News
Package launch targets farmers
Broker La Playa has launched a farms and estates division to integrate insurance with risk management.
Moody’s revises AIG outlook
Moody's Investors Service has revised the outlook on the long-term debt ratings (Aaa, senior) of American International Group to negative from stable.
ABI announces updated uninsured driving targets
Proposals for speedier updating of information onto the Motor Insurance Database were announced today by the Association of British Insurers.
Marsh backs Spitzer investigations
Marsh and McLennan chief executive Michael Cherkasky today insisted New York Attorney general Eliot Spitzer was justified in his investigations into the broker.
Greenberg departure confirmed by AIG
AIG has announced that Maurice “Hank” Greenberg has been replaced as the chief executive of the group.
Munich Re posts healthy profit
Munich Re has announced a return to profit for 2004, with all business segments contributing to the greatly improved result of €1.8bn, up on the loss of €434m it made in 2003.
Oxygen appoints two agency teams
Oxygen, the London market insurance intermediary company, has announced the appointment of two new teams specialising in contingency and accident & health, sports and travel business to its agency operation, Oxygen Insurance Managers.
Beazley profits up, but combined ratio suffers
Beazley Group has announced profits increased inn 2004 to £33.4m from £17.1m in 2003.
Galbraith defends EU investigation slur
The British Insurance Brokers' Association Chief Executive, Eric Galbraith, is set to defend the industry during any future EU investigations that occur.
Lloyd's Central Fund arbitration: Settlement announced
Lloyd’s has reached a settlement agreement with the insurers involved with the arbitration proceedings relating to an insurance policy supporting its new Central Fund. The settlement amount is £152m, which includes amounts previously paid.
Capita in £40m run-off deal for Chester Street
Capita Insurance Services has been selected by Chester Street Insurance Holdings to administer its liability claims run-off in a deal worth approximately £40m over 10 years.
Forbes PI head leaves for Willis
Willis has strengthened its expertise in the field of solicitor’s professional indemnity with the appointment of Trevor Moss. He joins Willis after 7 years with Alexander Forbes where he was in charge of the solicitors/international professional…
Norwich Union to contest pleural plaques judgement
Norwich Union has decided to contest the pleural plaques judgement made earlier this year by Judge Holland, to continue compensation payments to people with pleural plaques
Hiscox announces US office plan as profit dips
Hiscox is looking to open a retail office in the USA. The announcement came as it reported an operating profit of £86.3m, after £70m impact of 2004 hurricane season. The group’s pre-tax profit and premium income both fell to £77.0m (2003: £83.4 million)…
Markel International moves into Spain
International property and casualty insurer Markel International is planning to open for business in Spain, in its first move into continental Europe.
Sullivan set to replace Greenberg claims WSJ
Maurice Greenberg plans to step down as chief executive officer of AIG as early as this week according to the Wall Street Journal, although no sources are identified.
Fortis sees UK profits up 16%
Fortis Insurance in the UK reports a year of further growth and increased profits. Gross written premiums (GWP) were up overall by 5% at £574m (2003 £546m). Profit before tax showed an increase of 16% at £46.1m (2003 GBP 39.9 million). The combined ratio…
Fortis seals 10 year deal worth £90m a year
Fortis has signed a ten year deal with Age Concern for the provision of insurance solutions to its £90m book of services schemes representing in excess of 800 000 policyholders.
CTC sees 20% growth
Charles Taylor Consulting has recorded a 20% increase in profits to £9.21m, compared to £7.68m in 2003. Revenue was up 12% to £62.8m.
Benfield predicts challenging year ahead
Benfield Group has reported profit before tax for 2004 of £90.4m, up £59.3m on the previous year's £31.1m. Group operating revenue decreased to £304.6m (2003: £307.7m). Profit before tax and exceptional items increased by £8.4m to £68.6m (2003: £60.2m).
Strachan calls for input on FSA review
The Financial Services Authority has called for interested parties to help shape views on its Enforcement Process Review being led by David Strachan.
Catlin announces record results
International property and casualty insurer and reinsurer Catlin Group has announced what it describes as record premium income and net income for the year ended 31 December 2004.
ACLP flags up Road Transport Directive for brokers
Allianz Cornhill Legal Protection is asking brokers to alert their customers that they could face prosecution if they fail to comply with the provisions of the Road Transport (Working Time) Directive, which becomes law on 23 March.
Fortis sees UK growth
Benelux financial services giant Fortis today reported that the net operating profit at its UK arm had “increased substantially”.