News
Glacier Re gains Mexican reinsurance licence
Glacier Reinsurance has announced that it has received a licence to write reinsurance business in Mexico. The licence, which was granted on 29th March, covers all areas of non-life reinsurance.
PXRE ratings downgraded again by AM Best
AM Best has announced that it has downgraded the financial strength rating (FSR) to B (Fair) from B+ (Very Good) and the issuer credit ratings (ICR) to "bb" from "bbb-" for the reinsurance subsidiaries of the PXRE Group.
Lawyer warns of new staged accident hot spots
Crashes at roundabouts are now a serious and persistent menace where motor fraud is concerned, according to a leading insurance expert.
OFT probe could radically transform PPI industry
The Office of Fair Trading’s investigation into the £5.4bn payment protection insurance industry could radically transform the way in which key PPI players do business. Banks, credit card companies and insurers will need to be prepared for intense…
K&W passes 30th anniversary
Hampshire-based broker Keelan Westall is celebrating its 30th birthday year in business. Established on 12 April 1976, the commercial property insurance broker enters its fourth decade with almost 100 employees and gross annual income of £30 million.
FSA in 'easy-to-use guidebook' pledge
The Financial Services Authority claims to have designed a personal guidebook for all financial firms containing only relevant information which works by answering ten questions about their business.
New claims post at Highway
Motor insurer Highway has appointed Lee Radley to the newly-created position of claims relationship manager. Mr Radley’s role will include acting as trouble-shooter and management point-of-contact for all brokers and intermediaries in respect of Highway…
Fusion makes Glasgow appointment
Fusion Insurance has appointed Andrew Fleming to executive manager of its Glasgow office.
Endsleigh signs Arsenal deal
Broker Endsleigh has teamed up with Arsenal Football Club to form a new partnership; Arsenal Insurance Services.
FSCS declares 31 firms in default
The Financial Services Compensation Scheme has declared a further 31 firms in default.
SAB Capital ups stake in Lancashire
Bermuda-based institutional reinsurance investor SAB Capital has revealed that it has increased its holdings of Bermudian (re)insurance start-up, Lancashire Holdings.
RAM Re files for $200m Nasdaq IPO
Ram Holdings, parent of Bermudian financial guarantee proportional reinsurer Ram Re, has filed for an IPO to raise approximately $200m.
Swiss Re embedded value goes up
Swiss Re has announced that the embedded value of its life and health business increased significantly to CHF 20.1bn in 2005, up from CHF 17.1bn in 2004. Operating profit from existing business grew 38% to CHF 1.5bn from CHF 1.1bn in 2004, and returns on…
Highway dubs rehab pilot a success
A trial undertaken by motor insurer Highway has shown that case management led rehabilitation can lead to earlier settlement negotiations and increased accuracy on reserving by helping claimants return to pre-accident employment or to consider practical…
Towergate promotes Nathan and Blanc in restructure
Towergate Partnership has unveiled a restructure to reflect what it claims are its two main core areas of strength: underwriting and retail broking.
Brit makes household appointments
Brit Insurance has made two appointments to its UK household underwriting team. Mary Flatres has joined as head of household and Mervyn Albon as household underwriter.
NIG relaunches logo
Broker-only insurer NIG relaunched its logo today, fronted by promotional purple men scurrying around the City.
Results delay may cause Goshawk share suspension
Goshawk, London-listed parent of Rosemont Re, the Bermudian reinsurer in run-off, has said that it shares are likely to be suspended temporarily next month due to delays in producing its 2005 year-end figures.
Howden appoints deputy chairman
Lloyd’s broker Howden has appointed Mark Pangborn as deputy chairman.
Towergate in Road Haulage buy
Towergate Partnership has acquired (Onesol trading as) Road Haulage Association Insurance Services (RHAIS), the Birmingham based specialist insurance broking operation. The company has an exclusive relationship with the Road Haulage Association (RHA) for…
XL details IPO of FG spin-off, Security Capital
Security Capital Assurance Ltd (SCA) – a newly-created holding company for XL’s financial guarantee insurance and reinsurance businesses conducted through XL Capital Assurance (XLCA) and XL Financial Assurance (XLFA) – has filed details of its proposed…
CIS pre-tax profit more than doubles
Co-operative Financial Services’ general insurance arm reported a operating profit of £66.5m in 2005, up £24m on the previous year. Co-operative insurance services pre-tax profit was £37.1m in 2005 compared with £17.4m in 2004. The claims ratio reduced…
Government reports economic cost of fires down
Fires cost the economy £7.03bn in 2004 according to a new report published today by the Office of the Deputy Prime Minister. More than a third of this (£2.77bn) was incurred in anticipation of fire.
FSA and DTI mull audit exemptions for small brokers
The Financial Services Authority has issued a consultation paper about removing the statutory audit requirements under the Companies Act for small firms and Appointed Representatives (ARs). The regulator claimed this was a further move in its ongoing…