News
Hannover Re claims first with $200m Cat bond to protect its retention
Global reinsurer Hannover re has claimed a world first by placing a Cat bond to protect its retention under its existing K5 bond programme.
Starr foundation report gives Greenberg clean bill of health
A report commissioned from retired judges by the Starr Foundation, the charitable organisation set up by the founder of AIG, Cornelius Vander (CV) Starr has given former AIG boss Maurice ‘Hank’ Greenberg a clean bill of health in response to…
FSA introduces crime reporting system
The Financial Services Authority (FSA) has set up a reporting system designed to reduce the level of financial crime in the insurance industry.
Brit targets £2bn, as profit soars 198.6%
Brit Insurance this morning reported profit before tax up 198.6% to £186.3m (2005: £62.4m) on gross written premiums of £1 236.3m (2005: £1202.5m).
Admiral sees intermediated business jump 41%
Insurance group Admiral Group today announced a record annual result with a profit of £147.3m for the year to December 2006, an increase of 23% over the previous year. Group turnover, comprising total premiums written, gross other income and investment…
Heath to shut Essex claims office in relocation move
Heath Lambert has announced that it is bringing its national claims handling team back to London.
Scottish Re rescue voted through at EGM
Troubled life reinsurer Scottish Re has announced that its shareholder have approved a set of proposals relating to the investment by MassMutual Capital Partners and an affiliate of Cerberus Capital Management at an extraordinary general meeting that was…
Finsure rebrands to RBS Finsure
Broking is tougher now than ever before, according to 94 % of insurance brokers.
BP Marsh buys 25% stake in JMD
JMD Specialist Insurance Services Group has announced that B. P. Marsh & Partners a niche venture capital provider has acquired an equity interest of 25% in JMD.
Aon appoints new commercial insurance broking head
Aon has appointed Steve Redgwell as head of broking for its Commercial Insurance division.
Lockton launches commercial property credit insurance
Specialist insurance broker Lockton has expanded its Trade Credit and Surety insurance division with the launch of a new product for commercial property owners.
Biba unveils new chairman
The British Insurance Brokers' Association has said that Derek Thornton, a director of Heath Lambert and chairman of its London Market UK Wholesale Division, will become chairman of the trade association in July.
20 organisations now control 63% of the UK commercial insurance market
In his annual review of the UK commercial retail market, Cornell Consulting has estimated that 20 businesses comprising the international brokers, the larger networks and the top 10 independents now control some 63% of the commercial market.
CBG profits rise to £1.2m
AIM-listed broker CBG Group has reported an 89% rise in pre-tax profits for 2006.
RSA completes disposal
Royal & Sun Alliance has announced the completion of the disposal of its US operation to Arrowpoint Capital Corp.
Amlin produces vintage 06 performance
Amlin has announced record results for 2006 including a market-leading combined ratio of 72%. The insurer's figures reported to the stock exchange this morning, saw gross written premium up 12% to £1,113.8 million (2005: £993.5 million), a 10%…
JLT reports slight profit increase
Broker Jardine Lloyd Thompson today announced and increase in underlying profit before tax of 3.8% to £76.5m for the year ended 31st December 2006 on fees and commissions of £459.5m (up 1.2%).
Broker Direct acquires HBA
Broker Direct has acquired the entire share capital of HBA Limited, an established City of London insurance broking practice, which, under the new BD ownership, has gained provisional Lloyd’s accreditation, an achievement of which everyone is extremely…
Broker Jelf forms partnership with Lloyd & Whyte
Broker Jelf Group and the Lloyd & Whyte Group have today announced formation of a strategic alliance which aims to leverage respective areas of expertise across both groups.
Heath Lambert achieves £121m UK operating revenue
Broker Heath Lambert has announced key trading highlights ahead of its results for the year ended 31 December 2006.
Broker offers policy discounts for eco-friendly homes
Independent Insurance Services, has launched a home insurance policy with discounts for eco-friendly homes. Offered through EDI, the policy is underwritten by specialist insurer Ecclesiastical.
Greenberg elected to new role
Ace has announced that the board of directors has elected the chief executive officer, Evan Greenberg, to the position of chairman of the board, effective at the time of the Annual General Meeting in May 2007.
FSA simplifies training and competence rules for retail business
The Financial Services Authority (FSA) has set out proposals for a shorter and more outcome-focused Training and Competence (T&C) Sourcebook that will apply only to retail firms and business.
Industry looking up for AM Best
A leading rating agency has upgraded its view for the global reinsurance industry from negative to neutral.