News
Axa takes compensation fight to party conference
The insurance industry will continue to lobby politicians regarding the forthcoming Compensation Bil...
FSA set to outline claims sector review
Claims Club Annual Conference - 5 October - Le Meridien, Piccadilly, London
Lloyd’s predicts £1.4bn loss from Katrina
Lloyd’s has issued a provisional estimate for the market’s net loss as a result of Hurricane Katrina of £1.4bn.
Kinnect bosses quit
Lloyd’s has confirmed the resignation of Toby Davies and Iain Saville as chief executive and executive chairman of Kinnect respectively.
Biba welcomes CAB investigation into payment protection
The British Insurance Brokers’ Association has welcomed a call from the Citizens Advice Bureau for an investigation to be launched into the mis-selling of payment protection insurance.
PwC research highlights insurers' worries over aggregation
London Market insurers are broadly confident they are better placed than at previous points in the cycle to manage the downturn in premium rates, despite being under pressure to maintain similar levels of returns to those in 2004 and facing the key risk…
Close becomes a Broker Network partner
Close Premium Finance has been appointed as an approved supplier to Broker Network, which means the company will offer rates to network members.
Fitch assigns Scottish Widows with expected A+ rating.
Fitch Ratings, the international rating agency, has today assigned the UK life insurer Scottish Widows plc's issue of Step-Up Perpetual Subordinated Notes an expected rating of 'A+'. The assignment of the final rating is contingent on receipt of final…
BHRC brings out new hazard & risk review
The Benfield Hazard Research Centre has published its latest hazard and risk science review at the annual Rendez-Vous in Monte Carlo.
Plumeri calls for action on TRIA
Joe Plumeri, chairman and chief executive of Willis Group, has issued a rallying cry for the extension of TRIA and for changes to the way that (re)insurance is regulated in the US.
Xchanging and RI3K announce contract certainty deal
RI3K and Xchanging have announced a new initiative to allow early checking of contracts online.
Greenberg cites Ace loss at between $450m and $550m
Ace president and chief executive officer Evan Greenberg has predicted that the loss of Hurricane Katrina will not be known for some time.
Kiln reports leap in profits
Lloyd’s insurer Kiln this morning reported that it had earned record profits before tax of £34.3 million, an increase of 24% on the same period last year (2004: £27.6 million) on gross written premiums of £195.1m (2004: £162.4m).
QBE reveals new structure for 2006
QBE has undergone a reorganisation of its insurance structure in Europe it announced today. It claims the move will streamline processes and offer clients a more flexible and innovative partner for their reinsurance needs.
Omega estimates Katrina will cost it less than Florida hurricanes
Omega today said Hurricane Katrina would have a "negligible effect" on its 2005 results.
Monte Carlo: Lloyd's could suffer downgrade blow
Ten insurance and reinsurance groups, including Lloyd's, Swiss Re and Ace European Group have been placed on creditwatch with negative implications by Standard & Poors. The decision was made late last Friday night because of their 'exposure to the…
Catlin results show profit surge
Catlin has announced record net income for the six months ended 30 June 2005.
Europe's inadequate response to terrorism
The president of the Federation of European Risk Management Associations (FERMA), Thierry van Santen, says European risk managers are “very shocked” by the inadequate response of European governments to the economic threat posed by terrorism. His remarks…
Swiss Re doubles its own Katrina estimate
Swiss Re today announced that it now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of USD 40 billion. Accordingly, Swiss Re estimates its own claims to be in the range of USD 1.2 billion.
Willis boss warns industry faces judgement
Joe Plumeri, Willis group chairman and CEO, today called on the industry to recognize the confluence of eventsimpacting our industry as “our defining moment”.
Bermuda start up acquires Overseas Partners Re
Catalina Holdings, a newly established Bermuda based company this morning announced that it has signed a binding stock purchase agreement to acquire Overseas Partners Re from Overseas Partners. The acquisition is subject to Bermuda Monetary Authority…
Katrina impact on property reinsurance market still uncertain
Hurricane Katrina could be the largest property loss ever recorded in the global reinsurance market, according to Aon.
Heath Lambert in new partnership tie up
Heath Lambert today launched a new partnership with The British Medical Association’s (BMA) financial services arm, BMA Services.
Hiscox reports jump in half year profits despite drop in business
Hiscox this morning reported a higher half year profit profit of £88.1m for 2005 (2004:£60.3m) on less gross premiums written of £437.2m (2004: £489.0m). The insurer added its UK profits doubled to £21.1m.