News
Munich Re subsidiary subpoenaed by Spitzer
Munich Re has confirmed that one of its North American units has received subpoenas from insurance regulators in North Carolina and Texas in connection with the ongoing Spitzer investigation into alleged bid-rigging in the US insurance industry.
Rims testifies to Senate over Spitzer
Janice Ochenkowski, the US Risk and Insurance Management Society's vice president – external affairs and senior vice president of Jones Lang Lasalle, testified today before the Senate’s Governmental Affairs Subcommittee on Financial Management, the…
CIAB attacks ‘misguided’ perception of brokers
The Council of Insurance Agents & Brokers has said in Washington that it is “misguided” to presume that brokers and insurance carriers must be in an adversarial relationship to best serve their commercial customers.
FSA again calls on insurers over "increasing" secondary intermediary concerns
The Financial Services Authority today reported that it is “increasingly concerned” by the numbers of secondary intermediaries applying for authorisation. It has now called on insurers to “re-double” their efforts to improve numbers, claiming they are…
Towry Law in new SME partnership
Intermediary Towry Law has teamed up with employment and health & safety guidance provider Croner Consulting.
Ace receives Spitzer subpoenas
Ace has reported that it had received subpoenas from the Securities and Exchange Commission and New York Attorney General Eliot Spitzer requesting documents in connection with an investigation into non-traditional, or loss mitigation, insurance products.
Moody’s rates BluePoint Re
Moody's Investors Service has assigned BluePoint Re (BluePoint) an insurance financial strength rating of Aa3. The outlook is stable.
Deal breaks new ground for DAS
Legal protection provider DAS has extended its home assistance cover to rented and let properties.
Insurer announces plans to close all UK district offices
Co-operative Insurance Society today announced that following the modernisation review announced in July it plans to close all 106 distrcit offices by the end of 2005 with all existing customer contact and administration work transferred to its head…
Ace details new team
Ace has announced several executive appointments. Andrew Kendrick, President and chief executive of Ace Bermuda, has been named Chairman and chief executive of Ace European Group.
New appointment at Carvill
Carvill, a leading independent reinsurance intermediary, has announced the addition of Dr Steve Smith, an atmospheric physicist, to its ReAdvisory team as Vice President.
Biba hits out at Airmic over FSA investigation call
The British Insurance Brokers’ Association is concerned that claims by Eliot Spitzer, from the New York Attorney General’s office, of anti-competitive practices in the US insurance sector are unfairly damaging the UK market. It believes irresponsible and…
Hampden completes £5m capacity deal
Hampden Agencies has facilitated the first sale and purchase of five limited liability vehicles, NameCos, representing capacity of £5 million.
Environmental Claims — claim your free place now
Are you involved in claims relating to brownfield sites? Are floods and pollution legacies giving you a headache? Help is at hand. Post Magazine is giving away up to 10 places at its forthcoming Environmental Claims Management Briefing where experts will…
Aon welcomes government compensation culture statement
Aon has welcomed the recent announcement by Lord Falconer from the Department for Constitutional Affairs about the existence of a compensation culture in Britain.
Spitzer inquiry continues to widen
New York Attorney General Eliot Spitzer has announced that he is suing consulting firm Universal Life Resources (ULR), which specialises in life, accident and disability insurance, alleging that the company steered business to insurers in exchange for…
New crash findings set to alarm insurers
New research from Thatcham – the Motor Insurance Repair Research Centre - released today unveiled that many motor models fail to provide proper protection in a low speed crash.
Euclidian confirms merge with Marlborough
Euclidian has announced it will be ceasing underwriting on Lloyd’s Syndicate 1243.
Ace forms strategic advisory group
Ace has formed an advisory group to guide its board on strategic issues and to improve the organisation’s business, industry and political connections.
St Christopher launches insurance to protect banned drivers’ livelihoods
Isle of Man Assurance has launched an internet site for Flashguard, its St Christopher policy, which provides up to £6,000 worth of cover a year to meet the cost of alternative travel while drivers serve out their bans.
Allianz Cornhill announces 18% profit increase
Allianz Cornhill has reported gross general insurance premiums are up 1.8% to £1,354.8m for the third quarter of 2004, with general insurance profit reaching £96.4 million, up 18.4%.
Broadgate enters international property treaty market
Broadgate Syndicate 1301 is to establish an international property treaty account in 2005. Four of the Great Lakes Reinsurance (UK) treaty underwriting team, headed by Bob Katzaros, will be joining Broadgate to build the account, which will comprise…
Zurich suspends staff after Spitzer review
Zurich Financial Services (Zurich) has suspended several employees of the Excess Casualty underwriting unit in the Specialties Business of Zurich North America Commercial following an inquiry into business practices related to the ongoing Spitzer…
NU, Axa and Zurich refuse to join claims body
Three of the largest insurers in the UK have said they will not co-operate with the Claims Standards Council until the accident management industry shows it is capable of good practice.