News
Indie trial - final day before break
The trial of the three former directors of Independent Insurance at Southwark Crown Court will resume on Monday 13 August.
Indie trial resumes on 13 August
The trial of the three former directors of Independent Insurance at Southwark Crown Court will resume on Monday 13 August. Our coverage of the trial will recomence on that date.
Condon: no role in reinsurance contracts
Philip Condon told the Serious Fraud Office under questioning that he had no real responsibility or involvement with regard to the insurer’s reinsurance contracts once the surplus treaty was replaced in 1997 with five core reinsurers. He said that he had…
Condon no memory of audit delay call
Philip Condon told the Serious Fraud Office under questioning that he did not remember delaying for the second time an internal audit, led by Robin Sibthorpe, into the London Market claims operation at the beginning of 2001, writes Anthony Gould.
Condon was released of responsibility for reserves
Philip Condon, managing director of Independent Insurance insisted that he did not take any responsibility for the company’s reserves from April 2000, citing a comment from Michael Bright that he would deal with claims reserving issues from that time on…
Bright: SFO interview
Excerpts of taped interviews with defendant Michael Bright were read out in court for the second day running. The interviews were conducted between 1 December 2003 and 6 April 2004 as part of a Serious Fraud Office investigation into fraud allegations at…
Regulatory protection insurance launched
Lloyd’s Syndicate 1400, managed by Imagine Syndicate Management, has launched a dedicated insurance liability product called Regulatory Protection Insurance (RPI).
Everest Re delivers quarterly results
Everest Re has reported a net income of $206.4m and operating income, of $201.2m.
Strong outlook for Partner Re
Bermuda-based Partner Re has reported net income of $105.0m for the second quarter of 2007.
Field steps down in Brit restructure
Brit Insurance today announced a group restructure as it aims to continue its strategy of profitable growth.
Montpelier Re to open in Switzerland
Montpelier Re has announced that it is forming Montpelier Europa AG, a Swiss company based in Zug, Switzerland, which it expects to start business on September 1st, 2007.
Fitch: Floods to have limited rating impact on insurers
Fitch Ratings said today that the total cost to insurers of recent flooding in the UK could exceed £3bn. However, Fitch expects the flooding to have a limited rating impact on UK insurers.
ABI warns government over housing plans
New housing developments must be built away from flood - prone areas to ensure that flood insurance continues to remain widely available and competitively priced, the Association of British Insurers has warned.
JLT claims Bermudian market leadership with buy
Jardine Lloyd Thompson (JLT) says it expects to place over $400 million of premium in the Bermudan market each year after completing the acquisition of insurer Park Ltd.
Apil in damages warning
Reform of the law of damages must not be a compromise between the needs of seriously injured people and those who have caused them harm, lawyers have warned.
PWS boasts about online first
PWS claims it has launched the industry’s first Internet-based facility to offer insurance brokers real-time insurance quotations on-line for JCT Clause 21.2.1 and similar construction industry-related insurance.
Marsh hires four in mid-market drive
Marsh has unveiled a quartet of senior sales appointments aimed at increasing its presence in the mid-market sector within the City of London.
Junction appoints three
Junction has strengthened its business development, delivery and marketing and teams with the appointment of Martin Overton, Mike Edgeley and Catherine Hill.
Allianz gets ratings boost
Allianz Insurance and Allianz SE have had their ratings raised by Standard and Poor’s after a series of strong financial results in recent years.
Ariel-Atrium deal sparks negative watches from Best
After Ariel Re and Atrium announced an agreed bid for the Lloyd’s (re)insurer, ratings agency AM Best has put ratings of both parties under review with negative implications.
Smart & Cook acquires Yorkits' BA Insurance Group
Smart & Cook has acquired the BA Insurance Group based in Yorkits, its 53rd acquisition to date.
Capita CMGL forms Syndicate 5500
CMGL Syndicate Management, a Capita Group subsidiary company, announced that it has formed a new Lloyd’s syndicate, Syndicate 5500, backed by CarVal Investors.
Endurance CEO joins Unitas
Mark Boucher, ex-CEO of Endurance Worldwide Insurance has joined Unitas as the chairman of the recently announced underwriting agency.
Investors backed Indie till the end
Investors were left convinced that Independent’s shares were a good – if high risk – bet after being given assurances by Michael Bright at the time of its 2000 results, writes Ralph Savage .