News
Moody’s rates Amlin Bermuda a notch below its parent
Moody's has assigned an A2 insurance financial strength rating (IFSR) to new reinsurance start-up Amlin Bermuda with a stable outlook. At the same time, Moody's affirmed with a stable outlook the A1 IFSR on Amlin's Lloyd's syndicate 2001 and the Baa3…
Towry Law acquired by JS&P
Brokerage Towry Law has been bought for £37m by JS&P Holdings, a fee-based wealth management, financial planning and employee benefit firm owned by private equity funds managed by Palamon Capital Partners. The transaction is subject to UK regulatory…
SCOR to take €18m Wilma charge
French reinsurer SCOR has revealed that it estimates the total impact of Hurricane Wilma on its net income to be €18m, net of retrocessions, reinstatement premiums and after tax.
Insurance customers urged to replace E111
Travel insurers arranging cover for travel to Europe in the New Year and early 2006 are being urged by the Department of Health to ensure their customers apply for their EHIC (European Health Insurance Card) as the old E111 form becomes invalid on 1st…
Ecclesiastical gets upgraded
Insurer Ecclesiastical has had its rating upgraded to an 'A-' grade rating by agency Standard & Poor's. Ecclesiastical already had an 'A-' grade rating from A M Best.
US R/I figures show Bermuda surging ahead of Europe
The US Department of Commerce’s latest annual survey of the transactions of. insurers resident in the US with overseas (re)insurers has shown Bermuda continued to gain ground at the expense of UK and other European reinsurers.
Lloyd's rating stable despite concern over risk concentration
Fitch Ratings has affirmed Lloyd's Insurer Financial Strength rating at 'A'. At the same time, Fitch has affirmed ratings for the Society of Lloyd's and its subordinated debt issue, details of which are listed below. The Outlooks on the IFS and Long-term…
Aon joins marine safety association
Aon has become the first insurance broker to join the Society of International Gas Tanker & Terminal Operations (SIGTTO). Aon plans to use active participation at SIGTTO regional meetings to enhance members’ understanding of risk and insurance issues,…
Insurers' customer service spend outstrips prospecting: Report
A new report from mail and messaging specialist Pitney Bowes has claimed that – for the first time – insurers are now devoting more marketing budget to existing customers than to prospecting activity.
Alea completes European renewal rights sale
Alea Group has announced that its subsidiary Alea Europe has completed the sale of the renewal rights of part of its reinsurance business to SCOR. The sale covers its property and casualty treaty portfolio, which constitutes the majority of Alea Europe’s…
National Financial Services Academy for Norwich
The city of Norwich has further established its claim to be a leading centre for the financial services having been named as one of three UK locations for the new National Financial Services Academy. City College Norwich was one of 27 colleges to bid to…
Brit in broker PI tie up
Lloyd's isnurer Brit has teamed up Holman Professional Indemnity, a division of Lloyd’s broker Holman's, to launch a new facility for brokers’ own professional indemnity insurance.
St Paul Travelers to provide underwriting capacity for SLE Worldwide
St. Paul Travelers has announced that it is taking over the provision of property-casualty underwriting capacity for SLE Worldwide with effect from 1 January 2006. SLE Worldwide is a specialist, London-based underwriting agency providing insurance for…
Allianz Cornhill achieves Investors in People 'Profile' standard
Allianz Cornhill Insurance has been awarded Investors in People accreditation against the new Profile Standard – becoming one of the first companies in the UK to do so. The Investors in People Profile is a framework of good practice that goes beyond the…
Capital still eying Bermuda reinsurance market, claims report
Despite record 2005 hurricane losses, the Bermuda reinsurance market remains attractive to capital according to the latest Bermuda Reinsurance Quarterly Report from Benfield’s Industry Analysis and Research Team entitled ‘Capital Carousel’.
Goshawk Mark III gets started
The reincarnation of failed Bermuda reinsurer Rosemont Re, Ariel Reinsurance has commenced underwriting following a $1bn capital injection.
Ariel Re opens with an A- from AM Best
Ariel Reinsurance has started underwriting as a Class 4 Bermuda licensed reinsurer following $1bn funding from its parent company, Ariel Holdings and the awarding of an A- (Excellent) rating from AM Best.
Converium restates accounts
Converium has announced the results of its restatement of accounts following an external review into its practices. It also announced that for the third quarter of 2005, the company reported a net loss of $6.9m and for the nine months ended September 30,…
Willis welcomes TRIA extension
Joe Plumeri, chairman and CEO of Willis has welcomed US congressional action to extend the Terrorism Risk Insurance Act (TRIA) for a further two years.
Beazley syndicates given clean bill of health
A.M. Best has affirmed the Best’s Syndicate Rating of A (Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 623 and Lloyd’s Syndicate 2623 which are both managed by Beazley Furlonge Limited.
Hiscox Bermuda given A- rating by AM Best
A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating (ICR) of “a-” to Hiscox Insurance Company (Bermuda) a newly capitalised Bermudan insurer. The outlook on both ratings is stable.
Independent trio charged
The Serious Fraud Office has brought proceedings against three former directors of Independent Insurance. They appeared in the City of London Magistrates' Court today, charged with conspiracy to defraud.
FSA calls for networks to improve control over appointed representatives
The Financial Services Authority (FSA) has called for retail networks to improve their supervision of Appointed Representatives (ARs). An FSA survey found a number of potential shortcomings in areas such as the level of compliance resource in Principal…
Lancashire starts underwriting with A- from AM Best
AM Best Company has formally granted new Bermudian reinsurance start-up Lancashire Insurance Company a Financial Strength Rating of A- (Excellent).