News
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.
Independent Insurance trial news
Post Magazine, Reinsurance Magazine, Professional Broking and Insurance Age have established a special website dedicated to the forthcoming trial of the three former directors of failed UK insurer, Independent Insurance - Michael John Bright, former…
Defendants seek to join Thameside as second indexation case goes against insurers
The Judgment in Corbett v South Yorkshire Strategic Health Authority was handed down by His Honour Judge Bullimore earlier today. Kennedys, instructed by the NHS Litigation Authority, represented the Defendant.
DCA proposes widening eligability for claimants
A consultation paper proposing changes to parts of the civil law on damages was published today by the Department for Constitutional Affairs.
Unitas planning MGA start up
Unitas Alliance has announced plans to launch an underwriting agency following its latest AGM
Ecclesiastical in management shake up
Key members of the Ecclesiastical Insurance management team will assume new responsibilities designed to strengthen Ecclesiastical’s organisation for the future. New director appointments will be made for areas of finance, risk, technology, marketing and…
Collins opens capital markets arm
Privately-held US reinsurance broker Collins has formed a new subsidiary, Collins Capital Advisors, to provide investment banking advice and capital markets services to its clients.
Protection market reprieve as government refuses redundancy insurance scheme
The government has rejected plans by Coventry South MP Jim Cunningham to establish a national wages and insurance scheme. In Parliament yesterday, Mr Cunningham asked parliamentary under secretary of state for trade and industry Jim Fitzpatrick, whether…