News
FSA urges intermediaries to protect client money
The Financial Services Authority (FSA) said today that general insurance intermediaries holding client money have no excuse for failing to protect it adequately after recent work found that those who used its new Client Money Guide showed a marked…
FSA tells general insurance intermediaries no excuse for failing to protect client money
The Financial Services Authority (FSA) has warned that general insurance intermediaries holding client money have no excuse for failing to protect it adequately after recent work found that those who used its new Client Money Guide showed a marked…
No change at the top, says Willis
Willis boss, Joseph J Plumeri, has had his employment contract extended by one year.
Swiss Re to restructure legal entities
Swiss Re has announced it is forming three legal entities in Luxembourg in an efficiency drive ahead of European Union reforms of the reinsurance industry.
Skills Council launches Endorsement of Training and Competence Schemes consultation
The Financial Services Skills Council (FSSC) is launching a consultation to gauge the level of industry interest for an Endorsement of Training and Competence (T&C) Scheme.
St Paul Leeds branch opens
St. Paul Travelers has opened a new office in Leeds.
Kiln to open £160m reinsurer and redomicile group in Bermuda
Lloyd's insurer Kiln has announced proposals for a new Bermudian domiciled holding company for the Kiln Group and to establish a new Bermudian insurer. In a separate announcement today, Kiln released its preliminary results for the year ended 31 December…
Only Group appoints two business development managers
The Only Group has appointed two new business development managers ahead of the company’s proposed April/May consumer launch.
Irwin Mitchell and Golds merge to create claimant giant
Irwin Mitchell and Golds have announced plans to merge with effect from 1 April 2007. The new firm, to be known as Irwin Mitchell, will be one of the largest supplier of commoditised legal services in the UK.
New national sales manager at Bupa IP
Bupa Individual Protection business has appointed Mark Anders as national sales manager.
Tokio Marine sets up life reinsurance operation on Isle of Man
Millea, Japanese parent company of Tokio Marine, has teamed up with JP Morgan to form an Isle of Man-domiciled sidecar writing annuity reinsurance business for the benefit of its Tokio Marine & Nichido Financial Life company.
NU backs up road safety campaign over fleet risks
Norwich Union has welcomed a new Government campaign aimed at keeping the attention of the so-called 'White Van Man' on the road.
Highway launches motor products on Acturis
Broker only motor insurer Highway has launched its Choice Private Car and Choice Commercial Vehicle products on the Acturis full cycle EDI trading platform.
Hiscox profits top £200m
Hiscox has recorded pre-tax profits up 186% to £201.1m (2005: £70.2m), while earnings per share on profit after tax was up 167% to 41.7p (2005: 15.6p).
Aon and Benfield reach £9.5m settlement over defecting brokers
Aon Re Global today announced it has reached a global and comprehensive settlement with Benfield Group of all of the litigation relating to former Benfield facultative reinsurance employees who recently resigned from Benfield and will be joining Aon on 1…
Amlin appoints finance head
Steve McMurray has joined Amlin as head of finance, reporting to group finance director, Richard Hextall.
RPC warns D&O cover not suitable after Companies Act reforms
Company directors could face an increase in claims against them as a result of the Companies Act 2006 but risk not having suitable insurance cover in relation to them, warned City law firm Reynolds Porter Chamberlain at its “Directors Duties – The New…
UK Drainage Network in £7m merger
The UK Drainage Network is to merge with its regional contract partner operations in a £7m move that will see it become one of the largest independent drainage companies in the UK.
Highway maintains profitability depite tough market
Motor insurer Highway has announced profit before tax of £19.1m, down around a third on the previous year (2005: £27.3m).
Catlin CEO boasts it is in the "strongest period in its history" after 2006 results
Catlin today reported income before tax of US$258.8m (2005:$19.7m), on gross written premiums of US$2.72bn and a combined ratio of 87 per cent for the year ended 31 December 2006. Including Welllington - which was acquired in December 2006 - the net…
Swinton creates Grey imports motor team
Swinton is launching Swinton Specialist, a dedicated team to handle quotes for non-standard motor insurance. Swinton said it believed the market was booming due to the reluctance of drivers over 30 to give up their modified cars.
HSA claims sales hike for cash plans
HSA, the healthcare solutions provider, has claimed that sales performance has jumped to a new record level, indicating a resurgence in the health cash plan market.
Oval buys London property specialist
Broking consolidator Oval has acquired specialist London based broker IVML increasing its market share of corporate and property business.
Benfield Corporate Risks spoils results party
(Re)insurance broker Benfield has stunned the financial markets by unveiling a dismal performance from its corporate risk division which marred an overall increase in margins and broking revenues for the 2006 year.