News
Cornhill boss calls on market to hold its nerve
Allianz Cornhill general manager, commercial, Chris Hanks, has hit out at suggestions the market has already entered a soft cycle.
Scottish Re announces ING Re deal
Scottish Re Group has announced that it has agreed to acquire the individual life reinsurance business of ING Re. The transaction is expected to close by the end of 2004.
CEA creates Solvency II group
The Comité Européen des Assurances has created a steering group to look at Solvency II, the EU project aiming at a fundamental review of European insurers’ solvency requirements.
Ace appoints computer network underwriter
Ace Europe has announced the appointment of Shaun Cooper as computer network underwriter within the company’s technical lines division.
Broker body confident FSA will not follow Spitzer line
The British Insurance Brokers' Association has expressed concern about the action against Marsh in the US.
Gallagher appointed Highway claims director
Motor insurer Highway has promoted Peter Gallagher to the position of claims director. Mr Gallagher will join the board of Highway Company Limited and Highway Insurance Agency.
Financial services £11bn victim of crime
Financial services is hardest hit be economic crime — costing the sector up to £11bn a year — according to a survey by accountants RSM Robson Rhodes, endorsed by the Home Office and supported by amongst others, the Confederation of British Industry.
JLT statement on Spitzer
Jardine Lloyd Thompson, commenting on Friday on the complaint filed in New York by the Attorney General against Marsh & McLennan.
Ace and AIG join Marsh in suspending agreements
Bermuda-based Ace has said it will stop paying brokers for steering business its way following the Spitzer probe of the insurance industry and AIG has said it is also likely to do so. Marsh suspended such agreements on Friday.
Marsh suspends agreements
Marsh said on Friday it had immediately suspended its practice of market services agreements with insurance carriers.
California to follow Sptizer on kick backs
California Insurance Commisioner John Garamendi said on Friday the state plans to file civil lawsuits against some insurers as part of its investigations of kick back in the insurance industry.
Beale succeeds Brandt at GE Insurance
Inga Beale, leader of GE Insurance Solutions' continental European operations, has been appointed president and chairman of the board of management at the Munich-based legal entity GE Frankona Rückversicherungs.
JLT shares hit by Spitzer move
Shares in broker Jardine Lloyd Thompson dipped by up to 8% following the move by New York Attorney General Elliot Spitzer to sue Marsh & McLennan. This morning they wre down 5% to 422p.
NU ties up new affinity deal
Norwich Union has been chosen by the West Bromwich Building Society to be its exclusive provider of household insurance to its customers. The insurer will underwrite the building society’s household insurance for three years from 1 October.
Carole Nash swoops for new finance officer
Intermediary Carole Nash Insurance Consultants has appointed Allister Hill as chief financial officer.
Moody’s changes Marsh outlook
Moody's Investors Service has announced that it has changed the outlook on the A2 senior debt rating of Marsh & McLennan Companies, (Marsh) to negative, from stable, following the filing of a civil complaint by the Attorney General of the State of New…
New York Attorney sues Marsh and McLennan
New York Attorney General Eliot Spitzer is suing Marsh & McLennan, alleging that it steered unsuspecting clients to insurers with whom it had payoff agreements, and that the firm solicited rigged bids for insurance contracts. Mr. Spitzer also announced…
European insurance shares fall in wake of Spitzer
European insurance stocks have fallen in the wake of New York attorney general Eliot Sptizer's accusations that Marsh & McLennan took lucrative payoffs for steering unsuspecting clients to some insurers.
Ace responds to Marsh lawsuit
Ace has issued a statement in connection with the action announced yesterday by the New York Attorney General against broker Marsh.
Broker makes city centre move
Henderson Insurance Brokers says its continued expansion has led it to relocate to larger premises within Lincoln.
Davies quits Highway board
Stuart Davies has resiged from the board of Highway Insurance Holdings with immediate effect.
RSA in wholesale claims shake up
Royal & Sun Alliance today outlined a transformation programme for its claims department which it hopes will help it cut claims settlement times by half within three years.
UK listed broker responds to subpoena
International broker Benfield, which has seen its share price fall 3.6% today to 253.50 pence, has said it will aid Elliot Spitzer’s investigation into commissions after New York’s attorney general issued the company’s US unit a subpoena.
Ryan apprenticeship scheme for under-25s
Insurance broker Ryan has launched a modern apprenticeship scheme for staff members under the age of...