News
US P/C industry pulls in small profit - ISO
The US property/casualty insurance industry's net income after taxes through nine-months 2008 amounted to $4.1bn, down 91.8% from $50bn through nine-months 2007, a joint report from ISO Property Services, the Property Casualty Industry (PCI) and the…
Administrators increase HIH payments
The administrators of the English scheme of arrangement for HIH Casualty & General Insurance have announced an increase of 6 percent in the scheme payment percentage to insurance creditors.
Brown & Brown make another acquisition
Brown & Brown, the acquisitive US broker, said that it has acquired the assets of Indiana-based broker R.E. Sutton & Associates.
Isle of Man Finance hires new business development manager
Isle of Man Finance is pleased to announce the appointment of John Batty as Business Development Manager for the Insurance sector on the island.
ABI pledges support for industry solution
The Association of British Insurers has welcomed the decision by the Financial Services Authority on commission disclosure in the commercial insurance market.
JLT warns industry about Madoff fallout
Jardine Lloyd Thompson today warned that Bernard Madoff's alleged $50bn (£32bn) fraud could potentially have a huge impact on the insurance market.
Allianz Engineering wins supermarket contract
Morrisons has selected Allianz Engineering to provide its inspection services, the insurer announced today.
Brit appoints executive committee member
Brit Insurance has appointed Matthew Wilson, the chief executive officer of its global markets business, to the its executive management committee from 1 January 2009.
Chaucer increases capacity for institutional healthcare team
Chaucer Syndicate 1084 has increased the capacity for its institutional healthcare team is increasing its capacity from $15m to 25m per risk.
FSA opts for market solution to commission disclosure
The Financial Services Authority (FSA) has decided against mandating compulsory commission disclosure, preferring instead to allow the market to come to its own solution.
Biba welcomes FSA decision not to mandate commission disclosure
The British Insurance Brokers' Association has welcomed the Financial Service Authority's decision not to mandate the disclosure of commission in the commercial insurance sector
FSA: the industry has until 2010/11 to work out commission disclosure
The Financial Services Authority has given the broking market a two year window to prove an industry led solution with regard commission disclosure can work.
Marsh receives further Chinese branch office approval
Marsh, the world's leading insurance broker and risk advisor, said today that it has received regulatory approval to set up a branch office in Dalian, the largest city in Liaoning province.
Airmic slams dithering FSA over broker commission outcome
The Association of Insurance and Risk Managers has expressed disappointment by the time it is taking to produce the guidance on broker remuneration transparency, which was originally due to be published this year. There is a pressing need for clarity and…
Amlin completes SPS transaction
Amlin, the Lloyd's (re)insurer, said that it has completed its first special purpose syndicate, established to write a 15% quota share contract of the excess of loss reinsurance account of Amlin's Syndicate 2001.
Lloyd's approves new Munich Re backed syndicate
Beaufort today said Syndicate 1318 has received Lloyd's approval to begin underwriting for the 2009 year of account.
Lancashire announces promotions
Bermuda-based specialty (re)insurer Lancashire Holdings today announced the following promotions in the underwriting team at the group and operating company levels.
Ace raids AIG to boost environmental arm ahead of directive
Ace Europe has strengthened its environmental risk team with the appointment of Chris Strong as environmental risk underwriter. This appointment comes in advance of the forthcoming implementation of the EU Environmental Liability Directive in the UK.
Zurich awards £200m five year contract
Zurich Insurance has extended its contract with Rok Insurance Services for a minimum contract period of five years. The contract is expected to provide £200m of revenue over the five year term.
JLT Re launches treaty reinsurance operation
JLT Re, a trading division of JLT Reinsurance Brokers Limited, is pleased to announce the launch of its newly formed treaty reinsurance operation in Bermuda, to be headed by Antony Ainsworth formerly Partner, JLT Re (North America) Inc.
Marsh hails BCM team capture
Marsh has appointed Rod Ratsma as managing consultant in its UK business continuity management team.
Zurich unveils name change
Zurich Financial Services Group announced today that Zurich Insurance Ireland, the group's Ireland-based European general insurance risk carrier, will be changing its name and incorporation status to Zurich Insurance Public Limited Company with effect…
XL disappointed by S&P downgrade
Bermudian (re)insurer XL said that it is disappointed by the decision by Standard & Poor's to downgrade its counterparty credit and financial strength ratings to 'A' from 'A+'.
Bermudians say have no exposure to Madoff funds
XL and Flagstone Re have both said that they have no exposure to funds run by disgraced fund manager Bernard Madoff, who is alleged to have committed a $50bn fraud involving paying investors back with current investors' money- called a 'ponzi' scheme.