News
Munich Re upbeat despite 99% drop in Q3 profit
Munich Re has remained upbeat about the prospects for the world reinsurance profit despite booking a 99% drop in third quarter profit.
Endurance results dragged down by Hurricanes Gustav and Ike
Endurance Specialty Holdings, the Bermudian (re)insurer reported a net loss of $99.4m for the third quarter of 2008, down from a net income of $131.4m that it recorded in the third quarter of 2007.
CBG raises £1.65m through share placing
Manchester-based insurance broker CBG Group has paved the way for organic growth by raising £1.65m through the placing of 1 375 000 new ordinary shares of 4p each at a price of 120 pence per share.
Underwriting must improve, says Keeling
Growing pressure on investment income means underwriting must "be king" for insurers to survive the economic downturn, Henry Keeling, former vice president and chief executive officer of XL Capital, told delegates at the Xchanging conference on Wednesday.
Aegon Scottish Equitable increases immediate cover limits for business protection
Aegon Scottish Equitable has improved its immediate cover facility for business protection by increasing its underwriting life cover limits to £2.5m.
Many will not benefit from the cut says L&G
"The cut today is welcome, but sadly many borrowers aren't going to benefit," said Ben Thompson, Mortgages Director at L&G.
Cut provides good and bad news says Charcol
Monetary Policy Committee comments indicate that further cuts are still likely to be needed in the near future, especially if much of this cut is not passed on to borrowers, according to IFAs John Charcol.
PB Week: You wait all week and then . . .
You work hard all week, so when you go to the football to follow your team, you expect excitement, passion, skills, commitment and above all a win, writes Andrew Tjaardstra, editor of Professional Broking .
Xchanging: Lloyd's Langley outlines progress
Lloyd's director of market operations and North America said that the corporation's efforts to get the London Market to use electronic progress has been "fantastic" over the year.
Hub buys M&L International
Hub International, the US announced today that it has acquired M&L Insurance Services Corporation (M&L), a Thousand Oaks, California agency specializing in Employee Benefits for an undisclosed sum.
Castlepoint reports Q3 loss
CastlePoint Holdings, the Bermudian (re)insurer, reported a net loss of $13.2m for the third quarter of 2008 as compared to third quarter 2007 net income of $10.5m.
Bank of England makes dramatic interest rate cut
The Bank of England has cut interest rates to 3% from 4.5% in today's midday decision after a meeting of the Monetary Policy Committee. The move was more than expected from many analysts.
ARC AGM sees new chairman come on board
Paul Corver has been formally ratified as the new chairman of ARC, the UK trade body for legacy management professionals.
Flood risk homes should be more resilient warns EA chief
New Environment Agency chief executive Dr Paul Leinster has urged the insurance industry to do more to help people whose houses have flooded.
RSA maintains UK premium levels
RSA has reported an 11%, or 4% at constant exchange rates, rise in group written premiums to £4.9bn for the third quarter of the year.
Marsh launches helpline to answer credit insurance queries
Marsh has launched a Trade Credit Helpline to help UK businesses address issues related to credit risk. The broker said that mounting fears of a UK recession among businesses have led to a sharp increase in enquiries about purchasing trade credit…
APC boosts regional expansion with three new BDM’s
Commercial insurance underwriting agency APC has appointed its first three business development managers (BDMs) as it rolls out its plan to expand its regional presence. The new team members will create the UK regional platform required for APC to double…
Pick of the week
Post reporters Sarah Hills and Louise Meeson round up the top stories from the general insurance sec...
Appointment at Towergate Partnership
Towergate Partnership has appointed Darryl Clark to its main board as company secretary and group ri...
Bright pays settlement agreement
Former Independent Insurance chairman and managing director Michael Bright has paid liquidators more...
Giles purchase secures technology foothold
Giles Insurance Brokers has revealed plans to target technology business, while further strengthenin...
BMI Baby in Fogg deal
BMI Baby has signed a new three-year contract with Fogg Travel Insurance Services for the sale of tr...
BGL plans to end seven-year itch with acquisition push
Personal lines broking giant BGL group is set to actively hunt for acquisitions for the first time i...
Pembroke to expand with property team
Pembroke Managing Agency looks set to establish a London-based property team in a bid to expand its ...