News
FSA makes non-exec appointments to compensation scheme
The Financial Services Authority has appointed two new non-executive directors to the board of the Financial Services Compensation Scheme with effect from 1 February 2007.
Aon acquires Footman James
Broking giant Aon has announced that it has completed the acquisition of Footman James from Alchemy Partners Limited. The terms of the transaction are not disclosed.
Benfield poaches Cooper Gay exec for Fac successor
Benfield has announced the appointment of Jeremy Goodman to head the company’s global Facultative Solutions team.
Westward Counties Insurance Services joins Fidelius Group
One of the region’s best known insurance brokers, Westward Counties Insurance Services, has been acquired by the Fidelius Group, the Bath based Insurance and Financial Solutions Company.
RAA slams Florida "gambling" on Cat risk
The Reinsurance Association of America (RAA) today warned that the insurance reform bill enacted by the Florida legislature amounts to “gambling” by the State of Florida.
FSB concerned over possible EL rate rises
The Federation of Small Businesses has warned that employers’ liability insurance premiums could rise, following the introduction today of a new scheme that allows the NHS to recover the costs of treating patients that have been paid personal injury…
Munich Re €110m Cat bond may be triggered on Kyrill loss
Standard & Poor's (S&P) has placed Munich Re’s Aiolos catastrophe bonds on negative creditwatch after the giant reinsurer advised of a potential claim event under the cover.
Kyrill set to cost Munich Re $778m
Munich Re has forecast a loss of up to $778m from winter storm Kyrill. The loss includes claims relating to its primary insurance subsidiary Ergo.
InFires Commons' seminar date set
The Insurers’ Fire Research Strategy Funding Scheme (InFiReS) is to hold its annual seminar on Friday 23rd at The House of Commons.
Robins appoints Bentley to client services role
GAB Robins has promoted George Bentley to the role of client services director for its UK operations.
Highway appoints motorcycle underwriter
Motor insurer Highway has appointed Frank Espinoza as motorcycle underwriter.
Equity partners with Nissan
Equity Group has signed an affinity partnership with Nissan Motor (GB) Limited. The Brentwood insurer secured the three-year deal following a tender process to become its new motor insurance provider.
Willis UK boss steps down
Willis has announced the retirement of Richard Bucknall, vice chairman of the group and chairman and CEO of Willis' UK business unit. He will step down on 31 March and will continue in an advisory role through the end of the year.
Swiss Re estimates Kyrill claims at $182m
Based on preliminary estimates, Swiss Re said it expects its net claims for winter storm Kyrill to be “modest” at some $182m before tax.
EQUITY ANNOUNCES NISSAN MOTOR (GB) AFFINITY PARTNERSHIP
Equity Group has signed an affinity partnership with Nissan Motor (GB). The Brentwood insurer secured the three-year deal following a tender process to become its new motor insurance provider.
Florida Cat change
The Florida legislator’s dramatic intervention in the State’s catastrophe (re)insurance market at the end of January will wipe out up to $2bn in reinsurance premiums and will have a dramatic effect on the worldwide property catastrophe market, a leading…
Indie hearing: Bright and Condon face the camera
Micheal John Bright, former company chairman and managing director of Independent Insurance and Philip John Condon, former deputy managing director, were filmed as they entered Southwark Crown Court for this week's preparatory hearing.
KPMG appoints Hicks to lead forensic insurance department
KPMG Forensic has appointed David Hicks as its new Head of Forensic Insurance. Mr Hicks joins from Deloitte, where he was a senior member of its Insurance practice.
Markel sees income rise by $245m in 2006
Markel Corporation has recorded an impressive 2006, with net income up from $148m in 2005 to $393m, largely attributable to improved underwriting performance.
Broker strikes £10m acquisition deal
Jelf has announced the acquisition of Hampshire-based SPS Wellbeing Ltd, a healthcare and group risk intermediary, in a deal worth in the region of £10m.
Consolidator sees pre-tax profit leap 148%
Consolidator Jelf this morning reported results for the 12 months ended 30 September 2006. The broker said turnover had more than doubled to £25.1m (2005 : £11.5m), pre-tax profit was up 148% to £3.3m (2005 : £1.3m).
Partner Re estimates Kyrill losses in $50-$65m range.
Partner Re estimates claims relating to its exposure to Windstorm Kyrill, which hit Europe last week, are expected to be between $50-$65m.
Emerging markets continue solid insurance growth says Swiss Re
Growth in insurance business in emerging markets continued to outperform in 2005, according to the latest Sigma study from Swiss Re.
Bermuda records three-year high for reinsurance incorporations in 2006
Bermuda recorded a three-year high for reinsurance company incorporations during 2006, with an almost 10% increase in the number of new reinsurance companies incorporated in the jurisdiction over 2005, Bermuda Monetary Authority.