News
Converium duo in $5.5m payoff if SCOR deal goes through
Swiss reinsurer Converium has revealed that it will pay its chief executive and chief finance officer a total of $5.5m (CHF 6.7m) in severance pay at the end of 2007 if its agreed acquisition by SCOR completes.
Collins takes Benfield trio for Philadelphia office
US reinsurance broker Collins has opened a new office in Philadelphia, with the hire of three brokers from rival Benfield.
Aon strengthens marine team
Aon's marine team has recruited a duo of cargo specialists, Kevin Brown and Tony Achinelli, to work alongside Paul White who was appointed head of the Americas liability team last month. Darren Carr has also been promoted to leader of ports &…
Liberty International opens in Spain
Liberty International Underwriters, has opened an office in Spain as part of its continental European growth strategy.
MMA shifts portfolio in favour of non motor
Intermediary-only insurer, MMA Insurance has reported a fourth year of financial growth. Last year its non motor portfolio grew to over 50% of Gross Written Premium a deliberate move designed to balance its portfolio.
Fortis reports GWP increase over Q1 2006
Fortis reported a strong start to 2007 with a 14% increase in GWP during its first quarter.
AIR poaches top Benfield ReMetrics scientist
Risk modelling firm AIR Worldwide Corporation (AIR) has announced that Dr. Milan Simic has been appointed managing director its London office.
Partner Re joins move to give capital back
In a move that confirms the trend to right-sizing capital as the reinsurance market softens, Bermudian reinsurer Partner Re has the approval an increase in the amount of shares it is authorised to buy back and cancel by a total of up to 5 million common…
Davies launches new loss unit
A dedicated Special and Complex Loss Unit has been established by Davies Chartered Loss Adjusters based in the firm's new premises in Guildford.
Synergy targets £50k-£1m target premiums with micro-captive launch
Synergy Insurance Services UK the new insurance venture led by City financier Sir Mark Weinberg, has announced the launch of Synergy MicroCaptive.
Markel promotes property underwriters
Markel International has promoted two members of its delegated authority property team. Michael James has been promoted to the position of senior underwriter, delegated property and Gareth Buxton has been promoted to senior underwriter, delegated…
Arista appoints three underwriters
Arista has appointed James Sawkins as senior underwriter, and Esther Lavender-Jones and Claire McCallum as underwriters as part of its ongoing development strategy.
Allianz wins Wembley pitch
Allianz Engineering has been selected to provide inspection services and machinery breakdown cover for the new Wembley stadium.
Lloyd's insures Ugly Betty's smile
Lloyd’s has insured the smile of America Ferrara, star of the hit television show Ugly Betty, for $10 million. The policy was bought by teeth-whitening product Aquafresh White Trays as part of a promotion involving the celebrity which aims to raise money…
Clark quits adjuster Crawford
Jonathan Clark, senior vice president of quality and compliance at Crawford and Company, has been recruited by the UK Financial Services Compensation Scheme to become director of claims for the organisation.
Grant Thornton sets initial dividend at 100% for UIC
Grant Thornton's financial markets group claimed it has set the first ever initial dividend for an insolvent insurer at 100%.
Allianz 1st quarter results: “Attractive despite increased weather losses”
Allianz revealed a first quarter profit before tax of £ 48.6m for 2006 a fraction below last years figure of £48.7m. Net written premium had increased by £13.1m to £290.9m over the same period and the insurer’s combined ratio has improved to 96.1%, down…
BUPA recruits former senior Skandia executive
BUPA Individual Protection has appointed Chris Pollard as chief underwriter.
Insurers reach agreement over medical agency fees
Medical reporting organisations and insurers have reached an agreement that should finally put an end to disagreements about the recoverability of medial agency fees, and bring greater certainty about the amounts payable.
Biba welcome Treating Customers Fairly Report from FSA
The British Insurance Brokers’ Association has welcomed the Financial Services Authority’s (FSA) report published today which shows that many firms have made good progress with their treating customers fairly (TCF) programmes. The FSA had set firms the…
BIBA Welcome Treating Customers Fairly Report from FSA
The British Insurance Brokers’ Association (Biba) has welcomed the Financial Services Authority’s report published today which shows that many firms have made good progress with their treating customers fairly programmes. The FSA had set firms the target…
S&P: SCOR and Converium ratings unchanged by merger deal
Ratings agency Standard & Poors has affirmed both SCOR and Converium’s financial strength ratings at A- following the Converium board’s unanimous acceptance of a revised takeover offer from the French reinsurer.
Russian group pick ex-SVB figure to head London office
Oslo Marine Group, the investment, insurance and leasing group, based in St Petersburg, Russia, has set up a new representative office in London.
AEGIS loses lead power underwriter
Nick Rnjak, the lead power underwriter with AEGIS Energy Syndicate 1225, has left AEGIS.