News
Kennedys opens Madrid office
City law firm Kennedys is opening an office in Madrid on 3 October 2005 by merging with the practice of Araúz de Robles Y Vélez Abogados (ARV), with whom Kennedys has had an association since 2000.
Ex Zurich claims boss joins Willis
Willis has appointed Andy Pearce as head of claims within its global operations UK division.
Acquisitive Giles opens first international office in US
Broker Giles Insurance has opened its first non-UK base in Chicago.
Gen Re’s Brandon served notice from SEC
Berkshire Hathaway has announced that on September 8, 2005, Joseph Brandon, CEO of General Reinsurance, a wholly owned subsidiary of Berkshire Hathaway, received a “Wells notice” from the staff of the Securities and Exchange Commission in connection with…
Huntswood names Clive Williams as new chairman
Huntswood, a provider of professional services to the retail financial services industry, with clients throughout the UK, Europe and USA, today announced the appointment, from September 1, of a new chairman: Clive Williams, the former CEO of Capgemini UK…
Zurich chief concedes Spitzer impact would have happened anyway
Most of the insurance reforms introduced by New York attorney general Elliot Spitzer would eventually have come about anyway, according to Zurich Financial Services’ Global Corporate group chief executive Geoff Riddell.
SVB assumes £25m hurricane loss
Lloyd's managing agent SVB has given its provisional loss estimate from hurricane Katrina. It said its current expectation net of reinsurance and reinstatement premiums will be around £25 million - based on a market insured loss estimate of $40bn
Heritage puts Katrina loss at £28 million
Heritage Underwriting Agency Plc, managing agency of syndicate 1200, this morning said it believes that it is still very early to make a reliable estimate on the syndicate’s hurricane losses.
Willis and Gras Savoye create new subsidiary
Willis Group and Gras Savoye are joining their respective French and Belgian reinsurance businesses in a new Paris-based company, Willis Gras Savoye Re.
Alea may sell up
Insurer/reinsurer Alea said it will consider selling the group after it was downgraded by Standard & Poor's to BBB+ from A-. The outlook on the rating is negative.
Towergate acquires Chase portfolio
The Towergate Partnership has acquired the mixed commercial and personal portfolios of Chase Insurance Brokers, based in Brentwood with a premium income of £1.5m.
Hurricane losses lead to Rosemont ratings review
A.M. Best has placed the financial strength ratings (FSR) of A- (Excellent) and the issuer credit ratings (ICR) of “a-“ of Goshawk-owned Rosemont Reinsurance under review with negative implications.
Groupama ratings affirmed
A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating (ICR) of “a” of Groupama and its rated subsidiaries, Groupama Vie and Groupama Transport.
S&P upgrades Moscow Re
Moscow Re has received a rating upgrade from Standard & Poor’s (S&P). The agency announced that it has upgraded Moscow Re’s insurer financial strength rating to ‘A+’ on its Russian scale (up two notches), and to ‘B+’ on its international scale, based on…
Kiln estimates Katrina loss
Lloyd’s insurer Kiln today issued an initial estimate of up to £35m for the loss caused by Hurricane Katrina.
Legal and General expands e-business
Legal and General has expanded the range of protection and general insurance products on its integrated quote and apply system, Online Protection.
Russian reinsurer given rating boost
Moscow Re, has received a rare rating upgrade from Standard & Poor’s. Today the agency announced that it has upgraded Moscow Re’s insurer financial strength rating to ‘A+’ on its Russian scale (up two notches), and to ‘B+’ on its international scale,…
Oval opens Aberdeen office
Oval has taken a step this week in its projected Scottish expansion by opening a branch office in Aberdeen. The office forms part of the group’s energy and special risks division and is headed by James McAuslan, a prominent local energy expert.
Highway profits rise
Highway Insurance has revealed interim profits up 117% to £11.3 million (£5.0m) after charging £0.7m million of bid and levy costs to the Financial Services Compensation Scheme.
Groupama sees 50% jump in commercial as health and household fall
Groupama today reported that its UK operation saw turnover increase by 3.7% to 250 Euros for the first half of 2005.
Katrina ups claims settlement pressure
Insurance companies are likely to come under political pressure to pay claims arising from Hurricane Katrina early and without dispute, according to Robert Cooney, president and chief executive officer of Bermuda-based Max Re.
Benfield take a "longer term view" as profit and revenue drop
Reinsurance broker Benfield this morning reported a drop in group operating revenue to £196.2m (H1 2004: £204.9m). Its profit also fell to £82.0m (H1 2004: £95.5m).
New travel product aims to cut red tape for brokers
AIG Europe has joined forces with independent Lloyd’s broker John Holman and Sons to launch a new travel insurance product available to brokers through an extranet system, which it claims reduces administration while ensuring compliance with Financial…
Register online for IFS exam
The Institute of Financial Services has launched online registrations for its general insurance qual...