News
Catlin float valued at £660m
Catlin Group today set an indicative price range of between 350 pence and 420 pence per common share for the group’s flotation, valuing the group at between £560m- £664m following the completion of the offering.
Insurance premium tax frozen as Brown delivers 2004 Budget
Chancellor Gordon Brown has frozen insurance premium tax in the 2004 budget, despite expectations he would make an increase to take advantage of rising rates.
Contractsure receives provisional Lloyd's accreditation
Construction insurance specialist Contractsure has received provisional Lloyd’s accreditation.
Markel boss gives Lloyd's a 'still could do better' report
Tony Markel, president and CEO of Markel Corporation says he is encouraged by progress at Lloyd's, particularly by the Franchise Board, but still considers there is much to be done and a softening of rates now would be “unbelievably premature".
Listed broker reports 104% increase in profit
AIM-listed Community Broking Group has reported a 31% jump in turnover from £1..5m to (2002: £1.12m), and a 104% increase in profit to £214 000 (2002: £105 000) for the 12 months ending 31 December 2003.
Harding takes over claims at MDU
Jill Harding has been appointed as head of claims at the Medical Defence Union.
Benfield posts increased trading results
Reinsurance intermediary Benfield Group Limited, today announced its preliminary results for the year ended 31 December 2003.
NAIC battles fake insurance
The National Association of Insurance Commissioners (NAIC) is launching a new campaign to help consumers identify unauthorised insurance activity in the US.
Axa boosts personal lines team
Axa has appointed Keith Hector as national development manager personal lines intermediary, with effect from today. He will assume direct responsibility for the Axa’s personal lines intermediary account manager team, reporting directly into Mike Keating,…
MMA head reaffirms commitment to UK
During a visit to the UK earlier today, Jean-Claude Seys, chairman and chief executive officer of French Mutual MMA-MAAF, confirmed the group’s commitment to the UK.
ABI confirms revamped motor database will be ready mid-year
The Association of British Insurers said it expects its revamped motor insurance industry database to be operational by mid 2004.
Alea profits hit new high, chairman predicts rates will hold
Bermuda-based insurer Alea Holdings has announced record operating earnings for the year ended 31 December 2003, operating profit based on longer-term investment return up by 274% to $80.8 million (£44.61m).
Suffolk Broker in MBO
LRMS Insurance Services, the Suffolk based livestock and bloodstock broker, has been bought by its management. The acquisition follows majority shareholder Emma Stamper’s decision to sell LRMS in order to concentrate on expanding her successful Crowe…
InsurE-com and Acturis end service agreement
InsurE-com and Acturis have finally confirmed that they are to terminate their service agreement on the integration of insurE-com's personal lines rating engine with effect from October 2004.
Lee-Moore joins Heath Lambert
Heath Lambert has announced that Debra Lee-Moore has been appointed a divisional director of internal risk management at the company’s London office.
Cox in talks to acquire Highway
The board of directors of Highway have confirmed that they are in discusssions with Cox Insurance Holdings that may led to a "recommended all share offer being made by Cox for the company".
Peignet promoted at Scor
French reinsurer Scor has announced that Victor Peignet has been appointed managing director of its large corporate accounts division and will become a member of the group executive committee.
Tough new asbestos laws imminent
Businesses will soon face tough new Government legislation on monitoring asbestos material in their buildings.
City still unsure of FSA
The status of the Financial Services Authority among City staff is rising but still showing scope for further improvement, according to a survey by Wide Learning, which provides e-learning used to train many City staff on FSA regulated legislations.
Fortis' insurance operations swing back into profit
Financial services group Fortis has posted net profits of 2197m euros (£1.5bn), an increase of 532m euros for the year ending 2003.
Helphire moves into new Bath headquarters
Credit hire provider Helphire Group has started moving staff into its new headquarters, the former Ministry of Defence site in the centre of Bath, following a £5million refurbishment.
Benfield enjoys US$54 million windfall from Montpelier Re sale
Benfield Group has undertaken an irrevocable agreement to sell its holdings of warrants with entitlement to 2,390,785 common shares in Montpelier Re. The transaction will complete on 15 March 2004.
Heath Lambert in offshoring deal
Heath Lambert Group is offering protection for outsourced call centres in areas such as India.
Aspen unveils new underwriting team
Bermuda-based Aspen Insurance has announced that five new property reinsurance specialists have joined subsidiary Aspen Re America.