News
Insurer moves to quell downgrading fears
Bermudian insurance group Argo has become the latest company to take advantage of the growing uncert...
Lloyd's market to proceed with caution
Lloyd's is likely to continue its conservative investment approach until the markets start to even o...
Kenya Re fraud action results in ratings boost
Ratings agency AM Best has revised the outlook to stable from negative and affirmed the financial strength rating of B+ (good) and the issuer credit rating (ICR) of “bbb-” of Kenya Reinsurance Corporation..
Post Watch 23 October 2008
Post reporters Louise Meeson and Alwynne Gwilt look at the major stories from the general insurance market (watch here) .
Consultancy demands FSA clarify solvency stance
Charl Cronje, an insurance partner at consultants Lane Clark and Peacock, has today warned that UK regulator the Financial Services Authority's tough statements about the future of financial services regulation run the risk of causing insurers to delay…
Confused signs ethical deal
Confused has today added new entrant Protect Your Bubble to its home insurance panel.
Former AMG director launches new liability loss adjuster
Former AMG director Simon Burley has established a new liability adjusting business called Delta Claims Services. The company will open for business on 1 November.
Travelers Q3 net income hammered by catastrophe losses
Travelers, the US (re)insurance giant, said that third quarter net income tumbled to $214m from $1.198bn the year before after the company was hit by $682m worth of after-tax catastrophe losses.
Bluecycle's new MD predicts year of growth for salvage sector
The future of the salvage industry is being driven by the rising cost of vehicle repair through parts and labour, says Guy Spence Bluecycle’s new managing director.
Legal division grows at IGI
General insurer IGI Group has appointed added to its new Legal Assist division, following its recent acquisition of Complete Claims Limited, the company announced today.
Bahrain's insurance market posts strongest-ever year in 2007
The Central Bank of Bahrain announced today that the Bahrain insurance market posted its strongest-ever annual growth during 2007, with gross premiums surging by 21% over 2006.
Video - Social networking and insurance
Ant Gould, group editor in chief, Post Magazine, talks to Doug Coombs, information strategist & enterprise content management product marketing leader, IBM Software Group about social networking and what this will mean for the insurance industry? Watch…
Platinum's Q3 net income falls
Platinum Re, the Bermudian reinsurer, reported a third quarter net loss of $45.3m compared to net income of $91.3m this time last year, while net income for the first nine months of the year to end-December fell to just over $154m from nearly $247m over…
Court approves settlement in suit Against Greenberg, CV Starr
(BestWire) — The Delaware Chancery Court has issued preliminary approval to a settlement in a shareholder derivative action between the Teachers' Retirement System of Louisiana and four former American International Group executives. Under the settlement…
AIM firm makes first acquisition since 2007 listing
Abbey Protection, the specialist supplier of legal and professional fees insurance products and services to UK small-to-medium sized enterprises, has acquired, Accountax Consulting, Accountax UK and Accountax Law for an initial consideration of £4.4m.
Allied World hires new chief investment officer
Allied World, the Bermudian (re)insurer said today that John Gauthier has joined Allied World as chief investment officer.
Fitch places XL Capital on 'negative' rating watch
Fitch Ratings has placed the ratings of XL Capital Ltd (XL) and its property/casualty (re)insurance subsidiaries, including the 'A' Issuer Default Rating (IDR) and the 'A+' Insurer Financial Strength (IFS) ratings of lead (re)insurance companies XL…
Argo Group to launch Argo Financial
Argo Group, the Bermuda-based (re)insurer,announced that it is launching Argo Financial.
US P&C industry statutory surplus set to decline £42bn at end of Q2
Marred by the clash of equity and credit-related losses on their asset portfolios, catastrophe losses resulting from an active hurricane season and an anticipated spike in directors and officers liability (D&O) claims, the US property & casualty industry…
Brit Insurance says 9-month GWP up 10.5%
Brit Insurance, the UK (re)insurer, said that gross written premiums for the first nine months of the year to end-September rose 10.5% to £1.12bn from just over £1bn a year earlier.
GAB appointed to investigate major claim
GAB Robins has been appointed to handle the Chase Farm Hospital fire claim, the company said today.
Synergy enters HNW market
Synergy Insurance Services has moved into the high net worth (HNW) sector with its Synergy Private Clients product.
VFM expands offering and doubles capacity
VFM Services has expanded its business as a claims outsourcer following the launch of a first notification of loss through to settlement service for the insurance industry.
US bond insurers planning Washington bailout plea
(BestWire) — Major financial guaranty insurers will meet Oct. 21 with key regulators in New York to formulate proposals under which the industry could look to tap the federal government's $700bn Troubled Asset Relief Program.