News
Ironshore wins New York excess and surplus approval
Ironshore Insurance the Bermudian specialty (re)insurer, has gained approval to write excess and surplus busines in the state of New York, when the Excess Line Association of New York (ELANY) added the firm to a list of eligible E&S insurers.
Advent swings to Q1 pretax loss
Advent, the Lloyd's (re)insurer, reported a first quarter pretax loss of £5.5m, down from a £500,000 profit it reported in the first quarter of 2008.
Hyperion opens offices in Dubai
Hyperion has strengthened its global presence with the opening of its first operation in Dubai.
Cooper Gay to float says Sunday paper
Reinsurance broker Cooper Gay is in talks that could see it float on the London Stock Exchange during the third quarter, according to The Financial Sunday Express.
Benfield UK staff in pensions squeeze
Hundreds of Benfield staff could see their pension benefits cut as a result of the reinsurance broker’s efforts to save cash in order to deal with the softening reinsurance cycle as well as the weak dollar.
Guy Carpenter's White next senior casualty of job cuts - sources
Guy Carpenter’s UK energy reinsurance broking head is the latest senior casualty as part of the broker’s job cutting, Reinsurance has learned.
Integro looks to Lockton and JLT for hires
Integro has bolstered its UK practice with hires from Lockton and Jardine Lloyd Thompson.
Former First Assist chief executive joins Garwyn
Garwyn Group has appointed former First Assist Group chief executive Tim Ablett as a non executive director.
Norwich Union issues trading statement
Aviva has reported its general insurance business is on track to “meet or beat” its target group combined operating ratio of 98%.
Fortis and Keychoice extend relationship
Fortis Insurance and the Keychoice Network have extended their existing trading relationship to provide members with access to a range of commercial lines products with enhanced commissions.
Labuan boosts 2007 reinsurance premiums 40% to $919m
Malaysia’s offshore hub, the Labuan International Business and Financial Centre (IBFC) has grown its reinsurance business by 40.3% in 2007, taking $919.2m in premiums, of which 62.0% were non-Malaysian .
Arthur J Gallagher sells Asian subsidairy
Arthur J Gallagher has sold its Asian subsidiary, Arthur J Gallagher Asia to its Singapore based management.
Fortis underwrites Alliance and Leicester’s first online standalone travel product
Alliance and Leicester becomes first bank to use Fortis’ Text2Insure Web, WAP and SMS-Enabled Platform.
Fortis roll out new MNW home product
Fortis has launched House Guard Prestige, its new home insurance product for the mid-net-worth market. House Guard Prestige will be sold through the intermediary channel, specifically targeting the 1.3 million homeowners (12.5% of the market) who require…
Fortis to underwrite Alliance and Leicester travel product
Fortis has been chosen to underwrite Alliance and Leicester’s first online standalone travel insurance offering.
Insurer enters the mid-net-worth market
Fortis has launched into the mid-net-worth market with House Guard Prestige.
Consortium formed for RBSI bid say sources
A private-equity consortium is being formed to explore a bid for Royal Bank of Scotland's insurance assets, according to a report in the Financial Times.
IPC Holdings Q1 net income up; gross written premiums off 16%
IPC Holdings, the Bermudian (re)insurer, said that gross written premiums for the first three months of the year dropped 16% to $197.9 million, compared to $236.2 million in the first quarter of 2007.
British Property Federation calls for government to invest in flood defences
The British Property Federation has called for the government to take responsibility for avoiding a flooding fiasco for property owners in a letter being sent today to Sir Michael Pitt.
WR Berkley's Q1 remains flat
W. R. Berkley, the US insurer, said that first quarter net income was flat at $188m the same as it was in the first quarter of 2007. Operating income for the first quarter of 2008 fell to $153 million from $184 million for the corresponding quarter of…
Arch Capital Q1 net income drops $9.2m
Arch Capital, the Bermudian (re)insurer, said that first quarter net income fell to $189.4m from $198.6m the year before.
AIG set to announce NIG deal say sources
AIG is understood to be poised to announce the acquisition of broker-only insurer NIG in the next five days, possibly as early as tomorrow morning.
Aon UK CEO Harmer to be named as Market Reform Group chairman - sources
Aon UK chief executive Peter Harmer will be named as the new chairman of the Market Reform Group, Reinsurance understands.
Willis appoints new executive vice president
Willis Group Holdings has announced the appointment of Dorien Smithson to executive vice president, Willis Americas.