News
Commission updates warranty position
'Basis of the contract' clauses relating to warranties are a key concern to the Law Commission. Pet...
Munich Re buys Lloyd's broker
Reinsurance giant Munich Re has bought its long-term partner, Lloyd’s broker Bell and Clements, in a move to achieve bottom-line growth.
Allianz Commercial revamps motor trade policy
Following extensive customer research, Allianz Commercial has re-launched its motor trade product with a range of new and significantly improved features.
Pick of the week
Anthony Gould, editor in chief, Post Magazine outlines the major general insurance news stories from tomorrow's issue of Post including: insurance industry teams up with United Nations on sustainability; Supermarket giant looks for new general insurance…
DAS declares brokers must be regulated for personal injury referrals
Legal expenses insurer DAS is attempting to resurrect the debate over whether brokers who refer personal injury claims to solicitors should be regulated by the Ministry of Justice. This is despite the claims management regulator, Mark Boleat confirming…
Carbon offset car insurance launched
ibuyeco, a new eco-friendly car insurance scheme that will offset 100% of customers’ CO2 emissions for the duration of their policy and help make a contribution towards tackling global climate change, has been launched.
Highway trading update points to rates softening again
Highway Insurance has warned that any upward movement in motor rates could be scuppered by its competitors writing for volume and the activities of aggregators helping to ensure that "the cheapest price prevails"
Report reveals rising cost of fraud
Fraudulent insurance claims are now costing insurers and honest customers over £4 million every day, according to figures released today by the ABI. Initial findings from ABI research estimate the annual cost of insurance fraud to be £1.6bn.
Travelers buys $500m US Cat bond.
US insurance group Travelers has placed a $500m catastrophe bond programme, through a Cayman Islands special purpose vehicle called Longpoint Re.
GMAC buys Provident for £170m
GMAC Insurance, the insurance business of GMAC Financial Services, has today entered into an agreement to acquire Provident Insurance, the UK based automotive insurance division of Provident Financial.
AIR adds Carvill US wind index to its models
Carvill reinsurance intermediary in specialty reinsurance, has announced an agreement with modelling firm AIR Worldwide Corporation (AIR), to provide modelled support for its Carvill Hurricane Index (CHI).
Travelers acquires Lloyd's marine underwriter
Travelers today announced that it has purchased Galatea Underwriting Agencies Limited – the specialist Lloyd’s marine underwriting agency.
Indie trial delay
The trial of the three former directors of failed UK insurance company Independent Insurance has been pushed back by two weeks and will now be heard from Wednesday 30 May, according to sources. Administrative issues have forced the change to the original…
Electronic trading hub launched
A new electronic trading platform encouraging brokers and underwriters in the London Market to move to a paperless system has been launched.
Glacier hires ex Swiss Re exec as claims boss
Glacier Reinsurance has appointed Marcel Kutak as senior claims manager. He took up his position at the company on 1st May.
Cooper Gay sells stake in business
The Cooper Gay has announced that SC Insurance and Risk Services, SGPS, a subsidiary of the Portuguese corporation Sonae SGPS, has agreed terms for the acquisition of approximately 14% of Cooper Gay with an option to increase its holding to 28%.
Brazil insurers say reinsurance prices to fall in 2008
Prices in the Brazilian reinsurance market are set to come down when the market is finally opened up in 2008, according to a leading market figure.
FSA warns of TCF clampdown
The Financial Services Authority has reported an increase in commitment by senior management to the principle of Treating Customers Fairly but warned firms who have failed to engage that they face tough action.
SSP unveils £43.4m swoop for Sirius
Broking technology providers SSP has announced plans to acquire Sirius in a deal worth £43.3m.
Ferma responds to IPCC climate change report
Climate change will grow in importance for risk managers as the fight against global warming intensifies following the latest report of the Intergovernmental Panel on Climate Change, according to Marie-Gemma Dequae, president of the Federation of…
Assurant Solutions enters Irish market
Assurant Solutions today announced its entrance into the Irish Insurance market, part of the organisation’s long-term strategy of developing and underwriting niche insurance products in European markets.
Economies of scale will protect top five GI players says AM Best
AM Best has said that underwriting profitability in the U.K. non-life market may not be sustained in the next year. The rating's agency said in its latest report: "The third largest market in the world, is dominated by these top five companies—Aviva,…
CII pushing chartered status for broking firms
Chartered status for broking firms is being introduced by the CII.
Aggregator business pushes CDL growth
Independent software house CDL has reported consolidated turnover of £14.6m for the year ending 30th September 2006, up 15% from £12.7m in 2005. In the same period, its profit before tax grew 12.4% to £2.9m.