News
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.
Cobra tops 90 brokers
Cobra Network, the independent network of commercial insurance brokers, today announced that membership has risen to ninety brokers following successful applications from PW White & Partners, based in Amersham, Buckinghamshire and Steele Insurance…
Quanta hit by further downgrades
Quanta’s problems continue after AM Best downgraded the company’s financial strength ratings (FSR) to B++ (Very Good) from A- (Excellent) and the issuer credit ratings (ICR) to "bbb" from "a-".
FSA cancels broker's permission to trade
The Financial Services Authority has issued a final notice to cancel Monarch Insurance Services's permission to trade.
Union in NU dig over profit
Trade union Amicus has called on insurance giant Aviva to pull back jobs to the UK in the light of today's profit statement.
GEIS announces strong renewal season
GE Insurance Solutions (GEIS) companies has said that it secured nearly $1.5bn of property and casualty reinsurance business in the recently completed January 1 renewal season.
Six GI intermediaries banned by FSA
The Financial Services Authority has barred nine small firms including six insurance intermediaries from carrying out regulated business after they failed to provide any data to enable the regulator to monitor their activities.
Swiss re hikes dividend despite lower premium volume and mega cat losses
Swiss Re has reported net income of CHF 1.45bn for 2005, down 40% on 2004. The company pointed to an extra CHF1.8bn in large catastrophe claims on the prior year as well as an overall 6% reduction in net premium volume due to the competitive nature of…
Industry hits back at plans which may hike EL claims
Business groups yesterday attacked Home Office proposals that companies should compensate employees who are the victims of crime during work hours, according to a report. It claims that in an attempt to reduce the £200m a year paid out by the Criminal…
Troubled Quanta loses A rating: plans wholesale restructuring
In a stark fourth quarter earnings release, Bermudian (re)insurer Quanta Capital Holdings has announced that it is to be downgraded by AM Best and will be seeking immediate cost cuts as well as the sale of some or all of its business units. The option of…
Amlin set for record profits
Amlin has forecast record profits for its 2003 syndicate year of account and indicated its result for the year ended 31 December 2005 will be materially ahead of market expectations.
Acquisitive broker buys Manchester firm
CBG Group, the Manchester based listed insurance broker has acquired Spencer Lavery Associates, a specialist broker of healthcare insurance and also a provider of general insurance broking services and financial services.
Aviva chief declares 2005 best yet for GI
UK insurance giant Aviva this morning declared 2005 its "best general insurance result yet". Its general insurance and health profit jumped 22% to £1551 million and it recorded a worldwide general insurance combined operating ratio (COR) of 95% (2004: 97…
Time to test yourself
A selection of questions from various past-CII qualification papers
Bernau is made new chairman of the FSSC
The Financial Services Skills Council has appointed a new chairman, following the retirement of Sir ...
Companies are ignorant over coaching content
More than one in every three companies have no idea what executives are learning when they hire a co...
Charities Day looks to raise more funds
Insurance Charities Day is set to take place tomorrow. More than £1m is spent every year helping hu...
NU boosted by massive online growth
This morning Norwich Union heralded a 200% increase in UK online sales and stressed it was keeping its nerve with regard to rates, incuding a 4% increase in motor during 2005.
CBG adds two new offices
Broking consolidator CBG Group has continued its expansion in the North-west with the acquisition of...
Axa profits soar amid commercial squeeze
Intense competition in commercial lines and slowing growth in creditor insurance did not stop Axa In...