News
Marsh hires client service manager for Japanese business
Marsh has appointed Rob Wendin to lead its Japan client services team in Europe, Middle East and Africa.
Florida governor imposes rate cap
An emergency rule forcing property insurers in Florida to freeze rates has been approved.
ZENITH FILLS THE GAP
Gibraltar-based insurer Zenith Insurance has entered the Guaranteed Asset Protection (GAP) insurance market following a deal to underwrite GAP Insurance for AA Warranty.
Mondial teams up with Sterling insurance to offer new GAP and creditor products
Mondial UK, a bespoke warranty assistance provider, has teamed up with ‘A rated’ underwriting partner Sterling Insurance to market a range of new insurance products for manufacturing partners.
Benfield man joins Converium after departures
Swiss reinsurer Converium has made two appointments following the departure of senior executives in its property & casualty and life & health departments.
Markel moves to get closer to brokers
Markel International has appointed Conor Finn to the newly-created position of director of business development. The insurer said the new position has been created to proactively develop relationships and seek opportunities for growth.
Liverpool Victoria to acquire Britannia Rescue
Liverpool Victoria has announced today that it has entered into a conditional agreement to acquire Britannia Rescue from the Civil Service Motoring Association, subject to csma member approval and regulatory approval.
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…