News
Aon CEO Case: Aon - Benfield combination unique
In a deal announced late August, Aon said that it would offer $1.75bn (£935m) for the deal – which will take on £91m in Benfield debt, giving the deal a total value of £844m ($1.57bn).
Benfield directors set for £134m windfall after Aon deal
Benfield's directors are set for a monster windfall after the completion of the company's £844m takeover by rival Aon.
Questgates tackles fraud
Questgates is launching a new, dedicated counter fraud division which, in addition to delivering and developing new services, will also offer specialist surveillance services.
Confused boosts home and motor panels
Price comparison site Confused has added five new insurers to its home and motor insurance panels.
GAB looks to Aon for new TPA boss
GAB Robins has named Julien Hampson as director of third-party claims administration operations.
Recession fears as UK economy fails to grow in second quarter
The UK economy came to a grinding halt in the second quarter of this year with 0% growth raising fears it could fall into recession or perhaps already is.
Aon/Benfield deal could lead to more deals in next few years
The acquisition of Benfield by Aon could lead to a further raft of takeovers of Lloyd's vehicles, a senior analyst at a US bank told Reinsurance .
IAG reports A$261m loss,
IAG has reported a net loss after-tax of A$261m (2007: net profit of $552m) for the year ended 30 June 2008 including nearly $400m (after-tax) of restructuring and impairment charges.
Aon to buy Benfield
Aon this morning confirmed that it plans to acquire Benfield.
SCOR upgraded to 'A' rating by Fitch
Fitch Ratings has today upgraded French reinsurance group Scor's group entities' Long-term Issuer Default ratings (IDRs) and Insurer Financial Strength (IFS) ratings to 'A' from 'A-' (A minus). SCOR's junior subordinated debt is upgraded to 'BBB+' from …
MMC hires new CFO
Marsh and McLennan Companies, owner of broking giants Marsh and Guy Carpenter, has appointed Vanessa Wittman as its chief financial officer.
Insurance Christmall Ball - places selling fast
The inaugral Insurance Industry Christmas Ball has already attracted a host of companies from across the UK general insurance sector, and Incisive Media can now confirm that donations of £10 per head, along with all auction proceedings, will go to the…
Heritage hires Spiller as chairman
The board of Heritage Managing Agency, a member of Argo Group, has appointed David Spiller as its new chairman subject to receipt of Lloyd's and Financial Services Authority approval.
FSA slaps fine on motor retailers for PPI breaches
The Financial Services Authority has imposed fines totaling more than £175 000 on five motor retailers for serious breaches relating to the sale of payment protection insurance, which exposed a total of 2 175 customers to the risk of being sold…
Ace lead insurer for Madrid plane crash
Ace, the Switzerland-domicled (re)insurer, is the leader for yesterday's Madrid plane crash, in which 153 people died.
Ireland braces for heavy flood claims after storms
(BestWire) — Insurers are bracing for heavy flood claims as a result of what reinsurance broker Guy Carpenter and Co has described as extensive damage in Ireland after “intense rainfall” on 16 and 17 Aug Reinsurance Magazine reports.
Bermuda sees decline in set-up of new insurers, reinsurers
(BestWire) — Ten new insurance and reinsurance companies were established in the Bermuda market during the first quarter of 2008, which is a decline from the same period in 2007, according to the Bermuda Monetary Authority.
Florida Citzens Property Insurance hit by 140 claims from Fay since Aug 20
(BestWire) — The Florida Citizens Property Insurance Corp, Florida's state-run insurer, has received more than 140 claims since the arrival of Hurricane Fay, a spokesman said.
Pacific Life Re completes buyout of Scottish Re's Asian business
Pacific Life Re, the specialist life reinsurer, following its recent purchase by Pacific LifeCorp, the parent company of Pacific Life Insurance Company, it has concluded the purchase of the Asian business of Scottish Re Group Limited.
Randall and Quilter and Global Re create strategic run-off partnership
The UK run-off group Randall and Quilter and Global Re have created a strategic partnership for the purchase and management of non-life run-off companies in Continental Europe.
QBE reports 6% rise in half year profits
QBE Europe has recorded gross written premium of A$2.67bn for the first six months of 2008. It added the business' combined operating ratio improved to 83.6% (H1 2007: 88.4%) while insurance profit to net earned premium was 24.6% (H1 2007: 22.3%).
Amlin H1 pretax profit falls 25%
Amlin, the Lloyd's (re)insurer, reported a 25% drop in first half pretax profits.
Pick of the week
Post editor Jonathan Swift looks at the major stories from the general insurance market. This week: N...
Lycetts snaps up CFL
Countryside broker Lycetts has expanded into the City of London with the acquisition of broker Carro...