News
Ecclesiastical in regional restructure
Specialist insurer Ecclesiastical has announced plans to reorganise its regional network:
Aon trio defect to Marsh
Marsh has made three senior appointments to its international surety practice. Steve Powney, Steven Lewis and Tricia Burgess have all joined Marsh from Aon’s surety and guarantee team.
Book your place now for 2008 Broker Expo
The Insurance Age Broker Expo 2008 will be held on 13 November 2008 at the Ricoh Arena, Coventry.
RSA updates European products
RSA has announced the commencement of new services for customers in France and Germany.
NU in used vehicle deal
Norwich Union, part of Aviva, is helping policyholders get back on the road quicker by offering a used vehicle replacement service after they have agreed their cash settlement for a written-off vehicle claim.
Paris Re says net losses after reinsurance for Gustav/Ike $75-95m
Paris Re, the French (re)insurer, announced today that its initial loss estimates for Hurricane Gustav and Hurricane Ike are respectively $10-20m, and $75-95m net after reinsurances, both preliminary figures are on a pre-tax basis and net of expected…
Benfield launches new financial modelling tool
Benfield has launched a financial modelling tool that assists re/insurers to better quantify the risks inherent in their business in line with rating agency and solvency requirements.
Greenberg, Foundations, selling AIG Stock
(BestWire) — Maurice “Hank” Greenberg and companies and foundations that he controls are selling shares of American International Group Inc., the giant insurer he once ran, according to documents filed with the U.S. Securities and Exchange Commission as…
AIG to announce restructuring plans on Oct 3 - sources
AIG, the recently bailed-out insurance giant, is set to announce its restructuring plans on October 3, sources familiar with the situation told Reinsurance.
Axis Capital reveals exposure to Lehman and AIG
Axis Capital has said that it has $34m of exposure to collapsed US investment bank Lehman Brothers, as well as $18m to the operating subsidiaries of AIG.
Axis Capital says Gustav, Ike exposure $310-430m
Bermudian reinsurer Axis Capital said that preliminary net loss estimates for Hurricanes Gustav and Ike range from approximately $310-$430m, net of reinstatement premiums.
Friends Provident announce new online seminar
Friends Provident will be hosting its next online seminar on 8 October.
IFA Life teams up with Standard International
IFA Life has teamed up with Standards International to assist IFAs to achieve ISO 22222 certification.
RSA share price up as bid rumours circulate again
RSA shares jumped again today as rumours continued to circulate that it is a bid target.
PB Week: Calling all broker managers
Professional Broking , the management magazine for insurance brokers, has arranged four management events across the country in October - free to UK’s general insurance broker managers, and we hope to see you there to discuss some interesting times,…
Groupama expands SME offering
Groupama Insurances has enhanced its Optima Trade Plus and Optima Trade and Professional products for the small to medium-sized enterprise sector.
PWC responds to FSA Solvency II paper
Pricewaterhouse Coopers has responded to the Financial Services Authority's report on Solvency II, saying it agrees with the regulator's call for board ownership of the project within insurers.
Towergate in talks over bank covenants
Towergate is in talks with its banks HBOS and Lloyds TSB over renegotiating its covenants for "technical reasons".
Congregational and Hiscox reveal strategic partnership
Congregational and General Insurance and Hiscox have reached agreement to enter into a strategic partnership.
US government will take back seat in AIG management, says S&P
Standard and Poor’s does not expect the US government to take an active role managing AIG - other than appointing a new chief executive officer - when its “unprecedented agreement” to offer the insurer an $85bn secured loan facility is closed.
Management consultancy firm offers new facility for credit hire industry
Validus-IVC has launched a specialist claims analysis and settlement facility for companies receiving credit hire and repair claims and has estimated that it could make annual savings of over £150m for motor insurers, solicitors and fleet operators by…
Erosion of confidence in AIG prompting commercial policyholders to look elsewhere - Marsh
(BestWire) — An erosion of confidence in American International Group is prompting commercial policyholders to question whether to hold onto AIG insurance coverage or seek new insurance underwriters, according to a webinar held Sept. 24 by worldwide…
FSA issues Solvency II discussion paper
The Financial Services Authority has issued the discussion paper: 'Insurance Risk Management - The path to Solvency II'.
Congregational and Hiscox join forces
Congregational and General Insurance and Hiscox have reached agreement to enter into a strategic partnership.