News
Flagstone gears up with $100m debt sale
Bermudian reinsurer Flagstone Re has announced that it has raised $100m through two private sales of junior subordinated deferrable interest debentures.
THB hires four from Heath
Thompson Heath and Bond has hired a new wholesale team from Heath Lambert. The team includes Graham Lawrenson, Andy Wigg, Barry Jones and Jim Quinton.
LIU appoints regional PI underwriter
Liberty International Underwriters has appointed Sean Gilborson as regional underwriter for professional indemnity at its Bristol office.
Arista launches home-based tradesmen cover
Arista launched a policy to cover tradesmen and professionals, designed for businesses that generally do not have premises, typically home-based tradesmen or professionals.
New rules on electrical waste products imposed
Waste Electrical and Electronic Equipment Regulations came into effect on 1 July, with new legal obligations on the electrical industry to ensure proper disposal of goods, in a bid to reduce their environmental impact.
Policyfast adds breakdown cover
Policyfast, the web based wholesaling intermediary has added the option of RAC breakdown cover to its quotations.
ABI predits £1bn losses from flood claims
The Association of British Insurers has given a bleak assessment of claims resulting from recent flooding, doubling RMS' estimate yesterday with a prediction of £1bn in liabilities. In a statement issued today, the ABI said insurers are working round the…
AIG yacht product hopes to eliminate gaps in EL cover
AIG's Private Client Group has announced the launch of its new yacht product for the high net worth market. The insurer said it is the first of its kind to automatically offer employers’ liability coverage for all crew members, helping to eliminate any…
Heritage hires Aaron for global liability account
Heritage Underwriting Agency has appointed Mark Aaron as international general liability underwriter with immediate effect.
Brokers brand FSA proposals as unfair
The British Insurance Brokers’ Association has roundly criticised the Financial Services Authority’s consultation paper proposing amendments to its Insurance Conduct of Business rules.
Management reshuffle at Ace Europe
Ace European Group has today announced some changes to its Continental European country management with immediate effect.
Moneysupermarket float plans announced
Moneysupermarket.com has officially annonced its intention to float on the London Stock Exchange.
Benfield and Aon Re clash again for $2.4m
Reinsurance broker Benfield has filed for $2.4m in damages against rival broker Aon Re over what it claims is unpaid brokerage relating to proportional reinsurance treaties for the St Paul that Aon Re took over from Benfield.
FSA reform rules on general insurance
The Financial Services Authority is proposing to "radically reform" the rules firms need to follow in carrying out general insurance business with their customers. The regulator has put its plans out to consultation and said a differentiated approach to…
Brit hands brokers £50m authority for share buyback
Brit Insurance has granted its bankers the right to purchase up to £50m worth of shares over the summer, while the insurer is in its closed period. Citigroup Global Market U.K. Equity and Numis Securities will buy up ordinary shares of Brit Insurance…
US insurance lawyer in aggressive NY & London move
Nelson Levine de Luca & Horst, a US law firm serving the insurance industry, has acquired the New York office of Querrey & Harrow, expanding its existing New York presence and its London market practice.
30 jobs transferred as RSA outsources subsidence claims
Royal & SunAlliance has outsourced claims handling for subsidence to InFront Innovation and Crawfords.
Suspected London bomb closes Reinsurance Magazine offices
A suspected car bomb was discovered in the small hours of this morning in the street where Reinsurance Magazine's offices are located, in the heart of London's theatre district.
CSC signs Swiss Re contract until 2014
Computer Sciences Corporation has signed a seven-year contract extension with Swiss Re for business process outsourcing services to support workers’ compensation for Swiss Re’s Commercial Insurance.
Haymarket bomb scare
A police cordon has been put in place after a controlled explosion was carried out over night on Haymarket in central London. The situation has forced Incisive Media, Post Magazine's publisher, to close its head office for the day until further notice.
FSA sets out future of GI regulation
The Financial Services Authority (FSA) has published a consultation paper proposing to radically reform the rules firms need to follow in carrying out general insurance business with their customers.
Audit delay was justified says defence
The defendants only “requested” the postponement of Independent’s final audit and didn’t “order” the delay as suggested by the prosecution yesterday, writes Martin Friel .
Choicequote outsources claims to Destiny Legal
Legal outsourcing specialist, Destiny Legal Services, has been appointed as the sole claims handling service provider for niche motor insurance specialist, Choicequote.
UK flood claim estimates put at £500m
Initial estimates by Risk Management Solutions suggest that insured losses from this week’s floods could exceed £500m.