News
Advent rejects Fairfax's £67m offer
Lloyd’s (re)insurer Advent has rejected a £67m offer from Canadian financial services company Fairfax.
XL to offer environmental pollution insurance
XL Insurance, the global insurance operation of Bermuda-based (re)insurer XL Capital, is offering a specialised environmental insurance program that addresses pollution liability and clean-up expenses for US warehouses, storage and distribution…
Confused adds new insurer to its home panel
Confused has added Click Insurance to its list of insurers for home insurance.
Close buys Kaupthing's premium finance arm
Kaupthing Bank’s subsidiary, Kaupthing Singer and Friedlander has sold its insurance premium finance business to Close Brothers at a small premium to net asset value.
Max Capital income halves in H1
Max Capital Group has reported net income for the second quarter of 2008 of $74.2m, compared to net income of $94.1m for the second quarter of 2007. Net operating income was $76.1m, compared to net operating income of $94.4m for the same quarter in 2007.
Tower to acquire Castlepoint for $490m
US insurer Tower Group said that it will acquire Bermudian firm CastlePoint -- which it had helped to set up -- in a deal valued at around $490m.
UK P&I Club issues $100m of hybrid capital
The UK Protection and Indemnity Club, the largest mutual marine insurer in the world, has issued $100m of capital securities.
PruHealth alters gym offering
PruHealth is in the process of writing to 175 000 customers to inform them that they will be forced to pay for gym memberships that previously had been free under their private medical insurance policies.
Heath Lambert reshuffles Group structure
Following the sale of its general wholesale and reinsurance operations, Heath Lambert has established its UK retail and speciality position and has simplified its structure and reporting lines, as follows:
Tokio Millennium licenses AIR model
AIR Worldwide has announced that Tokio Millennium Re has licensed the AIR Multiple Peril Crop Insurance model.
Flagstone premiums jump 20% in H1
Flagstone Reinsurance Holdings has announced net income of $41.9m for the second quarter of 2008, compared to $14.7m for the quarter ended 30 June 2007. Net income for the six months was $74.8m, compared to $50.3m for the six months ended 30 June 2007.
Crawford sees profit increase in second quarter
Crawford has announced strong second quarter profits from its international business, due partially to a weakened US dollar.
Axis Q2 net income drops 8%
Axis Capital, the Bermudian (re)insure, said that second quarter net income fell to $231m, down from $252m in the second quarter of 2007.
Ace grows environmental liability presence in the regions
Ace Europe has appointed Emma Bartolo as environmental risk underwriter in Manchester, in a move that enhances its regional speciality lines underwriting capabilities.
Giles expands into Ipswich
Giles Insurance Brokers has expanded into Ipswich following the acquisition of local firm, Henley Risk Management.
Swiss Re says Q2 net income off 53%
Swiss Re said that second quarter net income fell by 53%, dropping to CHF565m CHF from CHF1.194bn CHF the year before. The number was below analysts' expectations of CHF770m, according to Citigroup.
Willis makes new appointment to drive global sales
Willis Group Holdings has appointed Allan Gribben, chief executive officer of Willis International, as global sales and marketing director, which includes responsibility for the 'client and growth' initiative, part of Willis' Shaping our Future strategy…
Swiss Re buys Barclays Life for £753m
Swiss Re has agreed to acquire Barclay's closed life business Barclays Life for £753m.
Lancashire H2 net income drops 25%
Lancashire Holdings, the Bermudian specialist insurer, said that pretax profits for the first half of the year fell 25%, hit by worse-than-expected risk losses in the first half of the year.
Kevin Carr to join PruProtect
Kevin Carr, senior technical adviser at Lifesearch, will be leaving to join PruProtect in September, becoming the provider’s Protection Development Director.
Growth in demand for captive ratings says AM Best
AM Best has reported a growing interest in financial strength ratings for captives and other alternative market vehicles in the European market.
Crash for cash gang jailed
A ‘crash for cash’ gang of thirteen people has been sentenced to a total of 10 years imprisonment.
Insurers missing out on millions in profits, according to research
British insurance companies are missing out on revenue from properties in flood risk areas, according to new research.
Hiscox event insurance goes 'instant'
Hiscox Event Insurance, formerly known as Insurex, is now available instantly ‘over the phone’.