News
Quanta credit default looms on 11th August
Troubled Bermudian (re)insurer Quanta Holdings has reported financial results for the second quarter showing falling book value, a net loss of $42.9m and a looming credit default triggered by the company’s downgrading by rating agency, AM Best.
AIG starts planned IPC stake sale
AIG and Bermudian property catastrophe reinsurer IPC holdings have announced that AIG is commencing an underwritten public offering to sell 13.397 million IPC common shares, with an option for 2 million more.
NUI sees fruits of RAC integration and benign weather as it profits leap
Norwich Union Insurance's parent Aviva this morning reported its best ever combined operating ratio (COR) of 92%, ahead of its ‘meet or beat’ commitment of 98%, for the first half of 2006.
Converium stabilisation continues in Q2
Swiss reinsurer Converium has reported increased net income, shareholders’ equity and return on equity in the second quarter of 2006.
Zurich planning Newcastle closure with more than 500 jobs to go
Zurich has today announced some changes to the operational structure of its general insurance business in the UK. Specifically Zurich is proposing to close its customer contact centre in Fenkle Street Newcastle, affecting 505 jobs.
GCFac hires JLT team for structured finance
GCFac, the dedicated facultative reinsurance unit of Guy Carpenter, has launched a Risk Finance Team to originate, execute and manage structured risk programs.
Axis writes 43% more reinsurance premiums in 2Q
Bermudian (re)insurer Axis Capital has reported gross premiums written in its reinsurance segment increased by 43.8%, or $111.5m to $365.8m, for the quarter ended June 30, 2006 compared to the same period of 2005.
PXRE loses 82% of 1/1 business, expenses mount, run-off looms
Troubled Bermudian property catastrophe reinsurer PXRE has announced that it has lost 82% of the business it had in force at 1st January 2006 and that its expense ratio now exceeds 100% due collapsing premium income and the additional cost of hiring…
"Weatherproof" Hannover Re exceeds H1 targets
Global reinsurer Hannover re posted strong 1st half results, growing gross premiums by 12.8% and producing a return on equity of 19.9% after tax despite reducing exposure in peak zones.
Acumus launches online let property insurance solution
An on-line solution for the let property insurance market has been launched this week by broker partnership specialist Acumus Insurance Solutions.
New MD and CFO in White Mountains reshuffle
Bermudian reinsurer White Mountains Re has announced several senior management appointments. Chuck Chokel, previously Managing Director and General Auditor at White Mountains Insurance Group, Ltd. has become Managing Director and Chief Financial Officer…
Aspen appoints President and COO
Bermudian (re)insurer Aspen Insurance Holdings has announced the appointment of Stuart Sinclair as President and Chief Operating Officer of Aspen. In connection with his appointment, it is expected that Mr. Sinclair also will join the company's Board of…
Defra publishes coastal risk management proposals
Changes to the way the risk from sea flooding and coastal erosion is dealt with on the coast are being proposed in a Defra consultation published today. The proposals aim to strengthen existing arrangements to help achieve more effective and sustainable…
UKI signs three year deal with Saab
UKI Partnerships has teamed up with SAAB in a three-year contract to provide motor insurance to owners of the prestige marque.
Industry bodies issue TCF guidance
In response to the regulator's ‘Treating Customers Fairly’ initiative, joint guidance has been issued today by the three leading industry associations to clarify the main areas of responsibility for insurers and brokers when selling general insurance.
Jelf appoints Canwell as corporate healthcare MD
Jelf Group has appointed Mark Canwell as managing director of Jelf Corporate Healthcare.
S&P warns of price pressure in UK motor
The UK motor industry has enjoyed a period of stability and profitability over the past few years, but this will not continue without price rises, according to a report " U.K. Motor Market Continues To Report Profits, But Underlying Data Show Significant…
Lancashire reports £22m profit
Startup reinsurer Lancashire has reported operating income of $42.7m (£22m) for the first half of 2006.
Cowburn takes up Biba regional role
Mike Cowburn, director of Towergate Risk Solutions in Ilkley, has been appointed a board member of the British Insurance Brokers Association, representing the Yorkshire and Northern region. The 12-strong BIBA board, chaired by Max Taylor is made up of…
Willis acquires Chilean broker MGT
Willis has entered into a contract to purchase the majority of the retail and all the reinsurance business of MGT Group. Located in Santiago, Chile, MGT has annualized revenues of approximately $4m (£2.09m).
Bankstone and SSP unveil online claims validation 'first'
Broker software house SSP has produced what is claimed to be the first instant online validation system for a claims firm's call centre.
Beachcroft launches motor prosecutions unit
Law firm Beachcroft has formally launched a dedicated motor prosecutions unit to advise and represent motor insurers and their policyholders on the handling of very serious or fatal road traffic accidents that lead to criminal prosecution and trial.
More Than launches young driver policy
MORE TH>N is launching a new young driver policy – DriveTime – on 6 August 2006, to reduce accidents and change the way young drivers use Britain's roads.
NFU Mutual adopts Myners Review recommendations
Customers of rural insurer NFU Mutual will have greater involvement in the company following the establishment of seven new regional boards.