News
FSA reveals consumers unprepared for financial hardship
A fifth of homeowners expect trouble meeting mortgage payments over the next year, yet a quarter have no plans for how they would meet any increased cost, according to a survey from the Financial Services Authority (FSA).
New system aims to help victims of car theft
Cyclops ANPR System is launching a new service this month to help car owners trace their stolen vehicles.
Admiral reports 24% increase in profit
Admiral Group today announces a record annual result with a profit before tax of £182.1m for the year to December 2007, an increase of 24% over the previous year. Turnover, comprising total premiums written, gross other income and investment income, rose…
JLT Re ups 2007 margins against soft market headwinds
Reinsurance broker JLTRe has reported turnover of £43.2m for the 2007 year, down 8% on 2006, and a trading margin of 11%, compared to 10% for 2006.
JLT talks of good recovery in Europe as profits jump 5%
Broker JLT has reported a 5% increase in profit before tax of £95.2m on turnover of £473.2m, 3% ahead of 2006, or 4% ahead at constant rates of exchange, for 2007.
Giles aims for £1bn after Charterhouse hands over £500m warchest
Giles Insurance Brokers has been given a £500m warchest after being acquired by private equity firm Charterhouse Capital Partners.
Europ Assistance expands business development team
Europ Assistance has expanded its business development team with the appointment of Mike Daniels as business development manager.
Kiln takes share in expat insurer
Kiln has announced it has taken a minority shareholding in Gibraltar-based insurance provider Ibex.
Edwards Angell in Bermuda law deal with MD&M
Edwards Angell Palmer & Dodge UK (EAPD) and Marshall Diel & Myers (MD&M) in Bermuda have entered into a cooperation agreement to service global (re)insurance clients.
New rules on telephone recording published
The Financial Services Authority (FSA) has published new rules requiring firms to record telephone conversations and other electronic communications to help deter and detect market abuse in the UK.
New recruits to drive Marsh's UK affinity business
Broker and risk adviser Marsh has announced three new appointments to its commercial affinity business.
Gresham confirms Giles exit
Gresham Private Equity, the UK mid market private equity specialist, has confirmed that it has successfully exited broker Giles through the sale of the business to Charterhouse Capital.
LP Claims set for launch
Legal and Professional Claims has announced its revamped professional claims and risk management service is on target for launch this summer.
Corruption cited as major risk in trading with Russia in new report
Companies cite corruption and political influences as a major risk in trading with Russia and emerging economies, according to a new report.
Allianz announces personal claims review
Allianz is piloting a number of changes to the way it processes low-value personal injury claims ahead of the anticipated reforms by the Ministry of Justice.
'Party is over' for reinsurance - Buffett
The great times for the reinsurance industry may be over, warned Warren Buffett in his annual letter to Berkshire Hathaway shareholders.
Scor signs four-year mortality swap deal with JP Morgan
Scor Global Life, a subsidiary of reinsurer Scor, has signed a four-year mortality swap with the leading financial services firm JPMorgan, under the terms of which it will receive up to $100m and €36m in the event of a significant rise in mortality.
Davies confirms £27m MBO
Davies Chartered loss adjusters has said its £27m management buyout will strengthen its position in the UK insurance market.
Axa boosts personal lines team
Axa has recruited Jeff Dunn as senior development manager for its personal lines division.
Chaucer closes syndicate
Chaucer has reached agreement with Heritage Managing Agency to close Syndicate 1245 into Chaucer Syndicate 1084.
Hiscox toasts another record year
Hiscox today reported gross written premiums of £1.19bn (2006: £1.12bn) for 2007. It added its profit before tax was £237.2m (2006: £201.1m) on net earned premiums of £965.2m (2006: £888.8m). The group combined ratio improved to 84.4% (2006: 89.1%).
Commercial property - International property market takes $1.5bn to $2bn hit
The international commercial property market has suffered a string of major losses totaling approxim...
Monoline insurers - Buffett offers AAA exit for monoliners
Warren Buffett offered monoline bond insurers an olive branch last month, when he offered monoliners...
ABI reiterates flood plain warning
Tougher planning controls are needed if flood insurance is to remain widely available for new homes ...