News
Highway overhauls Choice Private Car product
Broker-only personal lines insurer, Highway Insurance, has overhauled its screen-driven EDI Choice Private Car product following a major review of its rating structure.
Guy Carp: property Cat reinsurance rates down 9% at 1/1
Reinsurance broker Guy Carpenter has pointed to across the board rate decreases over the 1st Janaury reinsurance renewal season.
Allianz allows recycled parts in motor repairs
Allianz has started allowing motor policyholders across the country to use recycled parts to repair their vehicles.
Broker risk manager in new branch push
Mark White of broker Central is seeking to establish a branch of the Institute of Risk Management in the Aberdeen and Inverness areas.
Highway in motor revamp
Broker-only personal lines insurer, Highway Insurance, has overhauled its screen-driven EDI choice private car product.
Esposito goes early from XL to concentrate on SCA
Bermudian reinsurer XL has announced that its chairman Michael Esposito, has resigned to concetrate on his chairmanship of Security Capital Assurance (SCA), XL's troubled 46%-owned financial insurance affiliate.
Stanard and Fox to start underwriting consultancy
James Stanard, former CEO of Bermudian catastrophe reinsurer Renaissance Re and Rod Fox, former CEO of US specialty insurer Praetorian, have announced the formation of an underwriting management company to be called New Asset Class Management.
Bush signs new 7-year TRIA into law
President Bush has signed the final compromise version of a 7-year extension to the US Terrorism Risk Insurance Act (TRIA) Federal government terrorism insurance backstop into law.
Munich Re: 07 worst number of Cat events since 1974
According to Munich Re, the number of natural catastrophes recorded in 2007 was 950 (compared with 850 in 2006), the highest figure since 1974, when the German reinsurance giant began keeping formal records.
Validus cancels Petrel sidecar
Class of 2005 start-up reinsurer Validus has announced that its collateralised quota share retro agreement with Petrel Re will not be extended beyond the 2007 underwriting year.
Lloyd's creates Christmas cancellation policy
Lloyd’s, the 319-year-old insurance market, is offering the first and only insurance policy in the world to families in the event that the Grinch steals Christmas.
S&P positive on Hiscox Insurance
Standard & Poor's has revised the outlook on the long-term counterparty credit and insurer financial strengths ratings of Hiscox Insurance, the UK operating entity of Bermuda-based Hiscox Group (Hiscox), to positive from stable. The rating agency said…
Cherkasky out at Marsh as performance dips
Marsh & McLennan Companies today announced today that its board of directors has initiated a search for a chief executive officer to replace Michael Cherkasky, who has served as president and chief executive officer of the company since October 2004.
New Lloyd's broker
Dublon Insurance Brokers is the latest insurance broker to be formed in the London market and admitted to Lloyd’s.
President of Lloyd's America resigns
Winifred "Wendy" Baker will step down as the president of Lloyd's America at the end of December after nine years in the role, according to a news report from AM Best.
Towergate's offer accepted by Broker Network shareholders
Towergate’s offer for the Broker Network (TBN) has been accepted by the majority of shareholders and declared ‘wholly unconditional’ by the London Stock Exchange.
IIB slams Economic Minister
The Institute of Insurance Brokers has criticised Economic Secretary Kitty Ussher after she claimed brokers were indirectly responsible for Independent Insurance credit card claw backs.
Lloyd's Spain receives award
Lloyd’s Spain has been awarded the ‘Sal’ award 2007 for its professionalism, corporate brand, proximity and support to the insurance intermediaries sector.
TV personality linked with bid for beleagured broking group
James Caan, the entrepreneur who sits on the panel of BBC2's Dragons' Den, is considering a bid for embattled property broking and services company Erinaceous.
Best turns negative on XL over SCA and 'below expectations' ERM
Rating agency AM Best has revised the outlook to negative from stable on the financial strength rating (FSR) of A+ and the issuer credit ratings (ICR) of “aa-”of Bermudian (re)insurer XL Capital Group and its members.
Norwich Union launches claims tracking service
Norwich Union has introduced a service which allows corporate clients to track trends in their workforce on group income protection claims.
XL bond insurers go negative as S&P sours on sector
As part of a negative move regarding the ratings of six bond insurers, ratings agency Standard & Poors (S&P) has placed the ratings of former XL subsidiaries, XL Capital Assurance Inc., XL Financial Assurance Ltd and XL Capital Assurance (UK) Ltd’s…
Run-off specialist in London IPO
Run-off specialist Randall & Quilter (RQIH), has announced its admission to the London Stock Exchange’s AIM market to help fund acquisitions and a move into the Bermuda run-off market.