News
Lloyd's to up key disaster limits by 42% in 2006
Lloyd's of London is to raise the upper limit on two key Realistic Disaster Scenarios (RDS) from $70bn to $100bn in the light of the record Hurricane losses sustained in 2005.
East Midlands trio create Brokerbility
A group of three commercial brokers in the East Midlands have begun a new venture which could see them merge completely by the end of 2006.
Montpelier Re poaches ACE execs to fill top finance vacancy
Bermudian (re)insurer Montpelier Re’s parent holding company has today announced that effective February 1, 2006, William Pollett has been appointed treasurer and senior vice president and that Neil Greenspan has been appointed chief accounting officer…
Hughes & Co plans 2006 branch expansion drive
Northern Irish broker Hughes & Company has announced extensive plans for 2006 to expand its branch network by 50%.
RMS study estimates future catastrophes for Japan
Risk Management Solutions has released the findings of an in-depth study that provides life and personal accident insurers in Japan with key benchmarks for the potential risk of human casualties from catastrophic events.
Fitch puts CIIH ratings on rating watch negative
Fitch Ratings has placed China Insurance International Holding’s (CIIH) Long-term rating of 'BBB-' (BBB minus) and the senior debt rating of 'BBB-' (BBB minus) assigned to the guaranteed issue of the wholly-owned subsidiary CIIH (BVI) on Rating Watch…
SVB appoints new group compliance head
SVB Holdings, the former owner of Fusion Insurance, has appointed Stephen Heming as head of group compliance and a director of the group’s underwriting agency. Mr Heming joins SVB from Illium Managing Agency where he was compliance officer and company…
Biba launches 'real' non-standard property household insurance
The British Insurance Brokers’ Association (Biba) has launched a non-standard property household insurance scheme, designed to help its members place high risk properties that have suffered from flood and subsidence or whose occupants have criminal…
McCusker appointed COO of XL UK & Ireland
XL Capital has appointed a chief operating officer for the UK and Ireland regions. Eileen McCusker, who has been with the XL group for 15 years, will assume the post immediately.
QBE announces credit reference partnership
QBE Insurance has announced the launch of a strategic partnership between ICC Credit, a UK credit reference agency. QBE said the alliance will offer the UK market credit insurance backed by credit reports from ICC.
Markel International COR rises to 126%
Insurer Markel has reported the 2005 hurricanes impacted its combined ratio to the tune of 12%. Net income was $14.80 (£8.40) per diluted share for the year ended 31 December 2005 compared to $16.41 per diluted share in 2004.
Decision could save industry £25m
Today’s judgement on pleural plaques could save the insurance industry £25m a year according to Ricksons Solicitors.
Zurich relieved at pleural plaques victory
Zurich , one of the insurers in the pivotal pleural plaques appeal case, has said that today’s judgement draws a line under the issue of pleural plaques and sends a clear message to claims farmers.
Insurers win pleural plaques appeal
Insurers are set to save millions of pounds after the ruling in a pivotal pleural plaques case went in their favour.
Plus One wins new IFA contract
White label insurance provider PlusOne Insurance Solutions has been appointed by IFA network Simply Biz as partner to provide own brand general insurance products.
Aon promotes M&A team
Broker Aon has announced a number of promotions within its Mergers and Acquisitions Group. Tim Davies, Jon Higgins and Jim Rutherford have been appointed to directorship level, and Giles Murphy has been promoted to associate directorship level.
One logo for Standard Life
Standard Life is to use one logo across its suite of retail products in the UK. This will result in both Standard Life Bank and Standard Life Healthcare adopting the Standard Life logo currently used by the Life & Pensions business.
Arch joins capital raising with $200m offering
Bermudian (re)insurer Arch Capital Group has announced that it is to raise $200m via an underwritten public offering of preferred stock.
Finite risk coverage affirmed by NY Insurance Department
The legitimate utilization of multi-year, catastrophe, excess-of-loss reinsurance contracts that can be classified as finite risk coverage has been reaffirmed by the New York Insurance Department in a letter to US RE Corporation, according to Tal…
Misys GI announces static profits and revenue
Misys General Insurance, the software house providing broking systems,has announced operating profits of £7m and revenue of £16m for the six months up to 20 November 2005. The revenue and profits have remained broadly static compared to a year ago.
Winners and losers - Post Magazine's monthly round-up of job cuts and gains
Winners Hiscox opened a new office in Bristol, which will initially start life as a satellite offic...
Swiss Re may axe up to 150 UK jobs after merger
Reinsurance giant Swiss Re could axe up to 150 jobs from its UK workforce, following the completion ...
CII warns of gulf between broker types
A widening split in the broker sector between 'traditionalists' and 'innovators' will see competitiv...
Zurich BPO jobs to go
Zurich has confirmed it is set to axe 149 jobs worldwide, following its recent business process outs...