News
Towergate acquires Hobson Insurance Brokers
The Towergate partnership has acquired Romford based Hobson Insurance Brokers. The business has 10 staff and currently controls £3m of predominantly commercial insurance business.
Aviva unites UK life and GI businesses under Snowball
Aviva today announced that Patrick Snowball, currently group executive director, general insurance, will become group executive director, Aviva UK. In his new role he will be responsible for the group’s UK businesses – Norwich Union Life, Norwich Union…
AM Best confirms Quanta Europe at A-
AM Best has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of a- of Quanta Europe and removed the ratings from under review following similar rating actions on Quanta Re Bermuda, the main operating company of the group…
Forbes swoops for Heath's regional boss in northern push
Alexander Forbes has expanded its corporate risks and international business in Manchester with the appointment of Peter Mitchell who joins from Heath Lambert. He will be responsible for business development in the northern region, which covers the…
Scottish Re rating affirmed by AM Best
AM Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Scottish Re. The outlook on both ratings remains stable.
S&P rates Flatiron Re
Standard & Poor's Ratings Services has assigned a 'BBB-' counterparty credit rating to Flatiron Re and its 'BB+' senior secured debt rating to Flatiron Re's $256m term loan facility. S&P also said that the outlook on Flatiron Re is stable.
QBE UK absorbed into European brand
QBE has announced that as of 31 December 2005, the insurance business of QBE Insurance Company (UK) was transferred to QBE Insurance (Europe).
PXRE changes CFO
Bermudian reinsurer PXRE Group has announced that Robert P. Myron, the Company's Senior Vice President & Treasurer, has been named Executive Vice President, Chief Financial Officer & Treasurer of the Company.
Montpelier puts $133m into $300m Blue Ocean Re start-up
Montpelier Re has announced that it has joined with other investors in capitalising a new Bermuda reinsurer, Blue Ocean Reinsurance.
RSA makes risk solutions appointment
Royal & Sun Alliance has appointed Steve Hatherall as account director of its Risk Solutions division.
New brand identity for Equity Insurance Group
Equity Insurance Group has announced the successful launch of the company’s new brand identity. The group, previously known as Cox Insurance Holdings, was delisted and deregistered in August 2005 by a consortium including the management team and private…
JLT Re starts up
Jardine Lloyd Thompson Group has announced that JLT Re commenced trading on 1 January 2006.
Aioi Europe run-off book goes to Bermudian buyer
The Enstar Group and its affiliates, Castlewood Holdings and Shinsei Bank have agreed the purchase of a run-off book owned by Aioi Insurance Company of Europe Limited, a London-based subsidiary of Aioi Insurance Company.
Takaful Re starts operations at DIFC
Takaful Re has been licensed by Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).
Willis to offer loss recovery insurance
Willis has announced it is to offer loss recovery insurance from underwriting agency Lorega to clients of the commercial network operation. Lorega will provide its loss recovery insurance cover and access to its network of independent Chartered Loss…
PI specialist Magian closes to new business
Magian Mutual, the professional indemnity insurer established by PI Direct in 2003 has closed to new business, as of 31 December 2005, in favour of using capacity from Lloyd's managing agent, Heritage.
Former RAC financial services boss given Cornhill management role
Allianz Cornhill has appointed Nick Hall as general manager, Allianz Cornhill Personal with immediate effect.
Creechurch announces details of first islamic syndicate
Creechurch Underwriting has officially announced the formation of the first Lloyd’s Syndicate to be managed in accordance with Islamic Shari’ah principles. Stephen Gargrave will be the Active Underwriter of Takaful Syndicate 3786, which will commence…
LMA appoints technical executive
The Lloyd’s Market Association has appointed Allison Goddard as Technical Executive. Ms Goddard is responsible for leading on business process reform initiatives on behalf of LMA members.
Henry Moore heist mob used stolen lifters
The thieves who stole the massive bronze Henry Moore sculpture last week used a stolen hi-ab crane to professionally lift the £3M sculpture onto their stolen truck, according to the National Plant and Equipment Theft Register.
Crawford seeks to standardise global practices
Thomas Crawford, president and CEO of Crawford & Company, announced today that Jeffrey T. Bowman, president, International Operations, has been named chief operating officer of its gobal property and casualty services, effective January 1.
S&P takes Converium off negative watch after restatements
Standard & Poor's Ratings Services has affirmed its 'BBB+' long-term counterparty credit and insurer financial strength ratings on Switzerland-based reinsurer Converium AG and the guaranteed operating entities of the Converium group (Converium).
Lloyd’s underwriter sells more than half his shares for $1.69m
Lloyd’s (re)insurer Atrium has reported that Kevin Wilkins, active underwriter of its syndicate 570, has sold 500,000 ordinary shares in the company at a price of £1.93 ($3.38) per share.
Glacier Re ups capital by a further $50m
Swiss-based reinsurer Glacier Re has announced that it has issued $34m and €14m ($16.5m) of subordinated notes to boost its capirtal base for 2006.