News
TCF having no impact on consumer understanding: report
A research paper claims to have thrown into doubt the success of the regulator's Treating Customers Fairly initiative. Docucorp has conducted research with a number of insurers and brokers in the UK, which it said proves customers' understanding of…
Max Re CEO quits as old finite wounds reopened
Bermudian reinsurer Max Re's founder, CEO and Chairman, Bob Cooney has resigned as the company reopened an internal investigation into accounting for finite risk retro contracts and advised markets that it would have to restate results a second time…
Catlin offers 121p per share in Wellington bid
The Boards of Catlin and Wellington have announced the terms of a recommended offer to be made by Catlin for the whole of the issued and to be issued share capital of Wellington.
Liberty opens office in DIFC
Liberty International Underwriters (LIU), a division of Liberty Mutual, has opened an office in the Dubai International Financial Centre (DIFC).
PwC appoints new global head of insurance
PricewaterhouseCoopers has appointed Ian Dilks as the new global head of its insurance group.
Equity expands in Sussex
Equity Insurance Group has acquired Worthing broker Dunglison & Co.
Willis confirms 400 job cuts
Willis has confirmed it will be making redundant around 400 employees, primarily in the UK in both its retail and London Market operations.
Fleet driver ignorance causes breakdown increase
Fleet drivers are risking breakdowns through ignorance about modern cars and lack of basic maintenance, according to RAC research.
Post journalist scoops top award
Lynn Rouse, deputy editor of Post, has won the coveted general insurance trade journalist of the year award. Ms Rouse was presented with the prize at last night's Association of British Insurers' financial media awards ceremony.
Illium expands southeast operation
Illium Managing Agency is expanding its service company operations into the South of the UK. The Lloyd’s liability and commercial motor specialist has appointed a new regional underwriter, Chris Ashmead, who will be based at the group’s existing office…
FSA fines Loans.co.uk for TCF failure
The Financial Services Authority (FSA) has fined Loans.co.uk Limited (LCUK) £455,000 for failing to treat its customers fairly when selling Payment Protection Insurance - the highest yet for PPI.
Homeserve acquires Digital Insurance Services
Homeserve has acquired Digital Insurance Services for £3m.
Quiddington quits Lloyd's
Steve Quiddington, director of operations at Lloyd's has left the corporation. Mr Quiddington originally joined Lloyd's in 2000 and a was a former director of strategy for National Westminster Bank.
Only four of world's top 300 mutuals hail from UK
Four of the UK's leading mutual insurers are named as among the world's top 300 cooperative and mutual organisations in a new global ranking of the major cooperative and mutually-owned businesses.
Endurance reports record 3Q, retains much less
Bermudian (re)insurer Endurance Specialty Holdings has reported net income of $128m for the third quarter of 2006 versus a net loss of $377m in the same quarter in 2005.
FM Global to launch flexible BI option
Commercial and industrial property insurer FM Global will soon offer its policyholders a new coverage option that enables them to choose the type of business interruption coverage best suited to their needs.
Aspen posts 26% premium growth in 3Q
Bermudian (re)insurer Aspen Insurance Holdings beat market expectations by posting a net profit of $95.0m the third quarter of 2006 compared to a loss of $362m for the same quarter in 2005. The figures were founded on a combined ratio of 81%.
QBE expands aviation syndicate
Following the launch of Emilio Di Silvio Syndicate 5555 in September 2006, QBE announces the further expansion of the underwriting and claims capabilities of the syndicate.
3Q reveals a deleveraged Montpelier Re
Bermudian reinsurer Montpelier Re has reported net income of $76m for the third quarter set against a loss of $730.3m for the same quarter in 2005. The figures came on the back of a 58.3% combined ratio
FSA fines loans.co.uk £455k for PPI miss-selling
The Financial Services Authority has fined Loans.co.uk £455,000 for failing to treat its customers fairly when selling Payment Protection Insurance. The regulator found that LCUK did not have appropriate systems and controls to minimise the risk of…
Chaucer to open new managing agency
Chaucer has exchanged agreements with Quanta Capital Holdings and the senior underwriting team of Syndicate 4000 to establish Pembroke Managing Agency to manage Lloyd’s Syndicate 4000.
Brokers to face close scrutiny over sickies
Brokers are increasingly having to discipline staff for pulling 'sickies', according to a survey by ...
Recipients of Cullum/Towergate scholarship
Towergate executive chairman Peter Cullum revealed the four recipients of this year's Cullum/Towerga...
Report reveals workers' regret
At least a third of managers in the insurance sector believe they have failed to reach their true po...