News
Former Opus chair joins SBJ board
Former Opus chairman Simon Ellen has taken up the same role at broker SBJ. It follows the completion of the sale of 51% of SBJ stock to private equity house Capital Z.
Student insurance provider in major tie up
Online student insurance specialist www.cover4students.com has signed a deal with the Universities and Colleges Admissions Service. Ucas processes all applications for undergraduate courses at universities and colleges across the UK.
NU predicts stable rates
Norwich Union said it expects stable premium rates across both personal and commercial lines after announcing its 2004 results.
Court finds for ACE
The ACE Group of Companies has announced that California Superior Court Judge James L. Warren has entered judgment in favor of several ACE companies in a lawsuit brought against Insurance Company of North America (INA), INA FinancialCorporation, ACE…
NU results: general insurance profits up 47%
Aviva has recorded worldwide operating profit up 25% to £2.34bn including an a 47% increase in general insurance profits to £1.32bn.
Aviva confirms RAC deal at £1.1bn
Aviva has confirmed plans to buy roadside assistance company RAC for £1.1bn in cash and stock as predicted by Post Magazine yesterday. The deal will give it access to 7 million motorists. Up to 1700 jobs could be lost under plans to relocated 800…
NU touted as possible RAC bidder
City analysts have placed Norwich Union parent Aviva in the frame for RAC, after the insurance and roadside recovery giant revealed it had received an approach "that may lead to an offer to buy the business."
Claims People sees rise
Loss adjuster the Claims People recorded a 36% increase in turnover from £1.97m to £2.67m in 2004, with profits more than doubling.
RAC admits bid as share price rockets
Insurance and roadside assistance supplier RAC today confirmed that it has received an approach which may or may not lead to an offer for company.
EL premium rises level off claims ABI
Improved risk management is helping to contain liability insurance costs for many businesses according to an Association of British Insurers' survey. The ABI said the rate of the average liability premium has fallen significantly compared with two years…
Amlin profits top £120m
Amlin has announced its full year results for 2004, posting a £121m profit despite significant windstorm losses.
Oxygen given Lloyd's boost
London market intermediary Oxygen has confirmed that its subsidiary, Oxygen Insurance Brokers, has now been accredited as a Lloyd’s broker.
Heritage closes 2002 YOA with 38% profit
Heritage Underwriting Agency has announced results for its managed syndicates for the 2002 year of account, forecasts for 2003 and indications for 2004.
AIG head under investigation claims report
Federal and state investigators are looking into a deal between American International Group (AIG) and Berkshire Hathaway's General Reinsurance unit in part because of the alleged involvement of AIG's chairman and chief executive, according to the Wall…
Online legal indemnity facility launched by London & European and Zurich
London & European, provider of services and solutions for property transactions, has secured the backing of Zurich Property Investors to underwrite legal indemnity policies sold through L&E's titlesolv.com website.
Quinn-Direct profits up despite falling rates
Quinn-Direct Insurance, the Irish insurer that recently launched low cost private motor cover in the UK, announced today that it made a pre tax profit of £105m in 2004.
Aascent launches online finance system
Aascent has launched an online premium finance system which it claims will allow brokers to get approval for a premium finance deal within 10 minutes.
Aon pays £98m for Spitzer but admits no liability
Aon has agreed a $190m (£98m) settlement with New York Attorney General Eliot Spitzer in relation to his accusations of malpractice.
Hardy shares dive on 2004 profit
Lloyd's insurer Hardy Underwriting saw its shares dive 20 pence following the posting of a pre-tax profit of just £8m for 2004.
Wellington profits drop 44%
Welllington Underwriting has recorded a fall in profit before tax in 2004 to £78.1m — including the return on its investment in Aspen — compared to £116.7m in 2003.
Axa warning on under-insurance
New research from Axa reveals that the majority of commercial insurance brokers believe that their small and medium sized businesses clients are under-insured.
Moody’s confirms MMC ratings
Moody's Investors Service announced today that it has confirmed the senior debt rating of Marsh & McLennan Companies at Baa2 (Adequate). The outlook for the ratings is negative.
Thomas, Carroll scoops Sunday Times SME award
An insurance broker in which all employees own a share, enjoy free fruit and workplace nutritional mentoring and even Indian head massages, has been named one of the UK's top 100 employers.
Jackson takes board role at CBG
Stephen Jackson has been appointed an Executive Director on the board of Community Broking Group with immediate effect.