News
RAC admits bid as share price rockets
Insurance and roadside assistance supplier RAC today confirmed that it has received an approach which may or may not lead to an offer for company.
EL premium rises level off claims ABI
Improved risk management is helping to contain liability insurance costs for many businesses according to an Association of British Insurers' survey. The ABI said the rate of the average liability premium has fallen significantly compared with two years…
Amlin profits top £120m
Amlin has announced its full year results for 2004, posting a £121m profit despite significant windstorm losses.
Oxygen given Lloyd's boost
London market intermediary Oxygen has confirmed that its subsidiary, Oxygen Insurance Brokers, has now been accredited as a Lloyd’s broker.
Heritage closes 2002 YOA with 38% profit
Heritage Underwriting Agency has announced results for its managed syndicates for the 2002 year of account, forecasts for 2003 and indications for 2004.
AIG head under investigation claims report
Federal and state investigators are looking into a deal between American International Group (AIG) and Berkshire Hathaway's General Reinsurance unit in part because of the alleged involvement of AIG's chairman and chief executive, according to the Wall…
Online legal indemnity facility launched by London & European and Zurich
London & European, provider of services and solutions for property transactions, has secured the backing of Zurich Property Investors to underwrite legal indemnity policies sold through L&E's titlesolv.com website.
Quinn-Direct profits up despite falling rates
Quinn-Direct Insurance, the Irish insurer that recently launched low cost private motor cover in the UK, announced today that it made a pre tax profit of £105m in 2004.
Aascent launches online finance system
Aascent has launched an online premium finance system which it claims will allow brokers to get approval for a premium finance deal within 10 minutes.
Aon pays £98m for Spitzer but admits no liability
Aon has agreed a $190m (£98m) settlement with New York Attorney General Eliot Spitzer in relation to his accusations of malpractice.
Hardy shares dive on 2004 profit
Lloyd's insurer Hardy Underwriting saw its shares dive 20 pence following the posting of a pre-tax profit of just £8m for 2004.
Wellington profits drop 44%
Welllington Underwriting has recorded a fall in profit before tax in 2004 to £78.1m — including the return on its investment in Aspen — compared to £116.7m in 2003.
Axa warning on under-insurance
New research from Axa reveals that the majority of commercial insurance brokers believe that their small and medium sized businesses clients are under-insured.
Moody’s confirms MMC ratings
Moody's Investors Service announced today that it has confirmed the senior debt rating of Marsh & McLennan Companies at Baa2 (Adequate). The outlook for the ratings is negative.
Thomas, Carroll scoops Sunday Times SME award
An insurance broker in which all employees own a share, enjoy free fruit and workplace nutritional mentoring and even Indian head massages, has been named one of the UK's top 100 employers.
Jackson takes board role at CBG
Stephen Jackson has been appointed an Executive Director on the board of Community Broking Group with immediate effect.
FSA begins regulation costs study
The Financial Services Authority has announced further details of the project being undertaken – in partnership with the Financial Services Practitioner Panel (the Panel) - into the costs of regulation.
EU decision: insurers must pay VAT on outsourced services
The European Court of Justice has decided that outsourced services provided to insurance companies, such as claims handling, should not be exempt from value added tax. The ruling relates to back-office services provided by outside contractor Accenture to…
RIMS backs TRIA extension
The Risk & Insurance Management Society (RIMS) has affirmed its support for legislation extending the Terrorism Risk Insurance Act (TRIA) for an additional two years and has encouraged the US Congress to approve the legislation as soon as possible.
JLT subsidiaries obtain capacity for US sectors
JLT Risk Solutions and Jardine Lloyd Thompson, part of Jardine Lloyd Thompson Group have announced that insurance capacity has been secured within the Lloyd’s of London market to provide new insurance protection for two of the most heavily regulated US…
Bosses: lies are fine but don't lie to us
A new survey has found that while the vast majority of company directors and senior managers believe...
L&G managers win CMI award
Two managers at Legal and General have become the first in the insurance industry to achieve charter...
Know Your Agency: This month - MW Appointments
Understanding the services and specialisms of recruitment consultants is important. Operations director Robin Stafford gives the lowdown on MW Appointments
CNA outlines 2005 branch plan
CNA Europe is set to continue the trend of UK-based insurers opening new branch offices. Last month...