News
Biba holds fast for Tsunami crisis
Staff and members of the British Insurance Brokers’ Association (Biba) will be holding a 24 hour sponsored fast from 9am on 27 January to raise money for the Red Cross Foundation, which will go directly to help those affected by the recent Tsunami in…
FSA urges final applications
The FSA today revealed its latest figures on the authorisation of general insurance intermediaries, and urged firms wanting to continue to do business after 14 January to apply now.
Chubb to expand coverage into eastern Europe
Chubb Insurance Company of Europe has acquired a licence to operate in Poland, the Czech Republic and Hungary.
Possible movement ahead on US asbestos bill
The new head of the Senate Judiciary Committee, Senator Arlen Specter, has announced that he intends to hold a hearing on the stalled US asbestos compensation bill to see if a way can be found to get it moving again.
US personal lines sector looks stable, claims Moody’s
The ratings' outlook for the US personal lines insurance sector remains stable, reflecting the industry's ability to generate robust profits, the rehabilitation of the homeowners' line and improving balance sheet strength, says Moody's Investors Service…
Wellington trading update
Wellington Underwriting has reported that underwriting conditions remained favourable during 2004. Overall, it said rates have decreased 5% which is in line with our expectations. In some classes of business, rate pressures have eased as the result of…
Marsh MD Stearns pleads guilty in Spitzer probe
A managing director at Marsh & McLennan pleaded guilty to criminal charges in connection with New York Attorney General Eliot Spitzer's ongoing probe of the insurance industry. He was the first Marsh employee to be accused criminally.
Fusion Insurance reinforces technical management team
Fusion Insurance has announced the appointment of Mel Neale and Simon Cross to senior management positions to reinforce its technical management team.
Benfield research paper looks at risk measurement
Benfield has produced a new research paper, ‘Risk Measurement in Insurance’, which aims to provide a simplified guide through the numerous approaches to risk measurement.
Equitas pays out another $200m
Equitas has reached agreements with four major policyholders to settle claims against certain underwriters at Lloyd's under policies for asbestos and other liabilities.
Pharmacy Mutual Insurance tackles underinsurance of pharmacies
Pharmacy Mutual Insurance has joined forces with Cunningham Lindsey Risk Solutions to provide pharmacists with a commercial buildings valuation scheme, in a bid to cut instances of underinsurance.
AM Best confirms Singapore Re ratings
AM Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” (ICR) of Singapore Reinsurance. The outlook on both ratings is stable.
Ace offloads troublesome run-off unit
Ace has announced the sale of its Brandywine run-off unit to Randall & Quilter Investment Holdings - a move which drastically reduces its US asbestos exposures. However, Ace USA's president and CEO Susan Rivera has resigned, to be succeeded by Brian E…
HSA strengthens PMI position through acquisition
HSA, health cash plans provider, has strengthened its position in the UK healthcare insurance market by joining of forces with Bristol-based private medical insurer mutual BCWA.
Hanratty joins PartnerRe board
PartnerRe has announced that Judith Hanratty, OBE, has been appointed to its Board of Directors.
Axa boss to lead AA Insurance
AA Insurance Services has appointed Axa marketing and underwriting director Kevin Sinclair as director.
New MD for Aegis at Lloyd's
Aegis Managing Agency Limited, the Lloyd’s managing agency for AEGIS Energy Syndicate 1225, has appointed Stuart Davies as managing director.
AM Best withdraws Corifrance rating
AM Best has withdrawn the financial strength rating of B++ (Very Good) of Corifrance (Compagnie de Reassurance d’Ile de France).
Highway reveals takeover bids
Highway Insurance has confirmed it received a number of takeover offers at the end of 2004, prompting further bid speculation after more than seven million of its shares were traded yesterday.
Equitas non-exec takes role at Atrium
Atrium Underwriting has appointed James Joll as a non-executive director with effect from 1 January 2005.
Allianz Cornhill’s Indian operations safe after tsunami
Allianz Cornhill has confirmed that all of its employees at ACIS based in Trivandrum, Southern India, are safe and well after the tsunami which hit the region last week causing wide spread death and destruction.
Italian P&C market looking stable, says Moody’s
The overall stable outlook for the Italian property and casualty (P&C) insurance industry reflects the continued upturn for most of the rated entities based on the improved quality of underwriting results, according to Moody's Investors Service’s new…
Wilton Re set up
Wilton Re US Holdings has announced that its Bermuda-based parent company, Wilton Re Holdings, has raised more than $600m in capital commitments through a private placement of its common stock.
Asian tsunami; Swiss Re estimates
Swiss Re has announced that it expects its claims from the tsunami that hit Asia on 26 December 2004 to be below CHF100m (£46m). The devastation caused in the aftermath of the natural disaster has already seen an estimated 150 000 lives lost, with this…