News
Spitzer widens AIG probe
New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills have announced that the Insurance Department is to appoint a consultant to audit years of alleged improper booking of workers’ compensation premiums at American…
Florida subpoenas 17 reinsurers
Florida Insurance Regulation Commissioner Kevin McCarty has subpoenaed 17 reinsurance companies to request information related to finite reinsurance activities in the insurance industry.
Swiss Re embedded value goes up
Swiss Re has reported that the embedded value of its life and health business of CHF 17.1bn in 2004, up from CHF 16bn in 2003.
Willis hit by Chinese suspension
Broker Willis has been suspended from conducting business in China's Guandong province after allegedly obstructing regulators from making inspections.
AM Best issues report on 2004 US P/C industry
The US property/casualty industry reported improved operating results in 2004 for the second straight year, but for the first time since 1978, underwriting results were profitable, with a combined ratio of 97.9, according to a new report released by AM…
Sainsbury’s Bank launches Pet Insurance Charter
Sainsbury’s Bank has launched a Pet Insurance Charter in response to ‘inadequate’ industry cover for cats and dogs.
New director of quality at Thatcham
Jason Moseley has been appointed director of quality and business systems, at insurance research centre Thatcham.
Chinese insurers encouraged to bring in strategic investors
China’s insurance regulator has told domestic insurers to bring in more strategic investors to help improve their managerial structures, the ‘China Securities Journal’ reported on Monday.
US Asbestos bill faces more flak
Opposition is continuing to grow to the asbestos settlement legislation introduced last week in the US Senate.
Atrium buoyant after profits rise
Atrium Underwriting has announced a 75% rise in 2004 pre-tax profits.
Sectornet offers BACS payment service to brokers
Insurance broking systems provider Sectornet has established a partnership with Bottomline Technologies, a leading global technology provider of financial Business Process Management software and managed services, through which the two companies will…
Moody's expects RSA to maintain progress
Moody's Investors Service has upgraded the European Ratings of the Royal & Sun Alliance Group (Baa2 Insurance Financial Strength Ratings at Royal & Sun Alliance Insurance plc and Scandinavian subsidiaries) to Baa1 from Baa2.
Brit adds to London Market team
Brit Insurance Holdings, has hired Richard Webster to become business development director of its London Market Underwriting Centre, reporting to Mike Sibthorpe, underwriting director, London Market.
NU and Ford agree parts contract
Norwich Union Insurance, and Ford Motor Company, have reached a wide-ranging agreement on the use of original equipment parts and the repair of accident-damaged Ford vehicles insured by NUI.
Vega ties up deal with Close
Bristol-based broker Vega Insurance Services has concluded a partnership agreement with Close Premium Finance to provide services to its broker base.
Fitch rates Generali notes
Fitch Ratings, the international rating agency, has assigned Italy-based Assicurazioni Generali SpA's €500m issue of senior unsecured notes, maturing 2015, a rating of 'AA-' (AA minus).
Moody’s upgrades Hannover Re
Moody's Investors Service has upgraded the insurance financial strength rating (IFSR) of Hannover Reinsurance to A3, from Baa1 and the rating on guaranteed subordinated debt of Hannover Finance to Baa2, from Ba1.
Zurich London downgraded
A.M. Best has downgraded the financial strength rating to B++ (Very Good) from A (Excellent) of Zurich Specialties London.
Willis looks to the East
Willis Group Holdings has announced that it has acquired the remaining 30% of the shares it did not already own of Willis Polska, its Polish subsidiary.
Comfort Insurance in wireless trials
Specialist motor caravan intermediary Comfort Insurance has become the first CDL broker to trial 3G technology and gain remote wireless access to the CDL broking system installed at its Dagenham offices.
Fears raised over motor claims
Nine out of 10 motorists will be involved in an accident in their lifetime but a third would rather pay up than make an insurance claim, according to More Than.
CII to increase number of chartered titleholders
The Chartered Insurance Institute is embarking on a campaign to increase the number of chartered titleholders by writing to 7,000 eligible Associate and Fellow members, in readiness for the launch of a new online directory in June.
Zurich appoints vice-president for international business
Zurich has named Brian Doyle as vice-president of international program business.
NU in seven-day pledge
Norwich Union has launched a product to enable car dealers to provide seven days’ free comprehensive motor insurance to customers.