News
LMA in transparency pledge
The Lloyd’s Market Association said an agreement with the European Commission will create greater transparency in the London aviation market.
ABI claims fraud worth £3.5m a week is being detected
Figures issued today by the Association of British Insurers reveal a dramatic rise in the value of fraudulent insurance claims being detected by insurers, with dishonest claims totalling over £3.5 million a week now being exposed.
AIG fires executives over Spitzer investigation
AIG has dismissed two executives who refused to co-operate with the ongoing Eliot Spitzer investigation into alleged malpractices.
Catlin UK to launch on 1 May
The Financial Services Authority has authorised the formation of Catlin Insurance Company (UK).Catlin UK is a wholly owned subsidiary of Catlin Insurance Company of Bermuda.
Garvey quits at Marsh
Marsh & McLennan Companies (MMC) has announced that Peter Garvey, co-president of Marsh, the company's risk and insurance services subsidiary, has resigned for personal reasons effective today.
NU offer presented to RAC shareholders
Norwich Union parent company Aviva has formally made the offer for the whole of the issued and to be issued ordinary share capital of RAC, together with the associated Forms of Acceptance, which are today being posted to RAC shareholders.
Support grows for capping of small claims limit
Law firm Thompsons has thrown its support behind Lord Falconer’s hint that the limit for small claims will not be increased.
ABI backs claims regulation
The Association of British Insurers has welcomed Lord Falconer's announcement of formal regulation of the claims management sector.
Claims farmers to fall under formal regulatory net
Claims farmers will be formally regulated by the government, as exclusively revealed by Post Magazine (PM, 3 March, p1).
FSA publishes MAD directive
The Financial Services Authority has published the final rules and guidance for implementing the Market Abuse Directive (MAD). The directive, a key element of the EU Financial Services Action Plan, introduces a common EU approach for preventing and…
US Congress looks at FAIR Act again
The US Congress is once again looking at legislation that would create a national trust fund to compensate victims of asbestos-related disease.
Dennler and Kellenberger run for Converium board
Troubled reinsurer Converium has announced that Dr Markus Dennler, former chief executive of Credit Suisse Group's Life & Pensions business, and Rudolf Kellenberger, former deputy chief executive of Swiss Re, will run for election as members of the…
Appointment at Helphire
Helphire Group, has appointed Richard Arnold as business development manager.
AM Best affirms WOE’s ratings
AM Best has affirmed the A (Excellent) financial strength rating of West of England Ship Owners Mutual Association (WOE) (Luxembourg). The rating outlook remains stable.
RSA hires new broker personal lines team
Royal & SunAlliance hsd announced a number of changes to its personal executive team.
Legal services reform backed by RAC
Motoring giant RAC today welcomed the statement by Lord Falconer, The Lord Chancellor, committing the Government to reforming the legal industry, following publication of Sir David Clementi's review last December.
Bupa reports record profits of over £180m
Healthcare company Bupa has reported a pre-tax surplus of £182.2m for the year to 31 December 2004.
Allianz Cornhill encouraged by 2004 results
Allianz Cornhill has revealed increased profit and an improved combined ration in 2004.
Aviation industry had good 2004 claims Aon
The global aviation industry saw the lowest level of losses in its history in 2004 although concerns in the insurance industry over the severity of claims are growing, according to Aon’s 2004 Airline Insurance Market Review.
Matcham takes IUA role after Rossi departure
The International Underwriting Association has appointed Dave Matcham as its new Chief Executive. Previously Director of Operations at the association, he succeeds Marie-Louise Rossi.
Oxygen boosted by new cash injection
Oxygen, the new London market insurance intermediary company, has announced details of further capital investment to assist in its team growth strategy.
Allianz reports connectivity success with imarket
Allianz Cornhill and Acturis have successfully completed connectivity testing through imarket. Acturis currently provide Allianz Cornhill brokers with the ability to obtain quotations through a structured e-mail solution, which totally removes the need…
Admiral reports 30% increase in profit
Admiral Group today announces a record adjusted core profit of £100.6m for the year to December 2004, an increase of 30% over the year earlier. Aggregate group turnover, comprising total premiums written, gross other income and allocated investment…
Heath Lambert takes swipe at rivals as it unveils new payment system
Broker Heath Lambert has announced a new system of payment for work carried out on behalf of insurance companies, which it claims sets a benchmark for the broking sector.