News
Room targets insurance start-ups
A new IT service that claims it can reduce time, risk and costs associated with creating new insurance companies in London, Bermuda and Dublin is being launched by Room Solutions, a specialist supplier of IT systems to the commercial insurance sector,…
Max Re bucks trend with 3Q profit forecast
Max Re has announced that it expects to report net income for the nine months ended September 30, 2005 between $10 m and $20m. The Bermudian reinsurer said that the results include an estimated negative impact on earnings of $90m from Hurricane Katrina,…
Katrina and Rita blow IPC 3Q losses sky-high
IPC Holdings has said that it anticipates that the net impact from these events on its net income from Hurricanes Rita and Katrina in the third quarter will be in the range of $650m to $750m.
Tillinghurst publishes new Katrina loss estimate
Hurricane Katrina is expected to result in $40bn to $55bn in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin.
Mobile phone insurance called into question
Nearly 2,000 mobile phones are stolen in the UK every day making it important for customers to consider insurance. But the British Insurance Brokers’ Association warns that mobile phone insurance policies can prove expensive and may be difficult to claim…
Accountants’ and auditors’ PI premiums continue to fall
The results of the latest Willis Index survey of the UK professional indemnity insurance industry for the third quarter of 2005 show the market continuing to maintain competitive, especially in the small to medium firm sector. Average premium reductions…
Glencairn appoints former Marsh director
Broker Glencairn has appointed Paul Chalk as Head of IT.
Marine club warns brokers against filing claims by e-mail
FILING demurrage claims electronically could be costing shipbrokers significant sums of money, according to International Transport Intermediaries Club (ITIC).
Chubb third quarter losses top £300m
Insurer Chubb has estimated its total losses from third quarter catastrophes, primarily Hurricane Katrina, to be approximately $600m before tax (£340m). This amount includes estimated losses and loss expenses net of reinsurance recoverable, reinsurance…
Ex-barristers join BLG reinsurance team
Barlow Lyde & Gilbert has appointed two new members to its reinsurance team. Leigh Williams, who joins this month, and Tim Kenefick, who will arrive in January 2006, were both barristers at leading insurance and reinsurance law chambers 7 King’s Bench…
Former Gen Re CEO gets Wells Notice
Berkshire Hathaway has said the former chief executive of its General Re unit could face action from the US securities watchdog as part of an investigation into nontraditional insurance products.
Willis makes South African acquisition
Willis Group Holdings has agreed to acquire the business andassets of Reinsurance Consultants and Intermediaries the reinsurance division of South African insurance broker Glenrand.
Medico-legal firm planning ATE insurer launch from Gibraltar
The Board of LitComp Plc, a national supplier of medico-legal and psychological reports, has conditionally agreed to acquire the entire issued share capital of Fairmont Holdings Limited, the holding company of Elite Insurance Company Limited. Elite has…
Run off association announces new structure and board
The Association of Run-Off Companies has held its first AGM as a limited company, following which various changes to its board were announced.
Marsh wins Beijing Olympics account
Marsh, the world’s leading risk and insurance services firm, has been selected to provide insurance consulting and risk management services for the 2008 Summer Olympic Games in Beijing.
Ecclesiastical to rationalise loss adjuster panel
Ecclesiastical is looking to reduce the number of loss adjusters it currently works with through a review of its panel. Chief claims manager David Bonehill said: "As a specialist insurer we want to work more closely with a smaller number of key adjusters…
Battered Goshawk may sell Rosemont Re
Bermudian reinsurer Goshawk has doubled its net Katrina loss from a range of $25m to $30m to a revised total of $60m and revealed that it is seeking a major new capital injection or an outright sale of Rosemont Re, without which Rosemont’s ability to…
FSA issues outsourcing CEO letter
In one of its Dear CEO letters the Financial Services Authority has outlined its views on the use of outsourcers.
Want to use a Prince's Trust supported business?
The insurance industry, through the Insurance Leadership Group is rallying behind the Prince's Trust which raises funds and provides support for disadvanted young people via practical support including training, mentoring and financial assistance. By…
Platinum takes $45m Rita hit but still sees FY profits
Platinum Underwriters Holdings has unveiled a net Hurricane Rita loss estimate of $45million. However the Company added that it expects to be profitable for the full year of 2005, assuming no significant catastrophe losses or other unusual adverse events…
Fairfax almost doubles its Katrina loss
Fairfax Financial Holdings has increased its original estimate of aggregate potential net losses relating to Hurricane Katrina to $388m before tax and minority interests, or $233m after tax and minority interests, based on an industry loss estimate of …
Quanta pulls out of property pending review
Quanta Holdings is to make a strategic, but possibly temporary withdrawal from technical risk property and property reinsurance business for “next few months” pending a review. Tobey J. Russ, Quanta's chief executive commented, "We have been executing…
Everest covers big 3Q losses with $475m common stock sale
Everest Re Group, Ltd has announced that it has agreed to sell approximately $475m of its newly issued common shares to Goldman Sachs. Everest said that expects to use the proceeds from the sale of its common shares for working capital and general…
AIG executive arrested in bribery case
Three men, including an executive of American International Group (AIG), have been indicted in the US on charges of alleged bribery.