News
Admiral profits soar; admits Spanish direct launch plans
Admiral has reported a record annual result with a core profit(1) of £122.1 million for the year to December 2005, an increase of 21% over the previous year. Group turnover, comprising total premiums written, gross other income and investment income,…
Campbell announces new Liberal shadow cabinet
Sir Menzies Campbell MP, leader of the Liberal Democrats, today announced six appointments to his new Shadow Cabinet.
Consolino appointed CFO of Validus
Validus Holdings, has announced that Joseph E. (Jeff) Consolino has been appointed chief financial officer and executive vice president of the Company and its wholly-owned subsidiary, Validus Re. Mr Consolino will relocate to Validus’ headquarters in…
$3.4bn 2005 windstorm losses blunt Berkshire Hathaway’s risk appetite
In his annual letter to shareholders, the chairman of reinsurer Berkshire Hathaway, Warren Buffett, has revealed that his company took $3.4bn in hurricane losses in 2005 and will be seeking much higher prices for Cat business in 2006.
ATE firm set to seek admission on AIM
After-the-event start-up LitComp has announced that at the Company’s Extraordinary General Meeting held earlier today all ordinary and special resolutions were duly passed.
Hardy expecting profits ahead of expectations
Lloyd's insurer Hardy Underwriting Group announced today that the profit before tax for the year ended 31 December 2005 will exceed the consensus market expectation and will be no less than £7m.
Wellington underwriting boss announces retirement
Wellington Underwriting has announced the retirement of David Foreman, a director of Wellington and the company's Chief Underwriting Officer.
Anglo Pacific launches online broker statements
Underwriting agency Anglo Pacific Consultants is to allow brokers to see their live statements of business online at any time through its underwriting system QuoteMac, which it claims is an an industry first.
FM Global planning Latin America expansion
Insurer FM Global, has announced its fourth consecutive year of strong financial and operating performance. According to a statement, the company's net income increased by 14% to US$635m (£323m), contributing to the US$2.1bn (£1.2bn) in net income the…
Howden rebrands Swedish division
Howden, the broking division of the Hyperion Insurance Group, today announced that its Swedish operation, Holm & Co, has adopted the Howden brand. With immediate effect, the business will now operate under the name of Howden Insurance Brokers AB.
GenRe Australian execs drop finite disqualification appeals
Two former senior executives of General & Cologne Re Australia, part of the giant Berkshire Hathway reinsurance empire, have withdrawn their legal challenge to their disqualification by the Australian Prudential Regulation Authority (APRA).
Axa launches SME package
SMEs are finding red tape a huge burden on their businesses and say it is stifling productivity, according to research by AXA, prompting the insurer to launch a bureaucracy-busting package of online tools.
Aon launches business continuity review for flu pandemic
Broker Aon has launched a new pandemic business continuity review service to help businesses assess their readiness for pandemic crises from a human capital resources perspective.
Supplier says SatNav theft on the up
Toad, the automotive technology insurance replacement firm said today it has seen a dramatic increase in demand for replacement portable navigation systems. Scotland Yard released figures just before Christmas stating that 500 are being stolen every…
Buy to let scheme launched from Markel and Commercial Express
Commercial Express, the specialist buy to let insurance provider, today announced the launch of a new property owners’ facility for multi-property risks.
DAS promises broker commission for new drafting service
Policyholder requests for bespoke legal documents covering employment, grievances and complex business arrangements have prompted legal expenses insurer DAS to offer a comprehensive document drafting service.
Fitch sees ‘A’ ratings “difficult” for Class of 2005
A report published by the Fitch ratings agency has cast doubt on the class of 2005’s credit profile.
Swiss Re reports $760m prior year liability deterioration
Buried in yesterday’s 2005 annual results, Swiss Re added a 27 percentage point charge to its 2005 liability combined ratio for deterioration to its 1999-2001 underwriting years.
Moorhouse appoints Aon client services director
Jan Wilkins has been appointed corporate client service director at Moorhouse Group. She joined from AON where she was client service director for their Cardiff and Bristol operations.
Cat losses push AWAC to a 124% combined ratio for 2005
Bermudian (re)insurer Allied World Assurance Holdings (AWAC) has blamed property catastrophe losses for a combined ratio of 124% for the 2005 calendar year, set against a ratio of 95.9% a year earlier. The company also reported an an 8.6% decline in…
Allstate drops coverage level in New York
Allstate has said that it wasn't renewing some of its homeowners' policies in the New York City area for fears that a major hurricane could strike in the area, leaving the insurer overexposed.
Oxygen targets new market with hire
London market broker Oxygen is to target extended warranties markets with the hire of a new team.
Aon merges two Manchester offices
Aon announced this week it is merging its two Manchester offices to bring together 200 employees in its existing location at Arkwright House, Parsonage Gardens.
HSBC Brokers announces restructure
HSBC Insurance Brokers has adopted a new structure which will align the business into four core groupings reporting to chief executive Mike Dixon.