News
Ascot reports profit increase
Ascot Underwriting has reported a 42.5% rise in profit for the year 2006, representing an increase on the 28.5% – 33.5% previously forecast.
Broking body in executive shake up
The Association of Medical Insurance Intermediaries has made a number of changes to its executive committee at its annual general meeting last week.
LIU Europe grows PI team
Liberty International Underwriters Europe, a division of Liberty Mutual Group, has expanded its professional indemnity presence with a new team covering the market for Independent Financial Advisers.
CIS launches redundancy consultation with 35 staff
Co-operative Insurance Services (CIS) could cut up to 35 members of staff from its motoring division following the launch of a redundancy consultation.
Allianz welcomes Buncefield judgment
Allianz Insurance has welcomed the end of Total's high court battle with Buncefield partner Chevron.
Total found 100% liable for Buncefield disaster
Oil company Total has lost its high court battle with Chevron making will be liable for more than half a billion pounds worth of claims amounting from the Buncefield oil explosion.
Former HBoS manager Pittman confirms loss adjusting return after a decade away
Former Halifax household claims boss Jim Pittman has joined Merlin Professional Claims Services as service centre director.
IBM to trial new Lloyd's Exchange messaging service
IBM has signed an agreement with Lloyd's to trial the new Lloyd's Exchange messaging service.
PBS Holdings unveils new MGA panel as it splits from Axa
PBS Holdings has confirmed that Fortis will take over from Axa as the lead insurer on its underwriting panel from next month.
Fitch puts Aviva's UK businesses on negative outlook
Fitch Ratings has downgraded Aviva's long-term Issuer Default Rating to 'A' from 'A+', due to what it described as capital depletion as a result of steep declines in equity and credit markets. Its core non-US operating subsidiaries' Insurer Financial…
Liberty Syndicates restructures underwriting arm
Liberty Syndicate Management has bolstered its underwriting organisation and management with a raft of internal promotions.
AIG's US P&C subsidiaries aren't undercutting market - GAO
(BESTWIRE) - Insurance brokers and buyers report no extraordinary underpricing by American International Group Inc.'s commercial property/casualty subsidiaries, but the units "likely received some indirect benefit to the extent that the property/casualty…
Aviva downgraded
Fitch Ratings has today downgraded Aviva plc's long-term issuer default rating 'A' from 'A+', reflecting capital depletion as a result of steep declines in equity and credit markets.
Coface optimistic for 2009 after implementing successful credit crisis plan
Coface Holding has reported a 7.1% increase in turnover in 2008 (6.5% at constant structure) and a credit insurance loss ratio of 73% - an increase of 24 points since the last quarter of 2008.
Ace Europe appoints marine manager
Ace Europe has appointed Mike Reynolds as marine manager for the UK & Ireland.
National fraud crackdown must end the 'victimless crime' myth, says ABI
The Association of British Insurers has welcomed the National Fraud Strategic Authority's National Fraud Strategy, published today.
S&P has a gloomy outlook for Chinese insurer
US ratings agency Standard & Poor's Ratings Services has placed its 'BBB-' long-term and 'A-3' short-term counterparty credit ratings on China Insurance International Holdings Co. Ltd. (CIIH) and the 'BBB-' issue rating on the company's senior unsecured…
Government involvement drastically reshapes financial services M&A
The financial crisis has had a profound impact on patterns of M&A in financial services across Europe during 2008, reversing many well-established trends in deal activity, according to PricewaterhouseCooper.
Airlines rates continue to improve - Aon
Airline insurance prices continued to improve in 2008, Aon said in a release.
Supermarkets greatest threat warn financial services companies
Recent research conducted by financial outsourcer, Opal, has revealed that traditional financial services companies fear that Supermarkets will pose the greatest threat to their business in the next decade.
Crash for cash pair sentenced
Two men who were part of a gang which put in hundreds of bogus car accident claims worth almost three million pounds have been sentenced .
Moneysupermarket boosts home motor and home panels
Moneysupermarket has added Virgin, Churchill and Privilege to its motor and home insurance panels.
Glacier's net income more than halves
Glacier insurance, the Switzerland-based (re)insurer, saw net income tumble to $26.2m from $69.5m the year before after heavy hurricane losses hit its bottom line.
FSA fines broker for misleading clients
The Financial Services Authority has fined Blackburn insurance broker Aspray £21,000 for failings in control of its appointed representatives, and for misleading its clients and the FSA.