News
Biba advises on managing conflicts of interest
The British Insurance Brokers’ Association (Biba) has published its latest ‘Regulatory Update’, which offers guidance to its members on the issue of managing conflicts of interest.
S&P brands US credit legislation plans
Standard & Poor’s has attacked proposed legislation in the US Congress to open the credit rating industry in the US to greater competition as being ‘unconstitutional’.
AIG releases Q1 2005 profit statement
American International Group (AIG), which has been in the headlines since October 2004 following allegations of business malpractice from New York Attorney General Eliot Spitzer, has filed its Quarterly Report for the period ending March 31, 2005 with…
FSA's Tiner topped over half a million pounds in salary and benefits in 2004
In his first full year as chairman Callum McCarthy was paid £382 448 (£314 000 salary plus benefits), the Financial Services Authority revealed today as it published its 2004 annual report.
Storms costs to rise to £15bn a year due to climate change
The worldwide costs of major storms is likely to increase by as much as two –thirds, taking the total cost in an average year to £15bn, according to international research.
IUA appoints new director of market services
The International Underwriting Association (IUA) has expanded its resources devoted to reforming business processes in the London insurance and reinsurance market through the appointment of a new director of market services.
Aon opens new 120 strong call centre
Aon formally opened a new call centre in Leicester yesterday - creating 120 jobs - to handle and process applications to the Post Office's travel insurance scheme.
Bupa to acquire two health insurance groups
Bupa is to grow its international operations by acquiring AMEDEX Insurance Company and International Health Insurance Danmark a/s (IHI), which provide health insurance products to expatriates.
Biba calls for greater terrorism cover on travel insurance
The British Insurance Brokers’ Association (Biba) is calling on more travel insurance companies to provide cover against terrorism.
Cooper Gay announces Middle East partnership
The Cooper Gay Group has announced a partnership with LMG, which according to the company provides the base for Middle Eastern expansion.
Reynolds appointed CFO at Aon Re International
Michael Reynolds has been appointed as chief financial officer of Aon Re International (ARI), Aon Re UK, in addition to his current role as CFO for Aon Captive Services Group (ACSG).
SVB arranges £20m bank credit
Lloyd’s insurer SVB has arranged new banking facilities with Lloyds TSB. A £20m letter of credit is available as funds at Lloyd's to support SVB's underwriting for the 2005 and 2006 years of account.
Towergate Partnership makes e-commerce acquisition
The Towergate Partnership has acquired Your Insurance Group (Brokers) (YIG) based in Guildford, Surrey as a part of a £10m investment in developing the Group’s e-commerce capability.
Former Groupama claims boss joins Guardian
Jacci Taylor has been appointed as head of business transformation for Guardian General's European businesses - Link and Zenith - reporting directly to Andy Haynes, group chief executive.
Cox deal nears completion as brand revamp revealed
The consortium led by Neil Utley has announced the effective completion of its £430 million acquisition of Cox.
QBE in claims shake up
QBE has appointed Paul Moss to the newly formulated role of head of claims, QBE European Operations.
Revios releases 2004 figures
Revios Reinsurance Group has concluded its second full business year with a further substantial increase in earnings.
AIG gets Vietnam licence
American International Group (AIG) has announced that its subsidiary, American International Underwriters Insurance Company (AIUI), has been notified that it will receive a license from the government of Vietnam to operate a wholly owned general…
Insurance staff retention rates nosedive, says report
Organisations in the insurance sector are struggling to hold on to their employees, despite the frequency and value of bonus payments.
Chubb casts affluent net wider
Chubb is launching a new lifestyle insurance product for the ‘emerging affluent’ – the UK’s growing number of wealthy professionals.
Defaqto signs deal with Unitas
Defaqto, the financial research company, has secured a new contract with broker alliance Unitas to provide it with general insurance data across its 11 member companies.
Groupama reveals healthcare distribution strategy
Groupama has released the initial conclusions of its review of healthcare distribution, saying it will expand into the sector.
Munich Re releases risk model details
Munich Re has publishes detailed information on its internal risk model, showing that the Group's available financial resources rose by €1.9bn to €22.6bn in the business year 2004.
Large brokers could lose market share, claims report
The largest insurance brokerages are likely to lose investment value and market share to middle-market firms in the near future, according to a new study by Cochran, Caronia & Co.