News
Underwriting trio form aerospace business via 'club-style' MGA
Altitude Risk Partners has formed an aerospace underwriting business after utilising Castel Underwriting Agencies’ ‘club-style’ managing general agent platform.
S&P forecasts downgrades for reinsurers
Ratings agency Standard & Poor’s is predicting downgrades for reinsurers over the next two years due to increased competition and curtailed profitability.
No casualties reported from New Zealand earthquake
There have been no reported casualties from a 6.3 magnitude earthquake that hit New Zealand's North Island yesterday afternoon.
Philippines promotes catastrophe risk financing initiative
The United Nations Office for Disaster Risk Reduction has teamed up with Willis Re and Munich Re to propose a new approach to catastrophe risk financing for the Philippines.
Willis' Thomas moving to Singapore
Neil Thomas, executive director, energy, property and casualty claims at Willis is moving to Singapore from London in February to help him concentrate more on Asia.
Insurance boost for Iran oil buyers
European Union insurers can now offer protection on Iranian oil exports after sanctions were relaxed yesterday as part of the joint agreement between a group of six nations and Iran.
Euler Hermes achieves AA- Chinese credit rating
Euler Hermes has become the first European insurer to be rated by Chinese credit rating agency Dagong.
Unrated PI insurer Elite targeting AM Best rating by Q2
Unrated insurer Elite is hoping to be granted a rating by AM Best by the start of Q2.
SRA launches unrated insurer ban consultation
The Solicitors Regulation Authority is to consult on a potential bar on professional indemnity insurers rated below B on financial strength.
Ex-DLG regional manager Hughes becomes Bollington director
Bollington has recruited Direct Line Group’s Paul Hughes as director of direct sales, in a bid to expand the broker’s motor trade division.
Hyperion records positive growth but rules out IPO in short-term
Hyperion Insurance Group today reported a 51% increase in revenue for the year ended 30 September 2013 as group chief executive David Howden said an IPO is still firmly on the company’s agenda.
Isle of Sheppey crash culprits offered alertness courses
Drivers responsible for a pile-up on the Isle of Sheppey Crossing that left eight people with severe injuries have been offered driver alertness courses as opposed to facing prosecution through the courts.
Ecclesiastical bolsters regional presences
Ecclesiastical has moved to strengthen its regional hubs, migrating underwriting, customer service and broker relationship management into centres closer to partners.
Fraud reports climb 32% to record levels
Record numbers of people have reported insurance fraud schemes through 2013 according to figures released today.
NIG's McCormick heads Barbon management restructure
Barbon has completed a restructure of its leadership, Post can reveal, with NIG's commercial manager Derek McCormick incoming as underwriting director.
Blue Insurances buyout co-founder for almost €10m
Online travel insurance broker Blue Insurances has completed a buyout of one of its founding directors, and shareholder, Rowan Devereux for just under €10m.
Covéa promotes Newman to commercial lines consultancy role
Covéa has promoted electronic trading team manager Ian Newman to the newly created role of commercial lines development consultant.
Riskier investments may hit ratings warns Fitch
Increasingly risky investments by European insurers could see the firms suffer in their ratings, Fitch has warned.
Aviva appoints Ex-IAG UK boss Foy to newly created GI role
Aviva has appointed Ian Foy to the newly created role of managing director of personal motor, home and specialist lines within its UK and Ireland general insurance business.
Ark underwriter Stollery takes on property role at Argo
Argo International has appointed Ark Syndicate Management’s Matt Stollery as property binding authorities underwriter.
Admiral swoops for former Phoenix Group CRO
Admiral has recruited the former chief risk officer of pension fund consolidator Phoenix Group to serve as a non-executive director and risk committee chair.
Co-op acknowledges GI business potential as it scraps sale plans
The Co-operative Group has scrapped plans to sell its general insurance business.
Saga looks to customers for interest in IPO plans
Over-50s insurer Saga is to determine customer interest in its proposed stock market float with an online campaign where consumers can register their interest in becoming shareholders.
Towergate announces management shuffle after retail split
Towergate has today announced three appointments as part of the separation of its retail business announced last October.