News
Biba frustrated at FSA indecision
The British Insurance Brokers’ Association has expressed frustration at the result of the Financial Services Authority’s forensic review into transparency in the commercial insurance market.
MMA upgraded
Intermediary only insurer, MMA Insurance has been assigned a Financial Strength Rating of ‘A‘ from Standard & Poor’s.
Airmic still has worries over SME broker disclosure
Association of Insurance and Risk Managers has welcomed the Financial Services Authority statement on broker remuneration and its continued interest in this important subject, whilst calling for a market solution to resolve shortcomings over transparency.
IIB satisfied with FSA decision over commission disclosure
IIB director general, Andrew Paddick was pleased to hear that as a result of the CRA International report, commission disclosure by brokers to commercial clients will not be made mandatory by the regulator - for the time being.
Lancashire to pay $242m special dividend
Bermudian start-up (re)insurer Lancashire has announced it is to return $242m to shareholders through a strategic dividend of $1.10 (approximately 54p) per common share and warrant per share and warrant at the current exchange rate).
FSA refuses to mandate commission disclosure ... for now
The Financial Services Authority (FSA) has announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure.
FSA remains concerned over commission disclosure
The Financial Services Authority today announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure.
Venture Preference establishes Manchester base
Venture Preference has established a presence in the North West with the acquisition of broker and financial services specialist Chambers & Newman.
Benfield warns on 2007 profits
Reinsurance broker Benfield has today issued a profit warning after seeing conditions not improve since the middle of the year.
Zenith and Europa team up
Gibraltar-based Zenith Insurance has agreed to provide capacity of up to £12 million for Europa Underwriting to re launch its Elite Car product.
Hiscox on track for record result
Hiscox has predicted that its 2007 results will surpass 2006, which was a record for the group.
Run off firm seeks AIM listing
Run off management company Randall & Quilter Investment Holdings has announced plans to seek admission of its entire issued and to be issued ordinary share capital to trading on AIM.
Erinaceous shares dive further
Shares in troubled property group Erinaceous have fallen again today. At one stage the shares were trading at 3.85p, down 47%, and over 8 million shares have been traded today alone.
Aon uveils major tie up with Jones Lang LaSalle
Jones Lang LaSalle and Aon have concluded a joint venture agreement to establish a new commercial real estate insurance services capability.
RSA responds to government findings
Royal and Sun Alliance has backed the government's move to enourage insurance among disadvantaged groups.
SBJ Group announces reshuffle
The SBJ Group has announced a host of organisational changes following Jim Clark’s decision to retire as chairman and chief executive of its subsidiary SBJ Limited.
Willis CEO outlines network growth plan with promise not to sell membership on
The new chief executive of Willis UK and Ireland Brendan McManus unveiled plans to grow its broker network on the back of possible discontent at others. Speaking to Post he said: “One of the things that I think is attractive for brokers to become part of…
Equity Syndicate Management strengthens team
Equity Syndicate Management has appointed David Pye as its chairman.
Lloyd's syndicate closed
Direct insurer Admiral today announced that Court approval was obtained on 21 November 2007 for the transfer of the business of Lloyd's Syndicate 2004 to Admiral Insurance Company Limited, pursuant to Part VII of the Financial Services and Markets Act…
BMS hires Cooper Gay US team
BMS has announced that it has acquired a nine member Cooper Gay P&C team based in Minneapolis and led by Jim Brost and Mike Joyce.
RSA wins M&S affinity deal
M&S Money is making changes to its pet insurance with Royal and Sun Alliance taking over as underwriter.
Liberty unveils 2008 capacity
Liberty Syndicates announced that its capacity for the 2008 underwriting year will be £830m, down from £917m the final capacity written for 2007.
Axa review sees company predict fourfold rise in revenue
Nationwide, the provider of automotive crash repair services in the UK, has agreed what it descibes as "a significant extension" to its existing contract with Axa Insurance.
Bermuda's Ironshore is Heritage suitor
Bermudian start-up (re)insurer Ironshore has confirmed that it is interested in making a bid for Lloyd's (re)insurer Heritage Underwriting.