News
The race is on
The Association of British Insurers has urged politicians to "keep their foot on the accelerator" in...
Hank Greenberg resigns from Transatlantic Holdings
Reinsurer Transatlantic Holdings has announced that three former executives from troubled American International Group (AIG) have resigned from its board. The company also said it was cooperating in all investigations involving AIG.
Lloyd’s reduces reliance on reinsurance
Lloyd’s of London is now less reliant on reinsurance according to its financial results for 2004.
US asbestos bill faces hurdles
US Senate majority leader Bill Frist has announced that he is confident that a bill setting up a national fund to pay a flood of asbestos claims will be tabled in the Senate soon, despite insurers' calls to try to resolve the problem in the courts.
Lloyd's records "unthinkable" profits claims Levene
Lloyd's today announced a £1.36bn profit for 2004, something chairman Lord Levene said would have been “unthinkable” a few years ago given the catastrophe losses it suffered.
Kiln in upbeat 2005 forecast after encouraging results
Lloyd’s insurer Kiln has revealed record 2004 profits.
India on track to raise insurance limit to 49%
The Indian government has confirmed that it plans to proceed with plans to increase the overseas investment limit in local insurance companeis to 49% from its present 26%.
5 May election date raises ABI fears
Politicians were today urged to “keep the foot on the accelerator” in legislative drive to reduce uninsured driving as public opinion backs clampdown. The Association of British Insurers said these proposals must not be the ‘ innocent victim’ of the…
Solvency 2 ratings impact measured
Rating agency Fitch has said it does not expect to change the ratings of many insurance companies as a direct result of the new Solvency II regime to be introduced across the European Union (EU). This is because many rated insurers already hold capital…
Spitzer speaks out on AIG investigation
New York attorney general Eliot Spitzer has commented on the ongoing investigation involving America International Group (AIG) and alleged questionable practices.
Zurich in $1.1bn motor trade sale
Hellman & Friedman, a San Francisco-based private equity firm, has signed a stock purchase agreement to acquire Universal Underwriters Group from Zurich Financial Services Group in a transaction valued at approximately $1.1 billion.
Motor specialist makes cherished buy
Adrian Flux Insurance has acquired Herts Insurance Consultants, a provider of modified and cherished car insurance products.
Axa Re records stable profits despite catastrophic loss events
Axa Re Group recorded a consolidated net income of €129m (adjusted in consideration of the impact from the deconsolidation of US affiliates) in 2004.
Aon names new head Case
Aon has elected Gregory Case as president and chief executive officer, effective immediately. He succeeds Patrick Ryan who has served as Aons's CEO since the company was founded.
Oval snaps up Yorkshire broker
Intermediary Oval has bought Barfield Associates’ broking business.
Stormy 2005 predicted for Atlantic
The 2005 Atlantic hurricane season will see an increase in storm activity and an above-average chance of major hurricane landfall, according to a new prediction.
Odyssey Re hit by nat cat losses
Odyssey Re has announced that it expects after-tax net losses in the range of $26m to $29m during the first quarter of 2005 from a number of natural catastrophes.
Community Broking head steps down
David Worsley, executive chairman of the Community Broking Group is to step down, with Laurie Turnbull joining at non-executive chairman with immediate effect.
Groupama expands on-line Optima range
In a further enhancement of its electronic trading capabilities, Groupama Insurances has expanded its Optima product range with the launch of Optima Property.
Crawford wins Axa tender
Following a recent tender review, Axa has announced today that it has appointed Crawford & Company to handle all it’s subsidence related insurance claims, across both personal and commercial lines, as predicted in this week’s Post Magazine.
L&G sale complete
Legal and General has confirmed the sale of its 90% stake in Gresham Insurance to Barclays Bank has been completed.
Post Mag makes awards shortlist
Post Magazine and its award winning team of journalists have been shortlisted in a number of categories in the forthcoming Headline Money Awards.
Moody’s forecasts Lloyd’s profits
Moody's Investors Service's latest forecasts for the Lloyd's of London insurance market indicate that Lloyd's could record profits totaling around £6bn for the 2002 to 2005 years of account, with Lloyd's forecast to still be able to produce a meaningful…
Aon yields to political pressure group
Aon Corporation, one of the largest insurance companies in the world, has informed the Burma Campaign UK it is terminating all business in Burma.