News
LMA, IUA and LMBC approve TOBA
Agreement has been reached for new model Terms of Business Agreements addressing business relationships between underwriters and brokers in the London insurance market.
Liberal Democrats announce shadow cabinet
Charles Kennedy today announced the new Liberal Democrat Shadow Cabinet. The positions of Shadow Chancellor, Foreign Secretary and Home Affairsremain unaltered.
Brit boss wins Lloyd's vote
Dane Douetil, CEO of Brit Insurance, has been elected chairman of the Lloyd’s Market Association.
PI management appointment at Creechurch
David Hunwick has been promoted to manager of professional indemnity underwriting, at Creechurch's Lloyd's syndicate 1607.
Takeover target Heritage hires Couzens for FI book
Lloyd's insurer Heritage Underwriting Agency has appointed Clive Couzens to underwrite financial institutions business for Syndicate 3245, a new line of business for the syndicate and for the agency.
Thomas makes switch from Willis to Wellington
Wellington Underwriting has appointed Heather Thomas as general counsel and company secretary of Wellington and, subject to regulatory approval, compliance officer of Wellington Underwriting Agencies.
Genworth subpoenaed by SEC
Genworth Financial has said that it received a subpoena from the United States Securities and Exchange Commission on May 11, 2005 seeking documents relating to "certain loss mitigation insurance products."
Pavilion launches e-trading drive
Pavilion Insurance Network has announced that the re-launch of its websites under its proprietary Integrated Specialist Insurance Software standard began yesterday.
Faraday chief executive suspended
Berkshire Hathaway has announced that two of its insurance employees have been put on leave, including the chief executive of its British subsidiary Faraday.
Hiscox plans further Colchester expansion
Hiscox has expanded its Colchester office to handle specialty commercial and private client business from brokers across Hertfordshire, Bedfordshire, Essex, East Anglia and North Kent. The branch, situated in Colchester town centre, is located in Hiscox…
Allianz Cornhill 1st quarter profits rise despite falling volume
Allianz Cornhill this morning reported operating profts of £50.2m (2004: £46.5m) for the first quarter of 2005, while its gross general business income fell to £434m (2004 £463.7m). The insurer’s combined ratio improved to 94.7% (92.2%).
RPC hires insurance restructure specialist
Reynolds Porter Chamberlain has appointed Pinsent Masons' insurance restructuring specialist Miriam Bartlett as a partner. She will work within the regulatory and brokers team in RPC’s insurance division.
Banks snare intermediary share of home insurance market
The market share of intermediaries in home insurance is falling rapidly as banks and building societies in the UK take an increasing share, according to a new report from Defaqto.
Johnson announces DTI ministers' roles
Secretary of State Alan Johnson today announced the responsibilities of the new Ministerial team at the Department of Trade and Industry.
Appointment at GLP
General Legal Protection has appointed Sheri Scruton as customer services director following the retirement of Janet Aveyard at the end of April.
Merger talks confirmed
Old Mutual has confirmed that it is in preliminary discussions with Scandanavian insurance group Skandia concerning a potential transaction.
Highway bemoans £400 000 merger distraction
Highway has reported itself to be pleased with its first quarter perfomance given the “difficult market conditions and the distraction of merger talks”.
Risk management veteran to head Willis Re’s analytics research
Willis Re, the reinsurance unit of Willis Group Holdings, has strengthened its analytical capabilities, with the appointment of Yakov Lantsman as senior vice president to lead Willis Re Analytics Research and Development.
AIG facing 401(k) lawsuit
American International Group (AIG) is facing a class-action lawsuit that alleges that the insurer led employees to invest in the company's 401(k) savings plan while concealing improper activities that drove down the value of AIG stock in the plan.
RSA rating unchanged after Q1 meets expectations: AM Best
A.M. Best has commented that all ratings of Royal & Sun Alliance Insurance Group plc (R&SA) (United Kingdom) and its main subsidiaries are unchanged by the first quarter 2005 reported earnings as they were in line with A.M. Best’s expectations. The…
PruHealth slams low-cost PMI model
The rash of reduced-cost private medical insurance (PMI) policies coming on to the market is confusing and short-changing consumers according to Shaun Matisonn, chief executive of PruHealth.
NAIC looks at finite reinsurance
The National Association of Insurance Commissioners (NAIC) is taking steps to amend disclosure requirements for insurers that utilize reinsurance with limited risk transfer features, also known as finite reinsurance.
RSA's Haste warns about chasing volume
Andy Haste, group chief executive of Royal & Sun Alliance Insurance today heralded its first quarter results as “a strong start to the year, with good performances from all our core businesses”. However, he warned that in an effort to remain profitable…
RSA better than expected first quarter
Royal & Sun Alliance has recorded pre-tax operating profits for the three months to March of £160m, a 95% increase on the same period last year. Analysts had forecast about £117m. Net written premiums were £1.5b, compared to £1.2bn for the same period…