News
GAB bosses reunite
Former GAB Robins boss Arthur Rackstraw has accepted the post of managing director of Aquilo Inspection & Reinstatement Services Ltd. He resigned from former GAB subsidiary Sergon in January 2005 following its acquisition by Homeserve.
FSA: begin planning for MiFID
The Financial Services Authority has moved to encourage senior management at regulated firms to begin preparing for the implementation of the European Union's Markets in Financial Instruments Directive (MiFID), which is likely to come into force on 1…
RBSI head joins Cox in affinity drive
Cox Insurance today announced the appointment of RBS head of corporate partnerships David Birch as sales director. The insurer said he would oversee Cox’s stated objective, to strengthen its position as a major provider of affinity solutions in the UK.
Illium syndicate enters commercial motor
Lloyd’s liability insurer Illium Syndicate 4040 is launching a new UK commercial motor division for 2006. The Commercial Motor Underwriting team will be headed up by John Shepherd.
Amlin reveals $52m Wilma hit
Lloyd’s insurer Amlin this morning releases a trading update, including an improved forecast for Syndicate 2001 for the 2003 year of account and an initial loss estimate for Hurricane Wilma of US$52m.
Munich Re places €110m European windstorm cat bond
Giant reinsurer, Munich Re has announced the private placement of €110m of risk-linked securities to provide immediate protection against severe Western European windstorms.
Ratings agencies mark Swiss Re for possible downgrade
Fitch Ratings has placed Swiss Re on Rating Watch Negative and GE Insurance Solutions (GE Insurance) on Rating Watch Positive.
Former Cox boss takes up CEO post as GoshawK board resigns en masse
Former Cox director Michael Dawson has taken over Goshawk as chief executive as part of a wholesale shake up.
US Senate passes TRIA extension bill
The US Senate has passed a bill to continue a program of federal guarantees to cover losses from terrorist attacks, pushing the program nearer to extension before it expires at the end of 2005.
Moody’s looks at Swiss Re ratings after GE deal
Moody's has announced that it had placed the Aa2 insurance financial strength and senior debt ratings of Swiss Reinsurance Company as well as its' A1 subordinated debt rating on review for possible downgrade.
ABI backs new capital adequacy regime
Following the publication today of the Financial Services Authority's (FSA) Insurance Sector Briefing ('ICAS: one year on'), Peter Vipond, director of financial regulation and taxation at the Association of British Insurers (ABI) has backed the regulator…
Scottish Provident launches guide to making claims
Protection specialist Scottish Provident has produced a series of practical guides and checklists for policyholders and financial advisers, explaining the claims process and what happens at each stage. Guides will be issued to policyholders at claim time.
Broker JPM hails paperless office
The office of a West Midlands insurance intermediary will soon become a paperless environment in what the company believes is a first for its industry within the commercial sector.
New Number One reinsurer in the world – Swiss Re buys GE insurance business
Swiss Re has announced it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE) in a $6.8bn transaction. The deal means that, as calculated in Reinsurance’s Top 50 tables, Swiss Re has now…
Cooper Gay appoints Barton as deputy MD
Cooper Gay has appointed Steve Barton as deputy managing director within its marine & aviation division.
Crawford buys 25% stake in Chinese adjuster
Crawford & Company has said it will obtain full managerial control of the Chinese firm Tino Insurance Surveyors in China, after acquiring a 25 percent shareholding in the company.
FSA to probe conflicts of interest in London Market brokerages
The Financial Services Authority will be contacting the CEOs of London Market brokers "within the next couple of days" on the issue of conflicts of interest.
Broker Network secures Lloyd's status
Broker Network has announced it has received full Lloyd’s accreditation, claiming to become the first network to achieve this.
Compensation culture still hampering UK businesses, claims Aon
UK businesses and local authorities continue to be hampered by the costs of dealing with the UK’s compensation culture, and many of the causes of the problem are not being addressed by the Government’s new Compensation Bill, according to a survey by Aon.
ZFS reports profits of £2.8bn
Zurich Financial Services has reported a record operating performance for the first nine months of 2005,despite the impact of severe natural catastrophes in the United States and Europe, a company statemetn read today.
Chancellor urges insurers to reject claims
The government today took another step in its work in tackling public perceptions of a compensation culture. Lord Falconer, Secretary of State for Constitutional Affairs and Lord Chancellor, speaking at the Risk and Redress Conference in London, called…
Markel International gets rating approval from AM Best
AM Best has affirmed the financial strength rating of A- (Excellent) and assigned an issuer credit rating of “a-” to Markel International Insurance Company (MIICL). The outlook for both ratings is stable.
VAT on outsourcing D-day announced
The pre-budget report statement will be made to the House of Commons by the Chancellor on Monday 5 December.
Greenlight Re arrives in Caymans
Investment manager Greenlight Capital has formed a new offshore reinsurance company, Greenlight Capital Re, in the Cayman Islands to capitalize on growing demand for insurance products, according to company founder David Einhorn.