News
CEO to leave as AA confirms deal with Saga
Saga and the AA have agreed to establish a new holding company, while continuing to trade under their own brands.
Saga and the AA set to merge
According to reports Saga, the over-50s specialist owned by private equity house Charterhouse is set to merge with the AA, owned by private equity groups Permira and CVC. The two firms would create a business with a value in excess of £6bn, and value the…
Skills Council appoints new director of skills development
The Financial Services Skills Council (FSSC) has appointed Sarah Thwaites, currently manager, industry training at the Financial Services Authority, as its new director of skills development.
Aon replaces its UK chairman of marine
Aon has appointed a new UK chairman of marine to take over from Nigel Roberts who the broker said would continue his seconded role at Lloyd's while supporting strategic Aon initiatives.
IPC returns capital in $100m buyback
Bermudian reinsurer IPC holdings has revealed that during the second quarter of 2007 it bought back $100m of its common shares, half of the $200m buyback facility agreed by the firm’s board back in April 2007.
Law firm launch compliance service for brokers
Vizards Wyeth, a leading insurance law firm, has launched a new service, Advantage Broker, to provide specialist advice and training to help general insurance brokers prepare for the FSA’s move to a more principles-based approach to regulation (PBR).
Head reinsurance underwriter departs Kiln
Bermuda-based international (re)insurance specialist Kiln has announced that Andrew Carrier, active underwriter of RJ Kiln’s syndicate 557 and the reinsurance division of syndicate 510, has decided to leave the company.
Hiscox premiums up 15% to May but 20% de-emption planned for 2008
International specialist (re)insurer Hiscox has reported an increase of 15% in gross written premium to May 2007 despite the weakening US dollar, but has announced a planned 20% de-emption of capacity in 2008 for its flagship Lloyd’s syndicate 33.
Adjuster boss does not rule out acquisition as it expands into Ireland
Following new contract wins, Mathieson-Ingham Adjusting has said it plans further expansion with a presence in Northern Ireland.
Carrier departs in Kiln shake up
Following the redomicile of Kiln to Bermuda and the formation of Kiln Ltd, the new ultimate holding company, Kiln has taken the opportunity to review its management structure to reflect the new organisation.
Liberty International Underwriters Expands Specialty Casualty Products
Liberty International Underwriters (LIU), a division of global insurer Liberty Mutual, has expanded four specialty casualty insurance products.
Bahrain to overhaul rules for overseas insurers
The Central Bank of Bahrain is proposing amendments to capital requirements for branches of foreign insurance firms operating in Bahrain.
Broker boss predicts it will become a "dominant force" after unveiling new office
Lloyd’s broker Howden today announced the opening of a new office in Argentina by its joint venture, VK Howden.
Hiscox in £27.5m swoop for insurer
Hiscox has announced the acquisition of ALTOHA an insurance holding company and its subsidiaries American Live Stock Insurance and Harding & Harding, the affiliated insurance agency for $55m (£27.5m).
Insurex Expo-Sure launches online occasion insurance
Specialist event insurance provider, Insurex Expo-Sure, a division of Hiscox, has launched its comprehensive cover online for organisers of small events.
Indie Trial prosecution: Profit commissions paid on false information
It was alleged today that Independent’s tactic of keeping claims reserves over £100 000 on the whiteboard and not entering them onto the company’s system led to inaccurate loss ratio calculations and unwarranted payments of profit commissions to brokers,…
Prosecution: Profit commissions paid on false information
It was alleged today that Independent’s tactic of keeping claims reserves over £100 000 on the whiteboard and not entering them onto the company’s system led to inaccurate loss ratio calculations and unwarranted payments of profit commissions to brokers,…
Axa chief defends UK broker purchases
UK insurers that have not bought brokers to secure market distribution may have missed the boat in the battle over UK distribution, according to the head of the Axa Group.
UK insurers need to buy brokers to secure distribution says Axa
UK insurers that have not bought brokers to secure market distribution may have missed the boat in the battle over UK distribution, according to the head of the Axa Group.
UK insurers need to buy brokers to secure distribution says Axa
UK insurers that have not bought brokers to secure market distribution may have missed the boat in the battle over UK distribution, according to the head of the Axa Group.
Electrical Contractors' launches SME arm
The Electrical Contractors’ Insurance Company has launched a new underwriting arm, Facilitas, specialising in the SME market.
Zurich unveils new venture to handle small commercial direct
Zurich is to establish a new business unit for its direct business in Europe effective 1 July. Called Direct Business, it will be part of Zurich's Europe General Insurance division and will bring all existing personal and small commercial direct…
JLT extends Crawford deal
Jardine Lloyd Thompson Corporate Risks has extended its claims outsourcing agreement with Crawford & Company to include a further five UK-based JLT offices.
UK’s Met office predicts below average Atlantic storm season
UK Government weather research specialist, the Met Office has released a below average Atlantic tropical storm frequency forecast for the 2007 season.