News
AIG delays 10-K again, admits possible $1.2bn hole in figures
American International Group (AIG) has announced that it has delayed the publication of its 2004 annual report for the second time.
ALM reports Names' ROC hits 37%
Lloyd’s results for 2002 have revealed that Names made an average return on capital of 37% - and their profits were 29% above Lloyd’s average.
RIMS elects new board of directors
The Risk and Insurance Management Society (RIMS) has elected its board of directors for 2005-2006 at...
Could AIG be brought down by its owners?
As shareholder class-action suits widen, the future is looking increasingly bleak for American International Group
Munich Re execs testify on AIG
Executives from Munich Re have met officials from the office of New York attorney general Eliot Spit...
Former HIH chief executive jailed
Ray Williams, the former chief executive of HIH who steered the collapsed insurer for all but its la...
Hannover Re charts clear course ahead
Hannover's Chairman Wilhelm Zeller sees a profitable 2005 having riden out the storms of 2004 to return a EUR577m profit
Lloyd's reduces its reliance on reinsurance
Lloyd's of London is now less reliant on reinsurance, according to its financial results for 2004. ...
Greenberg takes the Fifth in deposition
Maurice 'Hank' Greenberg, the former chief executive of American International Group (AIG), has decl...
Why you can't slap a short-tail claims-control clause on long-tail business
A recent judgement means late notification under a claims-control clause will no longer allow a reinsurer to avoid all liability
Hannover Re profits hit by nat cat losses
An unusually high burden of major losses from natural catastrophe events in the third quarter of 200...
Aon issues terror map
Increased terrorist activity is making the world a riskier place in which to do business, according ...
Axa Re questioned by SEC over MBIA probe
The New York Attorney General's Office and the US Securities and Exchange Commission have contacted ...
Late payment on the increase in all industry sectors
Companies now take 60.8 days to pay their bills – the longest time since the introduction of The Late Payment of Commercial Debts (Interest) Act six years ago. According to Experian, in November 1998, it took companies an average of 57.5 days to pay…
PlusOne wins GI contract with Dial4aloan
Loan broker Dial4aloan has this week selected PlusOne as its principal provider of general insurance products.
Aascent moves closer to brokers at BIBA House
Aascent, the commercial lines premium finance specialist, is moving its London City head office to BIBA House, Bevis Marks, on May 3 to accommodate its growing business and provide free drop-in facilities for brokers.
ABI urges TUC action over EL claims
The Association of British Insurers today urged the TUC not to ‘sit on the sidelines’ in the reform of workplace compensation. The insurance industry trade body also expressed disappointment at the TUC’s recent decision to pull out of the Government’s…
Lloyd's insurer in takeover talks
Heritage Underwriting Agency today anounced it has received approaches from parties who have expressed interest in potentially acquiring the company.
Absolute claims motor fraud boost
Claims fraud specialist Absolute Customer Management has revealed that every car insurance claim that is referred to it will now be run through the Car Data Check database from Experian.
Spitzer and contingent commissions affect Willis profits
Willis Group Holdings has reported net income for the first quarter of 2005 of $72m (£38.1m), compared with $148m a year ago.
Liquidators in at Whiteley Insurance Consultants
The High Court in London has appointed provisional liquidators Dan Schwarzmann and Nicholas Reed of Pricewaterhouse Coopers LLP to Whiteley Insurance Consultants (Whiteley), a firm of travel insurance intermediaries which also trades as Kingfisher Travel…
Cox sees reduced underlying profit
Cox Insurance today announced a pre-tax operating profit of £6.6m for the 12 months to 31 December 2004. It added that after accounting for the expected, and previously advised, reduction of £6.8m in contribution from the Crowe run-off contract, it saw a…
Utley to take Cox private after £297.9m deal agreed
The buyout of Cox lead by former managing director Neil Utley has been accepted by the insurer's board and he has confirmed plans to take the company private. The offer of 92p in cash for each Cox share values the existing issued share capital of Cox at…
Aon captives hires new director
Aon has announced the appointment of Alex Hindson as associate director within the Enterprise Risk Management (ERM) unit of IRMG, part of Aon Captive Services Group.