News
NU urges employers to keep EL records despite legal change
Norwich Union has advised employers to keep a record of their employers' liability insurance cover, despite the removal of a legal requirement to retain certificates.
ABI responds to FSA over PPI
Payment Protection Insurance (PPI) has never been a more valuable product to consumers because of the current economic climate, the ABI has said.
FSA update on its review of the sale of PPI
The Financial Services Authority is to escalate its regulatory intervention on the sale of payment protection insurance (PPI), according to its thematic review update.
Chesterfield Group to start up North American division
The Chesterfield Group, a specialist independent Lloyd’s broker, today announced the formation of a new North American division.
Arch reveals weather and investment losses
Arch Capital, the Bermudian (re)insurer, said that it expects pre-tax earnings for the 2008 third quarter to be negatively impacted by the effects of Hurricanes Gustav and Ike in the range of $105-180m, net of reinsurance and reinstatement premiums.
MMC shares downgraded by Barclays Capital
Barclays Capital has downgraded its stock recommendation of Marsh and McLennan, the owner of brokers Marsh and Guy Carpenter.
XL estimates Hurricane Gustav and Ike losses
XL, the Bermuda-based (re)insurer, has predicted preliminary loss estimates, pretax and net of reinsurance and reinstatement premium, related to Hurricane Gustav range from approximately $30-35m, and estimates for Hurricane Ike of $165-235m.
Transatlantic forms special commitee to discuss AIG stake sale
Transatlantic Re said that it has formed a special committee of its independent directors that "is evaluating proposals received from American International Group relating to the possible disposition of, or other transactions involving, AIG's 59% common…
QBE bolsters property arm with ex-RSA director
As part of the expansion of its UK commercial property offering, Peter Fice has joined QBE's property division as manager of its London Market retail property operation.
Energy insurer Torus joins IUA
New energy insurer Torus has voted to join the International Underwriting Association.
New online tax forms could push up PI claims
HM Revenues and Custom’s campaign to drive online tax return forms could increase accountants’ professional negligence claims with a greater risk of filing incorrect figures Aon has claimed.
AEGIS hires new offshore energy underwriter
AEGIS London, the UK-based subsidiary of Associated Electric and Gas Insurance Services, has appointed Chris Benton as its offshore energy underwriter.
Transatlantic Re outlines hurricance losses
Transatlantic Holdings, the (re)insurer that is majority-owned by stricken US insurance giant AIG, said that net costs for Hurricanes Gustav and Ike were between $45-60m.
Rate rise predictions slammed by Irish Injuries Board
Patricia Byron, the chief executive of the Injuries Board in Ireland (previously the Personal Injuries Assessment Board) has hit out at speculation that insurance premiums should rise by 10% - 20%.
Vision Underwriting appoints new liability and commercial managers
Liability specialists Vision Underwriting, a Cheltenham-based subsidiary of Liberty Mutual Insurance Europe and a member company of the Liberty Mutual Group, has appointed Rob Price as liability manager and Richard Trinder as commercial manager.
Heath Lambert pushes public relations strategy
Heath Lambert has appointed Elliot Lane to the new role of group public relations director.
Chaucer hires new international property treaty underwriter
Chaucer Syndicates has appointed Maria Fahy as international property treaty underwriter for Chaucer Syndicate 1084.
Whittington Group makes appointment
Whittington Group, the international insurance investor and services provider, has announced that Kevin Lee Chung Wei has been appointed as the director of strategic acquisitions for Whittington Asia Pacific.
Brightside sees turnover and profits jump
The insurance broking group Brightside has recorded turnover of £15.6m (2007 £11.2m) and an adjusted operating profit before tax increased of £2.50m (2007 £0.92m) for the six months to 30 June 2008.
Insurance and banking giant Fortis part nationalised
The Governments of Belgium, Luxembourg and the Netherlands have invested EUR11.2bn in the respective Fortis institutions in each country
Fortis' UK insurance business not affected by part-nationalisation in Europe
The part-nationalisation of Fortis bank will not have any affect on Fortis’s insurance business in the UK, according to a spokesperson for the insurer.
Berkshire Hathaway, Lexington in reinsurance deal
AIG's Lexington Insurance Company said that it has arranged contingent property reinsurance cover from Berkshire Hathaway’s National Indemnity Company for Lexington’s real estate portfolio, as well as policies having limits of $250m or greater, policies…
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.