfactory’ despite the competitive environment.
Equitas unveils commutation deal
Equitas and Centre Group, a subsidiary of Zurich Financial Services, have announced an agreement to commute policies purchased from Centre by Lloyd's syndicates reinsured by Equitas.
Hardy diversifies further
Hardy Underwriting Group today announced that it will be further diversifying its underwriting business through the introduction of a new business line. It intends to develop a book of conveyancing insurances within syndicate 382.