News
Chaucer: it will take time to decide whether a bid will be forthcoming
Chaucer this morning reported an underwriting profit before investment income of £33.0m (2007: £75.5m) for 2008 on gross written premiums up 26.9% to £741.0m (2007: £584.1m). Its net earned premiums were up 23.1% to £547.2m (2007: £444.5m) and it…
Brit favours Netherlands as redomicile location
Brit Insurance this morning confirmed the Netherlands had been identified as the preferred domicile of the group's holding company, subject to requisite clearances and approvals. The news came as it reported a profit before tax £89.2m (2007: £191.2m) on…
Brit Insurance profits halve as it eyes Netherlands move
Brit Insurance's full-year pretax profits halved during the course of 2008 as the company eyed a move of domicile to the Netherlands.
Swiss Re chairman to resign
Swiss Re chairman Peter Forstmoser, said he will resign from the board of the embattled Swiss reinsurer.
Bupa releases summary of critical illness claims
Bupa has said that it paid out an average benefit of £93 000 to consumers claiming on their critical illness (CI) policies.
Biba says FSA fee structure is inequitable
The British Insurance Brokers' Association has responded to the Financial Services Authority consultation paper on its proposed fees and levies for 2090-10 by demanding change.
Ex Willis and Allianz manager joins Ace to ramp up major risks arm
Ace Europe has appointed Shaun Edwards as a client relationship manager for its major risks business, in a move which further enhances Ace's profile and broker relationships within this area.
Towergate unveils plans for new wholesale division
Power Place Insurance Services has appointed Wayne Tonge as its new sales director.
Towergate hires Giles pair to boost Scottish business
Towergate has unveiled a series of appointments to its retail operation in Scotland which it claims reflect the successful growth of the business across the region.
CCV keeps spending
Cullum Capital Ventures has acquired Staffordshire-based Brian Potter & Associates.
Lloyd's insurer gives Chaucer talks update
Novae has given an update on its ongoing discussions with Chaucer today.
Novae rules out Zurich, Dublin or Bermuda move for now
Lloyd's insurer Novae has reported a profit before tax: £40.2m for 2008 despite a estimated $40m loss from Hurricanes Gustav and Ike (net of reinsurance and reinstatement premiums).
XL chairman to stand down
Brian O'Hara, chairman of XL Capital and the Bermudian (re)insurer's former president and chief executive, has said that he is to retire from the board of the company.
Groupama steps up battle against motor fraud
Groupama Insurances has stepped up its counter-fraud activity with an investment in fraud prevention software solution Hunter.
Building collapse contains insured archives worth €400m - Guy Carpenter
Guy Carpenter said that a six-storey building that stored archive material which collapsed in Cologne is housing archived material insured for around €400m, Guy Carpenter has said.
Aviva shares in freefall after monster loss
Aviva shares lost more than a quarter of their value in the first three hours of trading on the London Stock Exchange after the insurer reported a net loss for 2008 of £885m.
Fortis appoints non-executive directors
Fortis has appointed Julian Hance and Mike Urmston as independent non-executive directors.
Ironshore Bermuda appoints new boss
Ironshore Bermuda has appointed Mitch Blaser as its new chief executive officer.
Junction hires new relationship managers
Affinity specialist Junction has appointed four new relationship managers.
Hartford in talks to sell life insurance business - report
The Hartford, the embattled US insurer, is in talks to sell its life insurance business, the Wall Street Journal has reported.
Giles strengthens board
Giles Insurance Brokers has appointed four new board members. Howard Pearson, retail managing director, and Mark Addis, wholesaling managing director, join the board subject to regulatory approval.
Aviva reports 4% rise in pre-tax profit
Aviva has reported that pre-tax operating profits rose to £2.97bn in 2008 compared to the previous year (2007: £2.216bn). However, it reported a net loss of £885m (2007: £1.498bn profit).
Former senior Gen Re exec given jail sentence
(BestWire) - The third of five former insurance executives found guilty about a year ago of securities fraud in connection with a sham reinsurance deal has been sentenced to serve time in federal prison.
XL Re appoints senior aviation underwriter
XL Re, the global reinsurance operations of XL Capital Ltd (NYSE: XL), today announced the appointment of Patrick Cove as senior aviation underwriter responsible for XL Re Europe Limited's global aviation practice.