News
Industry support for TRIA extension
The Independent Insurance Agents & Brokers of America (IIABA) has hailed the introduction of a bill in the US Senate to extend the Terrorism Risk Insurance Act (TRIA).
Parabis launches travel sector business
Parabis Law has launched a new business venture, Acclaim Limited, offering specialist risk assessment and claims management services for the travel industry.
BMS signs South African deal
Reinsurance broking group BMS has announced that that they have signed a cooperation agreement with NewBridge Reinsurance Brokers to develop reinsurance business in Southern Africa.
Details of new Rehabilitation First Awards announced
The inaugural Rehabilitation First Awards enter their first year, offering an opportunity for those companies and individuals who have been instrumental in raising awareness of rehabilitation in its widest sense, to be recognised and rewarded.
St Paul offloads personal lines book
Lloyd’s managing agent Jubilee has acquired the Cassidy Davis personal lines book from St Paul Travelers.
AM Best downgrades Inter-Ocean subsidiaries
AM Best has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the issuer credit rating to “a-” from “a” for the reinsurance subsidiaries of Inter-Ocean Holdings (Bermuda). The ratings apply to Inter-Ocean Reinsurance…
Airmic chair warns it will lobby FSA over renumeration regulation if new broker models fail
It is too early for commercial insurance buyers to lobby for formal regulation of broker remuneration, according to Andrew Cornish, chairman of the UK risk management association, Airmic.
Plexus Law strengthens property team
Plexus Law has recruited Justin Collins to join its property team in London.
Former Amlin pair join QBE
QBE has made two new appointments to its trade credit team in London.
Zurich Municipal appoints underwriting director
Zurich Municipal has appointed Cliff Skeates to the role of underwriting director. Cliff will direct a team of over ninety underwriting staff dedicated its public service clients.
ABI looks at financial advice proposals
The Association of British Insurers (ABI) has put forward what it describes as ‘innovative’ proposals to reform the way in which financial advice is paid for.
Brokers covet responsive insurers, says new survey
Insurer responsiveness is still considered to be the most important element to a broker when assessing insurance companies, according to a new suvey from Allianz Cornhill
MMA attacks claims farmers with Bupa tie up
MMA Insurance has teamed up with Bupa to launch a new motor accident clinical assessment and treatment service, which it claims could save up to 50% of its bodily injury claims costs on qualifying cases.
Marsh slams "ridiculous" job cut reports
Marsh and McLennan chief executive Michael Cherkasky has hit back at claims the broking giant is to axe a further 7000 jobs.
Lawsuit abuse act passes in US Congress
The Class Action Fairness Act has passed a formal vote in the US Congress and is to be signed into law by President Bush.
Moody’s downgrades XL Capital outlook
Moody's Investors Service has affirmed the A2 senior debt rating of XL Capital and the insurance financial strength ratings of the insurance operating subsidiaries of XL. At the same time, Moody's changed the outlook on all of the debt and insurance…
Asbestos ruling could save insurers up to £750m
Deloitte has estimated that Tuesday’s High Court ruling on the asbestos-related condition, pleural plaques, may reduce future claims to insurance companies by up to £750 million, in relation to their UK asbestos liabilities.
Silica will not follow the asbestos litigation path, says report
Insurance risk and reinsurance specialist Guy Carpenter and Company has released an update to its 2004 report “Silica A Litigation Sandstorm”. According to the report, two recent developments in silica litigation, although limited in scope, allow some…
S&P maintains RSA rating
Standard & Poor's today said its ratings and outlook for Royal and Sun Alliance are unaffected by the group's announcement of a £160 million loss reserve charge.
Cooper Gay in expansion pledge after healthy results
Broker Cooper Gay has revealed income increased by 3% to £52.1 million for the year ended 20 September 2004.
Converium announces renewal results
Following its January renewals, Converium has announced that it expects total gross premiums written for 2005 to exceed $2bn, which is in line with expectations. 63% of the Company's renewable non-life business volume (excluding Converium Reinsurance …
RSA moves to boost US reserves
Royal & Sun Alliance will strengthen its US reserves by £160m following the review of its reverses announced recently. The company said "this strengthening is within the expectations laid out in the nine months results announcement and is consistent with…
TUC: no UK love contracts
Employers have been warned that attempts to restrict relationships between members of staff may be d...
CII toasts success of new exam
A year after its introduction, the number of holders of the Chartered Insurance Institute's new Cert...