News
US insurance giant buys stake in Lloyd's agency
HCC Insurance Holdings had reached an agreement with an investment company to acquire their 23.6% shareholding in Heritage Underwriting Agency. The transaction is expected to close shortly pending regulatory and Lloyd’s approval.
FSA backed for taking hard line on fraudulent broker
The Association of British Insurers has issued a formal response to the collapse of travel insurance broker Xsavi, which had its permission to trade removed by the Financial Services Authority, pointing out that none of its members were involved.
Fire service is ill equipped to fight commercial blazes
Britain's fire service is not able to cope with the huge industrial fires that break out in ever larger commercial buildings, Britain's top companies were warned today.
Aon confirms London office move
Aon UK and Canary Wharf Group today announced that they have jointly entered into exclusive negotiations regarding a potential new London office for Aon. It continues the broker's efforts to rationalise costs.
Benfield brings in electronic placing with eReinsure
Benfield has announced the launch of eCatFac, an electronic placing platform which facilitates the placing of facultative reinsurance for cedants with large catastrophe exposures.
Former HBOS GI CEO joins QBE
QBE European Operations today unveiled Howard Posner as a non-executive director of QBE Insurance (Europe), its UK regulated insurance company, and Limit Underwriting Limited, QBE's managing agency at Lloyd’s.
S&P clarifies Swiss Re rating position
Standard & Poor's Ratings Services has issued a comment on its CreditWatch placement of Swiss Re and its core operating companies.
TRH battered but not broken by 2005 hurricane bill
Transatlantic Holdings (TRH), the parent company of Transatlantic Re, has reported that its net income for the year ended December 31, 2005 amounted to $37.9m, compared to $254.6m, in 2004. Net income for the fourth quarter of 2005 amounted to $13.5m,…
Lloyd's underwriters highlight need to avoid "boom and bust" cycles
Lloyd’s underwriters see managing the insurance cycle as the most important challenge facing the global industry for the second year running, according to new research published today.
Montpelier Re hit by 2005 losses
Montpelier Re Holdings has confirmed that it had a very bad year in 2005, after it reported a net loss for the quarter ended December 31, 2005 of $61m, compared with net income of $102.4m, for the same quarter in 2004.
Broker goes for curling Olympic Gold
Ian MacDonald Insurance Brokers of Inverness is celebrating as one of its employees Ewan MacDonald and Team GB battle for a medal in the curling event at the 2006 winter Olympics. Team GB are considered as one of the gold medal favourites as they won 6…
FSA announces first enforced cancellation since GI day
The Financial Services Authority has cancelled Xsavi Limited's permission for failing to conduct its business in compliance with proper standards and for having inadequate financial resources. The regulator said this is the first enforcement cancellation…
Reinsurance run-off ruling hits Cigna
Cigna Corporation has reported that it has received an adverse ruling from a London arbitration panel concerning a dispute over a retrocessional reinsurance arrangement related to a portion of its runoff workers' compensation reinsurance business written…
Jelf enters top 10 independent broker league with major acquisition
Jelf Group has acquired fellow broking group Goss Group for an initial consideration of £6.254m. It also plans to raise £7.3m from investors.
NU doubles team size to meet demand
Increasing demand for fleet risk management services has prompted Norwich Union to double the size of its adviser team – making it the UK’s largest, the insurer claimed.
Start up Lancashire warns over property and marine pricing after January renewals
Insurance start up Lancashire this morning reported better than expected trading in the January renewals. However, while Lancashire noted this was the case for retrocession and energy classes, it added marine excess of loss and the property catastrophe…
Barclays reports 12% increase in insurance business
Barclays saw its insurance a double digit increase in its insurance business for 2005, the bank reported this morning. Last year Barclays launched an aggressive advertising campaign on the back of a deal with Norwich Union.
Groupama announces new management team
Groupama Healthcare has confirmed its new management team as the integration of its two healthcare operations begins, following the acquisition of Clinicare in October 2005.
Lloyds TSB Insurance launches TV ad campaign
Lloyds TSB Insurance is set to launch a new TV advertising campaign, due to be previewed on Tuesday 21 February. It features the trademark Lloyds TSB black horse galloping through scenes of falling household items.
FSCS steps as insurance provider goes into administration
The Financial Services Compensation Scheme today announced it has stepped into protect customers of Drive Direct who may have lost money after the firm went into administration.
Zenith appoints Perry for claims supply initiatives
Zenith Services UK has appointed Richard Perry as claims supplier strategy manager.
AIG cuts links to Starr
American International Group (AIG) has announced that the AIG Companies have terminated the agency relationship with Starr Technical Risks Agency and its subsidiaries (Starr Tech), insurance agencies owned by C.V. Starr.
Broking alliance expands into Ireland
Broking alliance Unitas has recruited 2 new additions to its ranks: John Lampier & Son Ltd, in Bristol and Frank Glennon, in Dublin. This brings to 12, the number of members.
Brit linked with sell off
Lloyd's insurer Brit has been tipped to sell off its £20m stake in paperless trading platform Ri3k.