News
Caribbean Cat fund launched
The World Bank has launched a catastrophe fund to provide emergency insurance cover to 18 Caribbean countries following an earthquake or hurricane.
Capita unveils new intermediary aggregator offering
Capita has today launched a new aggregated general insurance service for intermediaries by linking the services of two subsidiary companies, Webline, its adviser portal, and BDML, the broker.
Smart & Cook boss outlines acquisition plans
Smart & Cook has announced its 52nd acquisition to date with the purchase of Slater Marchant in the Yorkshire Dales, with five more in the pipeline.
Lancashire acclaims first full year of trading a major success
Bermuda-based (re)insurance group Lancashire has reported a profit after tax of $159.3m on gross written premiums of $626.0m in 2006. It said its loss ratio was 16.1% and combined ratio 44.3%.
Beazley profits soar
Lloyd's insurer Beazley has reported a profit before tax of £86.8m (2005: £16.1m) for the year ended 31 December 2006.
FSA – Simplifies T&C rules for retail business
The Financial Services Authority (FSA) last week 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.
SOCA addresses Parliamentary Group
The economic impact of fraud, including insurance fraud, has been estimated at £13bn a year. The claim by Sir Stephen Lander, chair of the Serious Organised Crime Agency, was made at a meeting of the All Party Parliamentary Group on Insurance and…
White Mountains appoints new chief
White Mountains Re has announced Allan Waters will replace Tom Hutton as the company's CEO.
Biba warns over Derbyshire broker
The British Insurance Brokers' Association has issued a warning to customers of broker David Brown Insurance Services to check their cover.
Broker recruits ahead of motor push
Specialist over-50s insurance company Castle Cover has announced the appointment of Helen Ricketts as head of motor.
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.