News
Axa unveils latest UK acquisition
Axa UK has acquired the marketing agency, Ignition NBS. Ignition NBS provides marketing and business development services to general insurance brokers and the wider professional services market.
RSA liability expert joins Cunningham Lindsey as a director
Graham Ward has joined Cunningham Lindsey as assistant complex loss director and will be based at the company's Birmingham office. Working with Stephen McCune and Alan Vallance, he will aim to provide additional management as well as business development…
Guardian CEO resigns as European premium increases 32%
Guardian Holdings Limited has announced that its European operations saw a 32% increase in premium for the third quarter of 2007.
Brokers fear insurance law reform will add to PI costs
In its response to the Law Commission, the Institute of Insurance Brokers has stated that it does not believe any amendments to insurance law should attempt to confer different rights to private and business policyholders (or any combination of the two,…
Swiss Re in $1bn credit crunch loss
Swiss Re has had to report a CHF1.2bn ($1.07bn) billion loss as it marked the value some of the asset backed securities forming part of two credit default swaps written by its Credit Solutions unit down to zero. The firm also revealed it still owned a…
Markel International Insurance upgraded to 'A' rating by Fitch
Following the recent upgrade of Markel International Insurance Company (MIICL) by A.M. Best, Fitch Ratings today upgraded the IFS rating of Markel International’s insurance company to ‘A’ with a positive outlook from ‘A-‘ with a positive outlook.
Broker network confirms deal as it outlines plan to double
Iprism has signed its second broker network, 1 Answer Network. The news comes a fortnight after announcing its first tie-up with UKGI.
NAIC proposes single-state reinsurance regulation
The National Association of Insurance Commissioners (NAIC) has released a proposal to modernise reinsurance regulation that would see a single-state regulatory environment responsible for overseeing US and non-US reinsurers.
NU bolsters property team
Norwich Union has expanded its property team by providing what it claims is the largest number of regional consultants.
Groupama kicks off graduate campaign for 2008
Following its inaugural graduate in-take in 2007, Groupama Insurances has launched its 2008 Graduate Recruitment Programme
FSA closes down Manchester broker
A Manchester insurance broker has been closed by the Financial Services Authority after investigations revealed that the firm was selling insurance without underwriting in place, leaving clients uninsured.
Consolidator secures £68m facility to fund further growth
Oval today confirmed that it has secured increased funding in the form of a £68m facility provided by Barclays Leveraged Finance and LloydsTSB Acquisition Finance.
Oval acquires again
Broker Oval has acquired its second stand-alone IFA business, with Leicester based financial advisory firm Ward Mitchell Partnership.
Zurich launches commercial vehicle insurance
Zurich’s UK Broker Division has launched a new product for light commercial vehicles which will be available initially through Open GI, Software Solutions Partners and CDL software houses.
3.2 million evacuated as cyclone Sidr makes Cat-4 landfall
Aon Re Global's Cat alert service has reported that cyclone Sidr made landfall along the Khulna-Barisal coast of Bangladesh yesterday as a strong Category 4 cyclone with sustained winds of 240 kph (150 mph).
More Lancashire founders wind down through buyback
Bermudian (re)insurer Lancashire Holdings has revealed that it has bought back a further 5 million of its common shares at 350 pence each as part of its $100m share repurchase programme.
Biba welcomes motor insurance certificates decision
The British Insurance Brokers’ Association has welcomed the Department for Transport’s announcement that motor insurance certificates will now be permitted to be delivered electronically as it is a win win situation for customers and the insurance…
AIR: Chile quake less than $80m insured losses
Catastrophe risk modeling company AIR Worldwide has estimated that insured losses the earthquake which struck the coast of Chile on Wednesday will probably not exceed $80m.
ProAktive invests in Rotherham broker
Yorkshire-based ProAktive Risk Group has agreed a deal to take an equity interest in Rotherham-based TIB Insurance Brokers
Deadly 7 metre storm surge threatens 2 million in Bangladesh
Modelling firm Risk Management Solutions (RMS) has warned of the possiblity of a devastating humanitarian catastrophe in Bangladesh as Typhoon Sidr closes in on on landfall in a potential re-run of a 1991 loss that caused 150,000 deaths.
Paris Re net premium falls 14% in Q3
Swiss-headquartered reinsurer Paris Re has posted third quarter results that show net written premiums falling 14% when compared to the same period a year earlier.
Homeserve restructures emergency services division
Homeserve Emergency Services has completed a restructure in a bid to improve customer service.
Cunningham director quits
Cunningham Lindsey has announced that Geoff Ball, currently director of Subsidence Services, is to join the board of Cunningham Lindsey UK as director, Project Managed Services.
MP calls on insurers to help cancer sufferers
A Labour MP has called on the insurance industry to do more for Cancer sufferers.