News
Ascot increases capacity for 2009
Ascot Underwriting has increased its capacity for next year by £20m after the insurer's owner AIG lodged the funds at Lloyd's to support Ascot's 2009 business plan.
FSA bans another broker
The Financial Services Authority (FSA) has banned two directors of an insurance broker for failing to ensure that their firm complied with FSA client money rules.
THB appoints former GC Fac head as commercial director for Amsterdam office
Specialist broking group THB has announced the appointment of Ernst-Jan Henkelman as commercial director of its Amsterdam office.
Airline renewals up 12% so far in November - Aon
Airline renewal rates are up 12% in November compared to a 10% reduction this time last year, according to Aon.
Pricing challenges in D&O market seen pre-January renewals - Lockton
(BESTWIRE) Many publicly traded companies that have American International Group in their directors and officers liability programme are scrambling to obtain alternative quotes before their programs renew 1 January , an executive risk expert with broker…
Zurich launches adviser tool
Zurich has launched a planning tool aimed at helping advisers address their clients' business protection needs.
Texas approves 12.3% increase for Texas Windstorm Insurance Association
(BESTWIRE) - In an attempt to establish rates that are better suited to cover claims, the Texas insurance commissioner has exceeded a mandated cap on rate increases for the state's insurer of last resort for windstorm coverage.
AIG injects €1.1bn into Taiwanese life insurance unit
(BESTWIRE) American International Group has injected NT$45.11 billion (1.1 billion euros) into its Taiwan life insurance unit, Nan Shan Life Insurance Co. Ltd., in a bid to strengthen the subsidiary's capital base.
Aon executive makes recommendations to US Treasury
Aon's executive vice president and general counsel, D Cameron Findlay, has testified before the House Committee on Financial Services in Washington, DC.
Amlin's syndicate income falls 11.3%
Amlin has reported a fall of 7.5% in gross written premium (before deduction of brokerage) for the first 10 months of the year to £904.1m compared to the same period last year (2007: £977.2m).
Reinsurance rates set to soar, says Amlin
The reinsurance market is poised to see a strong rise in rate levels while added pressure on reinsurers due to less available capital is limiting their appetite for risk, according to Amlin.
Economic crisis may lead to growth in captives
Uncertainty caused by the current economic crisis may lead to an increase in captive formations, according to a survey of delegates at the Isle of Man Captive Conference in London last month.
Talbot grabs senior XL aviation exec to head up new aviation team
Talbot, the specialty insurance group which is a subsidiary of Validus Holdings, has appointed Peter Bilsby as head of global aerospace.
Zurich appoints new global corporate division CEO
Zurich has appointed Mario Vitale as chief executive officer of its global corporate business division.
Mapfre given local Brazilian reinsurance license
Mapfre Re has been authorised to establish as local reinsurer in Brazil, through its new subsidiary Mapfre Re Do Brasil Companhia de Reasseguros.
Willis broker for hijacked supertanker - source
Willis is thought to be one of the brokers for the hijacked Saudi Arabian supertanker, Reinsurance has learned.
Aflac CEO Amos forgoes $26m 'golden parachute'
BestWire) - US supplemental insurer Aflac said that chairman and chief executive officer Daniel Amos will give up about $26m in "golden parachute" provisions in his employment contract.
Travelers extends directors' & officers' cover
Travelers has expanded its directors' and officers' (D&O) cover by rewording its DirectorXpress policy to include over thirty new coverage enhancements.
EuroMena in $6m investment in Middle Eastern broker Chedid Capital
Middle Eastern (re)insurane broker Chedid Capital received a boost when European private equity company EuroMena invested $6m in it to finance its future growth, reports say.
AIG taken to court in Canada, alleging company misled investors
(BESTWIRE) A C$550m ($450m) lawsuit filed in Canadian courts charges that American International Group Inc. and many of its senior officials misled investors about the safety of some of its credit market activities for two years.
Southern California wildfires abate - AIR
According to catastrophe risk modeling firm AIR Worldwide, strong winds, with near hurricane-force gusts, fanned three separate fires this weekend in Southern California. More than 40,000 acres (about 62 square miles) have been scorched from Santa…
Giles buys SBP in biggest deal since Charterhouse backed the business
Giles Insurance Brokers has acquired specialist transport insurance brokers SBP Group
Riddell appointed chairman of Zurich global corporate
Geoff Riddell, the current chief executive officer (CEO) of Zurich Global Corporate has been appointed to the new role of chairman of the division.
BGL Group teams up with Cunningham Lindsey in two-year deal
BGL Group has appointed Cunningham Lindsey UK to provide new and improved claims administration and selected claims management services for the company's home insurance customers.