News
Brit puts focus on technology with new appointment
Brit Insurance has appointed Christopher Caswell to the newly created position of e-trading schemes underwriter.
Arch, Gulf Investment Corporation launch $400m Gulf Re
Bermudian (re)insurer Arch Capital and GCC-owned Gulf Investment Corporation said at the World Insurance Forum today that it has joined up to form specialist reinsurer Gulf Re.
Net premium falls $3.1bn for US reinsurers
A group of 20 US property-casualty reinsurers wrote $22.7bn in net premium in 2007 marking a decrease of $3.1bn from the previous year, according to the Reinsurance Association of America annual underwriting report.
CCV announces Sussex acquisition
Cullum Capital Ventures has announced it has acquired Berkeley Alexander based in Lewes, Sussex.
IUA welcomes IPT announcement
The IUA has welcomed the Budget announcement that fiscal representatives will no longer be required for the payment of insurance premium tax in the UK, a measure that will streamline trade involving overseas insurance companies operating on a cross…
QBE in Lloyd's move
As a part of QBE’s strategy to make it easier for Lloyd’s brokers to get full access to its diverse range of products, on 17 March 2008 QBE is consolidating its four casualty and specialty boxes in Lloyd’s.
Broker granted Ruissian license
Colemont Rus Insurance Brokers has been granted a license from the Ministry of Finance of the Russian Federation. Having initially set up a representative office in Moscow in July 2006, Colemont Rus Insurance Brokers Limited will now be able to offer a…
Cunningham Lindsey names commercial director
Cunningham Lindsey has appointed David Aiston as commercial director of its Loss Adjusting Services team.
Novae announces 31% rise in pre-tax profits
Novae group has announced its pre-tax profits rose by 31% to £41.m despite toughening market conditions in 2007.
Paris Re to proceed with capital return as profits fall
Global reinsurer Paris Re produced $232m of underwriting income in 2007, down 38.7% on a year earlier on a net earned premium base that declined 5.9% to $1.13bn.
Fitch puts AIG ratings on 'Rating Watch Negative'
Credit ratings agency Fitch has placed AIG’s Issuer Default Rating (IDR), holding company ratings and subsidiary debt ratings on ‘Rating Watch Negative’, after the insurer’s independent auditor PwC said that it believed it had a ‘material weakness’ in…
D&O Health Check Service launched by JLT
JLT has launched a D&O Health Check Service to help companies obtain optimal coverage under their Directors’ & Officers’ Liability insurance.
PB Week: Allianz boss: “Reserve release holiday coming to an end”
I assume Andrew Torrance is not an Everton or Tottenham fan (both teams crashed out of the UEFA cup following penalty shoot-outs last night) as he was in a very good mood this morning (Thursday 13 March), writes Charlie Thomas, reporter, Professional…
Hannover sees €30m Emma hit , retro up to 30% softer
Global reinsurer Hannover Re, has said it has made a preliminary estimate of approximately €30m of net losses from Windstorm Emma which wreaked havoc across Central Europe on March 1st.
Jobs will go as part of Benfield's cost savings plan - CEO
Some of Benfield’s £15m of cost savings will come in the form of job cuts, confirmed the reinsurance broker’s chief executive today.
Zurich provides political risk insurance for Sri Lankan hydropower plant
Zurich is providing political risk insurance for a green hydropower project in Sri Lanka.
RFIB Group appoints new recruit
Lloyd’s insurance and reinsurance broker RFIB Group has announced the appointment of a new group chief financial officer.
Windstorm Emma to cost Allianz €200m
Global insurer Allianz has estimated that Winter storm Emma , which swept through Central Europe in the first weekend of March, will cost it more than €200m euros in net claims before tax.
Allianz pre-tax profits fall to £197m
Property and liability rates are showing the first signs of hardening, according to Allianz chief executive Andrew Torrance.
Benfield shares hammered as results disappoint
Reinsurance broker Benfield reported falling 2007 revenues and profits as the firm was hit by the sliding dollar, competitive reinsurance pricing and experienced a continued drag from losses at its fledgling corporate risks division.
Validius-IVC and Laird team up
Validus-IVC, a specialist management consultancy, and Laird Assessors have announced a strategic partnership.
Omega says takeover discussons ongoing; reports doubling of FY profit
Bermudian-domiciled Lloyd’s (re)insurer Omega Insurance said takeover discussions were ongoing, although gave the market nothing to report.
DWF appoints catastrophic injury specialist
Law firm DWF has announced that partner Philip D’Netto has joined its Manchester-based catastrophic injury team.
AA pours scorn on Datamonitor claim of motor market recovery
AA Insurance Brokers has thrown doubt on claims the motor market may make a profit for the first time in 15 years in 2009. The broker points to continuing claims inflation and premium competitiveness as key factors that will make profitability in two…