News
Omega bet on US pays off in first half
Lloyd's, Bermuda and US (re)insurer Omega Underwriting has unveiled interim results showing profit b...
EC report on business insurance - EC re-opens debate on subscription market practices
The EU Competition Commission has issued its final report on the business insurance sector and raise...
Ratings outlook - Ratings agencies tell reinsurers to play it cool
Rating agencies told delegates at the Monte Carlo Rendez-vous to play it cool in light of softening ...
Special risk unit launched by Munich Re
Global reinsurer Munich Re has set up a dedicated unit to develop products offering protection again...
US P&C 1H net income up 10%, but competition intensifies
The US property/casualty insurance industry's net income after taxes rose 10.7% to $32.6bn in first-...
Talbot appoints new CEO and chair
The Board of Talbot Underwriting today announced, subject to approval by the Financial Services Authority and Lloyd’s, it has appointed Michael Carpenter as chairman and Rupert Atkin as chief executive.
Equity launches policy for travellers with breast cancer
Equity Insurance Group has launched a new travel policy, specifically developed to allow people diagnosed with breast cancer access to affordable cover.
Colemont in Brazilian swoop
Colemont has acquired a majority share in the Brazilian aviation broker, Inter Aerospace Corretora de Seguros Ltda. Inter Aerospace will be merged with Colemont’s existing company in Brazil, namely Colemont Brasil Insurance Brokers.
Goldman Sachs in £700m bid for Benfield
US investment bank Goldman Sachs has made a £700m bid for reinsurance broker Benfield, according to a report.
Ignore the Bright & Condon conspiracy, defence tells Jury
A confident and amiable Gareth Rees QC opened his summary of Philip Condon’s defence by asking the jury to disregard prosecution’s Andrew Baillie’s implication that Mr Bright and Mr Condon did everything together. Charlie Thomas reports .
Bright's negligence does not justify fraud accusation says defence
Defence counsel Ian Winter QC said that while Michael Bright could be accused of being overbearing, obsessive and guilty of making poor decisions, his negligence in the running of Independent Insurance does not justify the accusation of conspiracy to…
Cobra profit flat despite 53% increase in revenue
Listed UK broker Cobra this morning reported revenues increased by 53% to £7.4m for the six months to 30 June, while its operating profit only increased 3% to £1.1m
Marsh UK creates new senior post
Marsh has appointed James Elder to the new position of chief risk officer of Marsh UK. Mr Elder, joins from Credit Suisse where he was a director in bank operational risk oversight. He will report to John Nicholson, chief operating officer of Marsh UK.
Employees disobeyed, says Bright's QC
Ian Winter continued his robust and considered defence of Michael Bright as his summing up moved into its third day. However, he was cut short when a member of the jury was taken ill and court was adjourned for the day, Martin Friel reports .
Erinaceous heads roll as it reveals profit loss
Erinaceous Insurance Services revealed its first half profit’s have fallen £3.2m to £4.9 compared with the same period last year despite a revenue increase of £2.5m to £19.2m.
ABC chooses Acturis
ABC Insurance selected Acturis as its IT platform for transacting commercial package insurance. ABC plans to launch three new package products targeting the SME market in early 2008 - Property Owners, Shops and Offices.
Marsh endorses SME remuneration investigation
Broking giant Marsh has supported the EU Competition Commission's decision to investigate certain aspects of broker remuneration as part of the planned review of the Insurance Mediation Directive.
Swiss Re launches adverse weather derivatives for poorer countries
Swiss Re has launched an adverse weather risk transfer market for emerging countries under the banner climate adaptation development programme (CADP).
Novae appoints regional manager
Novae Insurance has appointed Jonathan Morgan unit head of its regional financial lines division in the UK and Ireland.
BIBA hits out at FSA's fee disclosure proposal
The British Insurance Brokers’ Association has today warned that the Financial Service Authority’s proposed new treatment of fee disclosure to consumers in respect of lower risk or ‘other’ general insurance products represents ‘a licence for the…
GIC to open branch office in London
Reinsurance magazine has learned that General Insurance Corporation of India (GIC) is to open a full branch in London as part of plans to diversify away from its core home market.
Solvency II: threat to small insurance companies, says accountant
Accountant Moore Stephens said today that smaller insurance businesses may have to make difficult decisions about their long-term viability under Solvency II, the EU-wide capital adequacy requirements which will come into force in 2012.
Zurich and Tom Tom team up
Zurich has struck a pan-European partnership with the navigation solutions provider, Tom Tom.
Lloyd's bosses hail first half performance
Lloyd’s has reported a before tax of £1.8bn for the six months to 30 June (2006: £1.35bn).