News
Broker Network adds another buy
Broker Network Holdings has completed the acquisition of commercial insurance brokers Adam & Gaskell.
Highway partners TMS for new repairer network
Motor insurer Highway has launched a new commercial approved repairer network in partnership with TMS Fleet.
NU warns of continued breaches in working at height rules
According to Norwich Union businesses are still flouting the law and causing accidents – even in trades not considered “high risk” – a year on from the Working at Height Regulations.
Banking giant appoints new insurance boss
HBOS General Insurance has announced the appointment of Tom Woolgrove as its new managing director from 1 June 2006. He will replace Rob Devey who has been appointed managing director HBOS Retail Distribution and will take a seat on the retail board.
Allianz Cornhill extends credit hire deal with CCL
CCL UK Group, the £30million turnover vehicle replacement and claims services group, has commenced a new three year contract with Allianz Cornhill, representing approximately 5,000 hires per annum.
R&SA revamp see McManus take new role
Royal & SunAlliance has re-organised its commercial business. The changes include transferring R&SA’s Personal General & Brand Broker business into a single division with Commercial, led by Brendan McManus. The new division will be known simply as …
Equity appoints JPMorgan and Union Bancaire to invest £500m
Equity Insurance Group has appointed JPMorgan Asset Management and Union Bancaire Privée to equally manage its £500m insurance portfolio. They have been chosen to manage the assets to an absolute return objective of Libor plus 1.5%.
Axis unveils new CFO
Bermudian (re)insurer Axis has announced that David Greenfield will join the company as Chief Financial Officer during the third quarter.
Axis 1Q confirms turbulent 2006 market
Bermudian (re)insuer Axis has reported net income of $195.2m for the 1st quarter 2006, up from $151.8m for the same quarter in 2005. However gross reinsurance premiums fell 5.4% in the same period as the reinsurer reassessed its Cat book and adverse…
PXRE faces more class actions
The total of class actions being brought against PXRE has reached eight.
Swiss Re funding for GEIS purchase on track
Swiss Re has announced that it is on track to complete its external financing for the acquisition of GE Insurance Solutions with the successful placement of $2bn equivalent of hybrid capital securities.
MP tables motion for asbestos compensation reform
Following yesterday's question at House of Commons Business Questions, Stephen Hepburn, Labour MP for Jarrow, has further condemned the Law Lords' decision in Barker v Corus and Others.
Asbestos judgement leads to anger in the Commons
Yesterday's judgement from the Law Lords which could slash insurers' liabilities for asbestos injury saw calls for a ministerial response in the Commons today.
Inter Resolve signs up arbitration specialists
InterResolve, the independent claims resolution specialist, has announced an agreement with the Chartered Institute of Arbitrators’ ADR service provider arm, DRS-CIArb, and mediation specialists ADR Group to add an extensive range of arbitration and…
Arc wins legal costs deal with Carole Nash
Arc Legal Assistance has developed a motor legal costs insurance product for major motorcycle broker, Carole Nash Insurance Consultants. In what it says is the first such move in the sector, the product will cover the costs incurred by the firm’s own…
Moody's downgrades Wellington 2020
Moody's Investors Service has downgraded to A2 from A1 the Insurance Financial Strength rating of Lloyd's syndicate 2020 reflecting the impact of the 2005 US Hurricanes on the syndicate's financial strength.
Levene and Woodburn bestowed highest CII honour
The Chartered Insurance Institute has announced that it has recognised the outstanding contribution of seven individuals to the insurance and financial services industry by granting them Honorary Fellowship (Hon. FCII) of the Institute.
Goodhealth appoints Derry Andrews as European managing director
Derry Andrews, previously managing director of Goodhealth Worldwide’s UK private medical operation has taken on responsibility for Europe following a restructuring of the group.
FSA conducts review after
The Financial Services Authority today said it will undertake a large scale review later this year into the handling of client money by general insurance intermediaries.
Equity promotes itself to mortgage market
Equity Insurance Group and Cardif Pinnacle and have launched a general insurance quotation system which will enable the insurer to reach the mortgage market. The web based system means mortgage salespeople don’t have to re-key data for different products…
LeBoeuf poaches big London market hitter
LeBoeuf, Lamb, Greene & MacRae has announced that Francis Mackie joined the firm as a partner in its London office on 1 May 2006.
Besso expands with broker acquisition
CBC UK Ltd, a wholly owned subsidiary of the Besso Group, has acquired H Bernstein Insurance Brokers Ltd for an undisclosed sum.
PXRE hurricane losses prompt law suits
A class action has been filed against PXRE alleging that the company misrepresented its losses from the 2005 hurricane season.
Former Zurich MD Burrows returns
Brit Insurance today unveiled former Zurich commercial boss Peter Burrows as its UK underwriting centre director. He will also join Brit’s executive management committee.