News
O’Roarke receives backing for ABC venture
Liverpool Victoria Friendly Society has acquired ABC Insurance Solutions, former Churchill boss John O’Roarke’s general insurance start-up.
AIG reappointed by Opodo
AIG Europe (UK) has been reappointed as travel insurance provider for Opodo.
Highway's profits down and combined ratio up
Motor insurer Highway's six month pre-tax profits have fallen to £7.5m (H1 2005: £11.3m) while its gross written premium has dropped to £119.3m (H1 2005: £130.8m).
Beazley to write $35m US property Cat facility
Lloyd’s (re)insurer, Beazley is to run a new Lloyd's Consortium for catastrophe - exposed US commercial property risks.
QBE's new aviation syndicate opens for business
QBE's new aviation syndicate, Emilio Di Silvio Syndicate 5555, opened for business from today, one month ahead of the previously announced schedule.
FSA fines broker over PPI sales
The Financial Services Authority has today fined Regency Mortgage Corporation £56,000 for failures relating to its sale of mortgage related payment protection insurance in the sub prime market. It is the first time the FSA has taken action against a firm…
Sterling hires CSC and Conversant in household anti-fraud drive
Sterling Insurance has signed a one year agreement with Computer Sciences Corporation and Conversant Data for their Advances automated fraud detection service for UK-based insurers.
Marsh survey claims EU law awareness low in E Europe
A major survey of 1,200 companies carried out by Marsh has revealed that 80% of companies operating in Central and Eastern European countries consider their overall awareness of EU legislation to be at a low or medium level despite the fact that 85% of…
Flagstone raises $136m in debt sale
Bermudian start-up reinsurer, Flagstone Re has raised $136m through a private sale of junior subordinated deferrable interest debentures.
Brit US Cat exposure plummets, sidecar plan on hold
Lloyd’s and UK company (re)insurer Brit has disclosed that its exit of catastrophe retro business is almost complete, along with significant reductions in its Property reinsurance, US Direct property and offshore energy aggregates.
Admiral records marginal rate rises as profits jump 24%
Admiral this morning reported a 24% jump in profit before tax to 68.7m pounds for the first half of 2006, with turnover up 12% to 359.2m pounds. Its combined operating ratio worsened slightly to 87.0% (2005 86.5%).
Brit profits up in first half
Brit Insurance has announced its first six months' figures, reporting gross written premiums up 2.6% to £695.3m. Net earned premiums rose 16.0% to £522.2m (2005 H1: £450.0m) and profit before tax and foreign exchange movements on non-monetary items was …
FSA bans Walsall Bridge Insurance for failing to insure consumers
The Financial Services Authority (FSA) today stripped Walsall Bridge Insurance Consultants Limited of its permission to carry on regulated activities after it found the firm had failed to pass on received client premiums to insurers, leaving clients…
Equitas not out of the woods yet says S&P
A report published by Standard & Poor's Ratings Services says that Equitas' management rightly deserves plaudits for having maintained its solvency at its 10th anniversary.
CII and BIBA announce Autumn training programme
The Chartered Insurance Institute (CII) and the British Insurers Brokers' Association BIBA are joining forces again to offer an expanded Autumn regional training programme of 45 courses in 13 locations around the country.
Former Aviva and NFU director joins Fortis board
Fortis Insurance has appointed Bob Newton as a non-executive director.
Explosions witnessed as industrial estate burns
A huge chemical fire has broken out at an industrial estate at Andoversford near Cheltenham in Gloucestershire.
NIG launches motor trade product on imarket
NIG claims it has become the first insurer to offer a Motor Trade product on imarket.
FSA bans broker from trading
The Financial Services Authority today stripped Walsall Bridge Insurance Consultants Limited of its permission to carry on regulated activities after it found the firm had failed to pass on received client premiums to insurers, leaving clients uninsured,…
Arc Legal announces deal with Axa Assistance
Arc Legal Assistance has announced its move into the provision of travel legal expenses and a multi-million policy deal with Axa Assistance.
Amlin profit falls 13.2%
Shares in Amlin, the listed Lloyd's insurer, fell 2.5% in early trading after it reported profit before tax of £120.1 million for the first half of 2006. The figure is down 13.2% on the corresponding period in 2005, which the insurer said was owing to…
First City sets up regional UK base
FirstCity Partnership, the insurance and reinsurance advisory firm, is to open its first regional office in Manchester. The City of London-based company has recruited Peter Stevenson, a highly rated senior insurance professional from the Manchester…
Helphire appoints MD for collections
Helphire Group has appointed Peter Gomes to the position of collections managing director.
Alex Forbes launches healthcare risk solutions
Alexander Forbes has launched a range of insurance risk solutions aimed at corporate and larger not-for-profit healthcare operators.