News
Bank of America tests the water at Lloyd’s with $65m casualty start-up
Banc of America Insurance Group, part of US financial giant Bank of America, has announced it is to open Pembrace Casualty Insurance, a £33m ($65m) stamp capacity specialty liability, casualty and reinsurance syndicate at Lloyd’s of London.
Hurricane threat not over says expert
The threat of hurricanes in the Atlantic region will remain high for decades, a report by a leading physicist has warned.
Everest Re 4Q sees equity top $5bn
Bermudian (re)insurer Everest reported a 92.9% combined ratio in the fourth quarter 2006 to produce after-tax operating income, excluding realized capital gains and losses, of $201.2m compared to an after-tax operating loss of $185.8m in the Wilma…
Munich Re battens down the hatches as 1/1 premiums fall 3%
Global reinsurer Munich Re has said that overall it is satisfied with the outcome of the 1st January renewals, but pointed to a 3úll in premium volumes and an increasingly competitive market.
FSA fines GE Capital Bank
The Financial Services Authority (FSA) has fined GE Capital Bank Ltd (GECB) £610,000 for failing to have adequate systems and controls for selling insurance which includes Payment Protection Insurance (PPI) and for failing to treat its customers fairly.
Nick Thomas re-elected at Kennedys
Nick Thomas, senior partner at City law firm Kennedys, has been re-elected for a third term.
Zenith enters the GAP
Gibraltar based insurer Zenith Insurance has entered the Guaranteed Asset Protection insurance market following a deal to underwrite GAP Insurance for AA Warranty.
Heritage profits from benign year
Heritage Underwriting Agency’s net premium income in 2006 increased by £62.1m to £262.6m on the previous year and has been attributed to large premium increases in catastrophe business, a benign claims back drop and a significant increase in its…
Cheung to lead Marsh modelling and analysis team in UK
Marsh has appointed Man Cheung as leader of its modelling, analysis and design team in the UK. Mr Cheung will report to Eddie McLaughlin, the team’s global practice leader.
K5 latest Cat bond to be hit by Kyrill
Hannover Re has confirmed that risk securitisation ‘K5’ has softened the blow caused by last month’s winter storm Kyrill.
Crawford announces London market bureau to launch this week
Crawford & Company is set to launch a global claims bureau in the UK to further strengthen its Lloyd’s of London operations. It will officially open on 1 February with a reception at the Lloyd’s building attended by leading Lloyd’s and London Market…
FSA makes non-exec appointments to compensation scheme
The Financial Services Authority has appointed two new non-executive directors to the board of the Financial Services Compensation Scheme with effect from 1 February 2007.
Aon acquires Footman James
Broking giant Aon has announced that it has completed the acquisition of Footman James from Alchemy Partners Limited. The terms of the transaction are not disclosed.
Benfield poaches Cooper Gay exec for Fac successor
Benfield has announced the appointment of Jeremy Goodman to head the company’s global Facultative Solutions team.
Westward Counties Insurance Services joins Fidelius Group
One of the region’s best known insurance brokers, Westward Counties Insurance Services, has been acquired by the Fidelius Group, the Bath based Insurance and Financial Solutions Company.
RAA slams Florida "gambling" on Cat risk
The Reinsurance Association of America (RAA) today warned that the insurance reform bill enacted by the Florida legislature amounts to “gambling” by the State of Florida.
FSB concerned over possible EL rate rises
The Federation of Small Businesses has warned that employers’ liability insurance premiums could rise, following the introduction today of a new scheme that allows the NHS to recover the costs of treating patients that have been paid personal injury…
Munich Re €110m Cat bond may be triggered on Kyrill loss
Standard & Poor's (S&P) has placed Munich Re’s Aiolos catastrophe bonds on negative creditwatch after the giant reinsurer advised of a potential claim event under the cover.
Kyrill set to cost Munich Re $778m
Munich Re has forecast a loss of up to $778m from winter storm Kyrill. The loss includes claims relating to its primary insurance subsidiary Ergo.
InFires Commons' seminar date set
The Insurers’ Fire Research Strategy Funding Scheme (InFiReS) is to hold its annual seminar on Friday 23rd at The House of Commons.
Robins appoints Bentley to client services role
GAB Robins has promoted George Bentley to the role of client services director for its UK operations.
Highway appoints motorcycle underwriter
Motor insurer Highway has appointed Frank Espinoza as motorcycle underwriter.
Equity partners with Nissan
Equity Group has signed an affinity partnership with Nissan Motor (GB) Limited. The Brentwood insurer secured the three-year deal following a tender process to become its new motor insurance provider.
Willis UK boss steps down
Willis has announced the retirement of Richard Bucknall, vice chairman of the group and chairman and CEO of Willis' UK business unit. He will step down on 31 March and will continue in an advisory role through the end of the year.