News
Japan hit by strong quake
Northern Japan has been hit by a powerful earthquake, with a magnitude of around 7.0 on the Richter Scale.
Chubb launches first air rage insurance
The first UK insurance cover to protect individuals against the affects of being caught in an air rage incident has been launched by Chubb Insurance.
SVB losses continue
Lloyd's insurer SVB's syndicate forecasts have revealed increased losses for the 2002 year of account. £8.1m has been utilised to cover the losses, for which it wrote a £103.6m provision at the end of June.
Mondial granted FSA authorisation
Mondial has been granted authorisation by the Financial Services Authority for the provision of non-investment insurance contracts, including motor warranties and roadside assistance.
Domestic and General reports operating profits of £13.7m
Domestic and General Group has reported a turnover growth of 2.8% to £112m for the period ending 30 September 2004, with underlying turnover up by 10% after taking into account the reinsurance fund transfer of £7.2m received in the comparative period…
JLT update: Share price closes almost twenty per cent down
Jardine Lloyd Thompson closed the day 94 pence to 366 pence following an earlier profits warning and the resignation of CEO Steve McGill.
Norwich Union offers help with heights
Norwich Union Risk Services is hosting a series of seminars for brokers and health and safety managers on the implications of the new Working at Height Regulations, due to come into force early 2005.
Groupama motor director to retire
Groupama Insurances has announced the impending retirement of Jack Brownhill who leaves his position as director of motor underwriting on 31st December 2004 after nearly 40 years service.
London P&I Club hopes for Chinese growth
Marine insurance mutual The London P&I Club said it has seen a continuing growth of business in China, where its membership numbers some of the country's largest shipowners, including China Shipping Group and COSCO.
JLT CEO resigns. Share price crashes
Jardine Lloyd Thompson chief executive Steve McGill has resigned from the company.
American Club announces P&I increase
The American Club has announced a general increase of 10% in total premium for its P&I business for the 2005/2006 policy year following a meeting of the directors in Hong Kong.
AIA announces agenda for upcoming NAIC meeting
The American Insurance Association (AIA) has unveiled its agenda for the upcoming National Association of Insurance Commissioners’ (NAIC) Winter Meeting. Issues of concern to AIA include the NAIC’s draft ‘broker compensation’ model law language and a…
Kiln confirms 3% capacity rise for 2005
Lloyd's insurer Kiln has increased capacity figures for 2005 and stable or improving forecasts for the 2002 and 2003 years of account across all four of its Lloyd’s syndicates.
Fusion hires three for business development
Fusion Insurance has recruited Andrew Fleming, Paul Lee and Scott Brown to its senior business development team to focus on broker partnerships.
Asda success sees NU triple staff
Norwich Union today announced the creation of two hundred new jobs in its call centre in Perth. The increase will almost triple the number of staff at the Pitheavlis call centre which deals with customers who have taken out insurance through the insurer…
RSA appoints national motor repair contractors
Royal & SunAlliance has announced five-year contracts with Gemini Accident Repair Centres and Nationwide Crash Repair Centres to provide a national network of R&SA Dedicated Repair Centres (DRCs).
Fortis Q3's up 6%
Fortis Insurance has UK reported overall gross written premiums for the third quarter of 2004 of £442m, an increase of 6% over the same period in 2003 (£417m).
Heath Lambert sets up new unit
Heath Lambert Group has announced the formation of a specialist natural resources group within its global business solutions division.
Folgate and Towergate merger raises expectation of float
Towergate and Folgate are set to merge to create what head and founder Peter Cullum describes as “the UK number one multi-facted insurance intermediary group”. The merged company will be known as Towergate Partnership and no compulsory redundancies are…
IRDA tightens financial disclosure rules
India’s Insurance Regulatory and Development Authority (IRDA) has tightened financial disclosure norms by asking general insurers to give details of the reserves maintained for claims that have been paid but not reported adequately in the books of…
EAA shifts debt to recruiters
New government regulations are putting recruitment firms and employment agencies at greater risk of ...
Winners and losers: Post Magazine's monthly round-up of job cuts and gains
LOSERS Marsh announces it will shed 280 UK jobs due to the ongoing fallout from the Spitzer inquiry...
Aon and NU training schemes win praise
Aon and Norwich Union are set to become the first companies in the insurance sector to be recognised...
Alea gets Spitzer call
Insurer and reinsurer Alea has been subpoenaed by the office of Eliot Spitzer, New York Attorney General.