News
GAB Robins strengthens london market team
GAB Robins has recruited Andy Cathersides to its newly formed London Market Business Unit. Mr Cathersides will report directly to Trevor Cameron, Managing Director of the LMBU.
Former GAB liability boss joins rival
Argent Liability Adjusters have recruited Steve Hall to be the manager of their Manchester office.
Recall insurance demand surges
The number of reported European recalls of dangerous and faulty consumer goods more than doubled last year, according to the latest European Commission figures analysed by PricewaterhouseCoopers LLP. There has also been a significant increase in the…
Oxygen adds senior Aon duo to broking "dream team"
Oxygen has today announced that two senior executives from Aon are to join its Lloyd’s accredited broking operation, Oxygen Insurance Brokers.
Max Re Capital reports Q4 2005 loss
Max Re Capital has reported a net loss for the three months ended December 31, 2005 of $11.4m, compared to net income of $87.1m for the three months ended December 31, 2004.
Motor insurance giant joins multi car price discount war
Direct Line has followed rival Admiral in offering discounts for anyone insuring more than one car.
Fortis in Premiership tie up
Fortis broking subsidiary Outright has been appointed by Aston Villa football club to launch its first range of general insurance products to the Aston Villa fan base.
KBW bullish on Zurich profit forecasts
Analyst Keefe Bruyette and Woods has projected Zurich Financial Services's fourth quarter results will report net attributable earnings of $419mn (£239m) (4Q04: $730mn; consensus: $419mn-1.1bn) and a business operating profit (ZFS basis) of $688mn (4Q04:…
Lancashire poaches Everest underwriter for retro account
Bermudian class of 2005 start-up Lancashire Holdings has announced the intended appointment of Bryan Bumsted as retrocession underwriter and VP. The appointment will take effect upon final approval from the Bermuda Department of Immigration
Hurricanes and legacy push Fairfax into $498m net loss
Canadian (re)insurance group Fairfax Financial Holdings has revealed a net loss of $497.9m for the 2005 year, after absorbing losses from Hurricanes Katrina, Rita and Wilma $715.5m, and after recording $465.5m in pre-tax charges resulting from actions…
IIB raises spectre of Indie in payment warning
Brokers who accept credit cards for premium payment could be exposed to millions of pounds of insurer debt according to a broking trade body.
AM Best keeps AIG under review
AM Best is maintaining its existing under review status of the financial strength ratings (FSR) of member companies of American International Group, (AIG) following AIG’s announcement that it has reached a $1.64bn settlement ($1.15bn after tax) with the…
Fitch leaves AIG ratings on negative watch
Fitch Ratings has said that its ratings on American International Group (AIG) and its ratings on AIG subsidiaries, including American General Finance Company (AGF) and International Lease Finance Corporation (ILFC), remain on Rating Watch Negative.
Montpelier Re director quits
Bermdian reinsurer Montpelier Re has announced that G. Thompson Hutton has resigned as a director of the company with immediate effect, following his appointment as president and chief executive of fellow Bermudian reinsurer White Mountains Re.
SVB announces new insurer plan
Lloyd's insurer SVB today announced plans to bring forward proposals designed to achieve its stated strategic aim of establishing and capitalising a new, wholly-owned FSA-regulated insurance company isolated from its damaging legacy underwriting. The…
AIG adds $870m to asbestos and environmental reserves
US insurance giant AIG has added $870m to its asbestos and environmental (A&E) reserves as part of an overall reserve-sweetening package of $1.69bn.
FMW sees fee income up 10% in 2005
Commercial broker FMW Risk Services today reported it had recorded a gross written premium of £27m and a brokerage/fee income of £4.621m in 2005.
AIG settles with Spitzer and SEC for $1.6bn
US State and federal regulators have announced agreements that resolve pending litigation and investigations of fraud, bid-rigging and improper accounting by American International Group (AIG).
DAS renews road rescue contract with Britannia Rescue
DAS Legal Expenses has renewed its existing contract with Britannia Rescue to provide the customer-facing elements of its motor assistance products following a six-way tender.
MVRA appoints law specialists to advise members
In a move designed to enhance its service provision to members, MVRA has appointed Lloyds Employment Law Consultancy to provide an advisory service for members. Under the terms of the agreement Lloyds consultants will be available round the clock to…
Cooper Gay appoints Kirk Bitu as senior vice president
Cooper Gay & Cashman (Minneapolis) and Cooper Gay Group (London) have announced the appointment of Kirk Bitu as a senior vice president. Mr Bitu will be in charge of actuarial and financial modeling at Cooper Gay & Cashman.
AM Best affirms Wilton Re ratings
AM Best has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of Wilton Reinsurance Bermuda and Wilton Reassurance Company (together known as Wilton Re). All ratings have a stable outlook.
Hurricanes blast Endurance to $208m operating loss in 2005
Bermudian (re)insurer Endurance Specialty Holdings has unveiled a net operating loss of $208.3million for the year ending 31st December 2005 versus operating income of $348.4m a year earlier.
Willis begins results season with $127m profit slide
Willis has announced its fourth quarter 2005 and full year results reporting a drop in net income from $427m (£245m) in 2004 to $300m (£172m) to the year ended 31 December 2005. The fall was attributed to first quarter charges for regulatory settlements…