News
AM Best affirms Munich Re ratings
AM Best has affirmed the financial strength rating of A+ (Superior) of Munich Re and its core subsidiaries. The outlook remains stable. The announcement follows the publication of Munich Re’s latest financial results for the year so far.
CII recruits Lord Hunt for standards role
Lord David Hunt of Wirral has taken over as chairman of the Chartered Insurance Institute's Professional Standards Board, replacing John Lyons who led development of the institute's new code of ethics and conduct..
Cosh set to replace Percy as chairman of Kiln
Lloyd's insurer Kiln has announced Professor Ian Percy will be retiring as chairman with effect from 4 March 2005 and as a director from 31 March 2005. Nick Cosh joined the board of Kiln plc as a director with effect from today (9 November 2004) and will…
Marsh to cut 280 UK jobs
Marsh is to axe 280 UK jobs in the UK, the broker revealed today.
Arag UK boss Hurley resurfaces at law firm
National law firm Shoosmiths has announced the appointment of former Arag UK managing director Paul Hurley as business development manager.
McLarens plans network of offices in UK
Mclarens Young International has announced staff changes to its London and Paris offices to aid its expansion in the UK.
Lloyd's broker appoints former Aon boss as chairman designate
Agnew Higgins Pickering & Company, the independently managed Lloyd’s broker, today announced the forthcoming retirement in June 2005 of chairman Tony Pickering.
RMI granted FSA approval
The Retail Motor Industry Federation has been granted full approval by the Financial Services Authority under the new insurance regulation.
Benfield sells premium finance arm
Singer & Friedlander Insurance Finance has acquired Benfield Premium Finance.
Moody’s assigns debt ratings to Axis Capital
Moody's Investors Service has assigned first-time ratings to Axis Capital Holdings ($2.4 billion universal shelf registration; provisional senior unsecured debt at (P)Baa1) and to its principal insurance and reinsurance subsidiaries (insurance financial…
Marsh to axe 3000 jobs
Embattled US broking giant Marsh & McLennan plans to cut 3000 jobs, or 5% of its workforce, worldwide, following a plunge in profits. It said that three quarters of the job losses are expected to be in its risk and insurance business. It added that 280…
Hiscox calls for greater fire safety awareness
Hiscox has joined forces with Colvin Fire Prevention Trust to urge Yorkshire homeowners to brush up on fire safety.
Willis buys top 50 UK broker
Willis has agreed to acquire UK regional insurance broking and group benefits consultancy business Opus from European buyout firm Bridgepoint Capital. Opus has annual general insurance and group benefits revenues of approximately £13 million ($24 million…
GAB forms new alliance
Loss adjuster GAB Robins and Agrical Limited have formed a strategic alliance to provide an integrated approach for both property and agricultural adjusting. Both companies will retain total independence.
Munich Re posts latest results, bolsters subsidiary
Munich Re has announced that it made a profit of €365m in the third quarter of 2004, taking the company to a profit of €1.5bn for the first nine months of the year, up substantially on the loss of €0.5bn it made over the same period of 2003.
Post-Spitzer turmoil continues at Marsh as two quit
The after-effects of the Spitzer investigation into alleged illegal practices in the insurance industry have continued, with two more executives at Marsh being forced to quit.
Ace jumps to top three position in UK general insurance
Ace European Group has received regulatory approval to transfer its Belgium based business into its UK-based company.
Moody's affirms Limit rating
Moody's Investors Service today affirmed the B average performance rating of Lloyd's syndicate 2999 - Limit Underwriting. The rating outlook is stable.Moody's said that the rating reflects the syndicate's above average capital support via QBE Insurance,…
Moody’s upgrades Beazley to A-
Moody's Investors Service has upgraded the B+ performance ratings of syndicate 623, Beazley Furlonge, and its parallel syndicate 2623, to A- good in light of continued above average performance, and following the completion of a rating review.
Marsh brings in King for risk role
Andy King, president of the Chartered Institute of Loss Adjusters has been appointed as senior vice president of broker Marsh's risk consultancy practice. Mr King left Pricewaterhouse Coopers earlier this year, citing frustration at the restrictions on…
Former Aon boss joins Glencairn as COO
Broker Glencairn has appointed Kevin Hogan as chief operating officer.
Former GAB CEO to lead reverse takeover
Aquilo today said it is in “advanced stage of negotiation with the board of ABS Bodyshop Services with a view to making a recommended offer to acquire the whole of the issued share capital”.
CII apoints Ellis to lead new industry lobbying charge
The Chartered Insurance Institute has announced the appointment of John Ellis as the Institute’s first group public affairs director.
Apil accuses insurers of dodging asbestos responsibility
The insurance industry is attempting to dodge its responsibility for people who have been exposed to asbestos with a court case which starts today, according to the Association of Personal Injury Lawyers.