News
NU, Axa and Allianz set to pick up Zurich's Folgate book
Three leading insurers are set to take-over the Zurich share of Folgate’s commercial book.
Fitch publishes French report
Fitch Ratings says the evolution of the credit quality of French non-life insurers will reflect the cyclical downturn expected to kick in next year, according to its latest report.
Towergate buys agricultural portfolio
Towergate Underwriting Group has announced the purchase of the farm insurance portfolio of Taunton-based Lloyd & Whyte.
Lewin new president of ACE Tempest Re
ACE Tempest Reinsurance has announced the appointment of Andreas Lewin as president, effective immediately.
Iraq reconstruction could boost marine insurance
The reconstruction of Iraq will act as a catalyst for increased cargo and marine insurance opportunities in the Gulf, according to insurance and reinsurance broker Heath Lambert.
Harrison Beaumont makes broker acquisition
Sports and leisure specialists Harrison Beaumont Insurance Services has acquired the UK business of Irish broker ARB Underwriting for an undisclosed sum.
Axiom completes £21m MBO
Royal London Private Equity has announced the completion of the management buy out of Axiom Consulting for US$ 40 million (£21.78m) from broker Aon.
ABI hunts new GI head as Parker steps down
John Parker is to leave his position as head of general insurance at the Association of British Insurers next month to take up a contract at the Environment Agency, working on national prioritisation of flood defence spending.
FSCS declares 16 firms in default
The Financial Services Compensation Scheme is encouraging consumers who may have lost money as a result of their dealings with any one of 16 firms recently declared in default by the Scheme to get in touch.
Swiss Re granted Taiwan licence
Swiss Re has announced that it has been granted a reinsurance branch licence from the Taiwan Ministry of Finance.
A.M. Best assigns debt rating to Swiss Re’s convertible securities
A.M. Best Co. has assigned a “aa” debt rating to the forthcoming EUR 670 million (US$ 815 million) mandatory convertible securities due July 2007 issued by either Swiss Re Germany Holding or Swiss Re Treasury (Luxembourg) and guaranteed by Swiss…
SVB adds to management liability team
Lloyd's insurer SVB has appointed Rick Welsh as unit head of management liability underwriting for Syndicate 1007.
Plexus Law opens Leeds office
Specialist insurance legal practice Plexus Law is expanding from its London base to open a new office in Leeds.
Markel Re appoints new president
Markel Re has appointed J Ruffin Branham as its new president and chief operating officer, effective immediately.
Benfield sells off sporting subsidiary
Reinsurance intermediary Benfield Group has announced the sale of its 50% holding in Benfield Sports International (BSI), a sports marketing consultancy.
Highway Retail makes £4.6m broker acquisition
Personal lines specialist A Quote Insurance Services has been acquired by Highway Insurance's newly formed retail division, in a £4.6m deal.
Odyssey Re buys up Opus Re
Odyssey Re has announced that it has entered into a stock purchase agreement with Overseas Partners to acquire all of the capital stock of Overseas Partners US Reinsurance (Opus Re), a Delaware domiciled property and casualty reinsurer, for $43m.
Bromley hired as HR director at Rubicon
Rubicon has hired Diane Bromley as group human resources director.
Groupama Insurances agrees principles of risk transfer
Groupama Insurances has confirmed that it intends to offer to accept the risk transfer of premiums as part of a revised terms of business agreement.
Broker Network snaps up sixth acquisition of the year
Broker Network has made its sixth acquisition of the year in the form of A J Barter Insurance Brokers (“A J Barter”).
Zurich Municipal launches CFA guide for local authorities
Public sector insurance and risk management provider Zurich Municipal has produced a Conditional Fee Arrangement Best Practice Guide to establish the best methods for keeping legal costs to a minimum.
Aon sets up environmental consulting division
Aon has announced that Robert Martin and Marcel Steward have joined the firm to set up Aon Environmental Consulting and Solutions in Aon Limited's Global Risks Unit.
Harris announces MBO
The Harris Claims Group has confirmed it was the subject of a management buy-out last week.
S&P rates Tokio Marine & Fire
Standard & Poor's (S&P) has assigned an A+ (strong) long-term counterparty credit and insurer financial strength ratings to Tokio Marine & Fire Insurance (Singapore). The outlook on the counterparty credit rating is stable.