News
Moneysupermarket sees 50% hike in insurance revenue
Moneysupermarket has reported that revenues in its insurance business have grown by 50% from £26.4m to £39.7m and transaction revenue has grown by 59% from £22.0m to £35.0m for the first six months of 2008.
Scor H1 net income rises by 21%, helped by US tax boost
Scor's first half net income rose by 21%, helped by a €44m boost to the coffers from deferred US taxes.
Brit pretax profit tumbles as investment returns fall
First half pre-tax profits at Brit Insurance Holdings more than halved in the first half of the year as the group's investment return dwindled to just £2.1m, down from £55.9m a year before.
Heritage hires three major insurance figures to rebuild syndicate
Bermudian (re)insurer Argo's Lloyd's Heritage syndicate is to hire three senior insurance figures to rebuild it since the depature of active underwriter Nick Jones and four others.
Pick of the week
Provident draws up new toba; Ecclesiastical cultivates reinsurance deal; Zurich targets broker with charity offerings; and Fortis lands £20m Toyota deal
AIG says has acquired 18% of MicroCred Nanchong
AIG says has acquired 18 percent of Chinese micro credit company MicroCred Nanchong, China (MNC) and the exclusive right to sell micro insurance to MNC clients for two years.
Barbon builds up its property people
Barbon Insurance has appointed Ben Wright as head of business in its property and commercial division at its Bordon-based offices.
Ex-Guy Carpenter trio return to market with start-up Atlas
Three of the mergers and acquisitions team ousted from Guy Carpenter have returned to the market with the start-up of corporate advisory team Atlas Partners.
Former Guy Carpenter MD unveils start up
A new insurance-focused corporate finance advisory practice has been unveiled today. Called Atlas Partners it is led by managing partner Paul Lumbis, formerly managing director of Guy Carpenter corporate finance, Europe.
Marsh warning as diamond and platinum prices spiral
Marsh has warned jewellery collectors of the risk of underinsurance in the wake of spiralling diamond and precious metal prices.
AM Best affirms XL Capital's financial strength ratings
AM Best has removed from under review with negative implications and affirmed the financial strength rating of A (excellent) and issuer credit ratings of “a” of Bermuda-based (re)insurer XL Capital (Bermuda) and its members.
AM Best affirms XL Capital's financial strength ratings, outlook
(BESTWIRE) US ratings agency A.M. Best has removed from under review with negative implications and affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of Bermuda-based (re)insurer XL Capital (Bermuda) and…
New forms of public-private partnerships needed to deal with climate change risks - Swiss Re
A Swiss Re executive said new forms of public-private partnerships will be needed to deal with risks related to climate change.
Aon eyes more acquisitions after Benfield deal
(BESTWIRE) Swallowing up the third-largest reinsurance broker in the world widens Aon's lead as the world's largest insurance and reinsurance intermediary and gives it a dominating presence in several key reinsurance markets, and that might only be the…
Aon warns no leasson learnt over Krakatoa
Aon has warned that 125 years after the eruption of Krakatoa business and governments have not learnt the necessary lessons to protect themselves and their interests against such forces.
Benfield price surges 27.49% on Aon bid
Benfield's share price ended the day on 345 pence following the news of Aon's £844m bid for the company.
West Midlands broker signs deal with Open GI
Bromwich Insurance Consolidates onto Open GI Bromwich Insurance is to trade all its business via the Open GI platform following a software house review.
Allianz, Catlin, Amlin all on Madrid plane crash
Allianz may have a significant insurance share of Wednesday's plane crash in Madrid, a senior source has told Reinsurance.
Credit insurers could withdraw cover for construction business
The construction sector could be refused credit insurance, which covers bad debt following the insolvency of a customer, according to Aon Trade Credit.
Garwyn loss adjuster launches expert investigation service
Loss adjuster Garwyn has launched an investigation service. Peter Wilson, head of the company's new operation said: “The nature of loss adjusting services has evolved as a result of the softer market and reduced claims numbers. While many clients still…
Schools targeted for scrap
Ecclesiastical has warned that schools countrywide could have been taken advantage of over the summer months and could be missing some key materials upon the return of students.
Benfield CEO expects no exodus after Aon takeover
Aon group chief executive Greg Case has said that the takeover of Benfield will form a combined group that is “very unique.”
Aon CEO Case: Aon - Benfield combination unique
In a deal announced late August, Aon said that it would offer $1.75bn (£935m) for the deal – which will take on £91m in Benfield debt, giving the deal a total value of £844m ($1.57bn).
Benfield directors set for £134m windfall after Aon deal
Benfield's directors are set for a monster windfall after the completion of the company's £844m takeover by rival Aon.