News
FSA admits 20% of firms will miss TCF deadline
The Financial Services Authority has today it expects one fifth of all firms to fail to hit the December deadline for demonstrating that they are consistently treating their customers fairly.
FSA admits target failure in 2007/08 annual review
The Financial Services Authority failed to hit 4 of the 100 targets it set itself for 2007/08, it admitted today with the publication of its annual review.
Allied World to buy Darwin Professional for $550m cash
Allied World and US specialty and primary professional lines underwriter Darwin Professional Underwriters have announced a definitive merger agreement whereby Allied World is to acquire Darwin for $550m in cash.
Lloyd's insurer swoops for Ace team leader
Canopius Group has appointed Stephen M Hartwig as senior vice president and head of excess casualty to its Bermuda-based underwriting agency, Canopius Underwriting Bermuda.
Credit hire giant unveils tender result
Following a recent tender process credit hire operator AI Claims Solutions has announced the expansion of its vehicle supplier network.
Inskip takes broker MD role
Temporary Cover has promoted Alan Inskip to the position of managing director.
Groupama Healthcare issues technology challenge to healthcare providers
Groupama Healthcare has called for the wider adoption of technology within the health insurance sector to help brokers and intermediaries reduce costs, cut duplication, save time and improve service standards to policyholders. The call comes as Groupama…
Cullum admits Norwich City takeover plan
Towergate chairman Peter Cullum has confirmed the long running speculation that he is prepared to invest in Norwich City.
Marsh resurrect 'Bowring' name for new subsidiary
Marsh has resurrected the 'Bowring' name for a placement broking subsidiary.
FSA publishes TCF update
The Financial Services Authority (FSA) has published its latest update on firms’ progress towards the December deadline for demonstrating that they are consistently treating their customers fairly.
Profitability falls as impact of credit crunch, says survey
The impact of the credit crunch on the UK financial services industry has worsened over the past quarter, as profitability fell at a record pace and business volumes fell at the fastest rate in 17 years, a new survey said.
Former Lockton CEO takes new role
Xchanging has hired Stewart McCulloch, the former CEO of Lockton International, as implementation director.
Swiss Re in $150m multi-risk cat bond
Swiss Re has obtained $150m protection against North Atlantic hurricane, European windstorm, Californian earthquake, Japanese earthquake and Japanese typhoon through a natural catastrophe protection programme named Vega Capital Ltd (“Vega”).
THB positions itself as mid-market London broker consolidator
In an interim results announcement, London broker THB and recent acquirer of international wholesaler PWS, has said it is ready to pick off small-to-medium-sized London competitors under pressure from soft markets and the weak dollar.
Brightside completes Group Direct acquisition
Brightside has completed the acquisition of Group Direct, its associated companies, and Injury QED.
Unitas recruits new member
Unitas has revealed that Lloyd's broker Windsor Partners will join its network tomorrow.
Scor wins Brazilian life licence; chooses Singapore as Asia hub
French (re)insurer Scor has been admitted as a life reinsurer in Brazil, and added that Ronald Kaufman will be its head of its life representative office in Sao Paulo.
AIG adds $5bn to pool covering potential subprime losses
(BestWire) — American International Group (AIG) has added $5bn to a pool covering potential subprime-related investment losses by its life and retirement subsidiaries.
RSA launches new bespoke Professional Indemnity product
Insurer RSA today launches a new 'Solicitors' package, offering tailor-made Professional Indemnity (PI) insurance to medium sized solicitor firms. Aimed at firms with a practice of 10 to 40 partners, 'Solicitors' has been designed to address the risks…
Canopius Bermuda hires Ace excess underwriter
Lloyd's insurer Canopius has announced the appointment of Stephen Hartwig as senior vice President and head of excess casualty to its Bermuda-based underwriting agency, Canopius underwriting Bermuda (CUBL).
Hiscox unveils new syndicate plan
Hiscox has announced plans for a prospective new syndicate as it unveiled its initial 2009 business forecast for Syndicate 33.
Giles announces second Welsh acquisition in two days
Giles has announced the aquisition of its second Welsh broker in two days.
S&P: Montpelier syndicate unlikely to write to 2008 capacity
Ratings agency Standard & Poor's (S&P) has said that it believes Montpelier Re’s Lloyd’s syndicate 5151 is unlikely to write to its full capacity in 2008, due to soft market conditions.
Alan Boswell wins hotel contract
The Alan Boswell Group has secured a deal to provide insurance Ramada Encore hotels.