News
Transparency of claims is growing issue, say AMII and Biba
Transparency of claims is a growing issue for many in the PMI sector, according to the Association of Insurance Intermediaries and British Insurance Brokers' Association.
Two elected to Insurance Hall of Fame
The International Insurance Society (IIS) today announced two insurance leaders as the 2009 winners of the prestigious Insurance Hall of Fame Award to former GEICO chief executive Jack Byrne and former Lloyd's chairman Sir David Rowland.
Ariel Re denies Chaucer interest
Bermudian reinsurer Ariel Re has denied that it is talks with Lloyd's (re)insurer Chaucer.
Helphire to axe up to 130 jobs
Up to 130 staff face redundancy at Helphire after the company entered a consultation process.
Pacific Life Re in £1.5bn life reinsurance transaction
Pacific Life Re said it has completed a longevity only reinsurance transaction with UK life insurer company Abbey Life, relating to a portfolio of in-payment annuities with underlying liabilities of £1.5bn.
WR Berkley says FY net income off 63%
WR Berkley, the US (re)insurer, said that net income for the 2008 full year fell by 63% to $281m, down from $766m in 2007. Net operating income for 2008 was $513m, or $734m, for 2007.
KPMG appoints new insurance partner
KPMG has appointed Stuart Shepley as partner in the Insurance Risk and Actuarial Services group where he will have particular responsibility for growing and developing KPMG's non-life insurance risk and actuarial practice across Europe.
Brit Insurance declines to comment on Chaucer bid rumours
Brit Insurance has declined to comment on press speculations that it is the latest Lloyds (re)insurer to bid for London Market rival Chaucer.
Korea's Samsung Fire & Marine Q3 net profit jumps
(Bestwire) South Korea's Samsung Fire & Marine Insurance Co. Ltd reported a 31.5% rise in net profit to 434bn won (US$316.7m) in the first three quarters of its 2008 fiscal year.
New body to combat knee-jerk regulation
Fears that recent crises in the global financial system could be met by inefficient, knee-jerk regulatory initiatives have prompted the International Underwriting Association to launch a new representation service for members.
Liberty grabs AIG senior casualty manager
Liberty International Underwriters Europe (LIU Europe), a division of Liberty Mutual Group, has said that Christopher Holborn has been appointed casualty manager for its Continental European business, covering LIU Europe's Continental European offices.
RSA establishes prestige vehicle accident repair network
RSA has extended its UK repair network to provide prestige vehicle accident repair services for customers with high value cars.
Giles comes third in buyout league table
Giles Insurance Brokers has been ranked third in the Sunday Times Buyout Track 100 league table.
Mitchell and Partners add to team as growth continues
Specialist financial services executive head-hunters Mitchell and Partners have added to their capabilities with two key appointments.
Chaucer has received "a number of approaches"
Chaucer has said that it has received a "number of approaches" since it announced a £75m capital raising at the end of January.
Catlin CIO jumps ship for Close Brothers
Preb Prebensen, the former chief executive of Wellington Underwriting and chief investment officer of Catlin, has left to become the new chief executive of UK investment bank Close Brothers.
Unum extends dual benefit group IP to cover all sizes of business
Unum is extending its Dual Benefit Group Income Protection product to allow cover for companies of all sizes.
Bright Grey urges advisers to act on Valentine's Day
Bright Grey has recommended that advisers use this coming Valentine's Day to persuade consumers to protect their loved ones by having policies written in trust.
FSA publishes Financial Risk Outlook
The Financial Services Authority (FSA) has reminded firms of the importance of treating fairly those customers suffering difficulties in its Financial Risk Outlook.
FSA warns on effects of current economic climate
The FSA has warned of a contraction in the number of specialist mortgage adviser firms due to the current economic conditions.
Swiss Re downgraded by Moody's
Moody's Investors Service has downgraded the insurance financial strength (IFSR) and debt ratings of Swiss Reinsurance Company (Swiss Re) and associated companies. (IFSR and senior debt ratings to Aa3. See debt list below for more details.).
Beazley says investigating capital raising options
Lloyd's (re)insurer Beazley has confirmed that it is is "considering a potential equity fundraising to develop growth opportunities in the current market."
RSA unveils new online tool for marine products
RSA has improved its marine proposition by introducing iCargo, a new online tool designed to enhance the underwriting process.
Aon Q4 net income down 95%; FY net income up 71%
Aon's full-year net income shot up 71%, going to $1.478bn, up from $864m, thanks to its acqusition of Benfield midway through last year.