News
US P/C market premiums down, claims CIAB survey
More than 80 percent of small and large commercial property/casualty accounts and 90 percent of medium accounts found their insurance premiums either stable or down by as much as 20 percent during the fourth quarter of 2004, according to survey data…
Arthur J Gallagher merges operations
Arthur J Gallagher has announced the merger of its two United States reinsurance brokerage subsidiaries, Arthur J Gallagher Intermediaries in New York and John P Woods in New Jersey, effective immediately.
Re AC steps closer to relaunch
Reinsurance Australia Corporation (Re AC) has announced that the Australian Prudential Regulation Authority (APRA) has removed the directions which were imposed on Re AC when the Company went into run-off in 2000. This follows the completion of APRA’s…
Guy Carpenter publishes marine and energy review
Reinsurance broker Guy Carpenter has released itscomprehensive Marine & Energy Reinsurance Review Report 2005, which identifies key influences driving decision-making in the marine and energy reinsurance marketplace.
Jelf results show turnover rising
Broker the Jelf Group today announced its inaugural set of preliminary results as a listed company on the Alternative Investment Market, with turnover increasing by 26%.
West country broker boasts healthier operating margins
West country and Wales based corporate broker Jelf Group has announced its inaugural set of preliminary results as a listed company on AIM. The results are for the year ended 30 September 2004.
Chadbourne and Parke boost London office
International law firm, Chadbourne & Parke, has appointed Adrian Mecz, Christopher Cardona, Michelle George, John Barlow and Mark Pring as partners in the London office.
Hanbury beats Merry in Lloyd's election
Two appointments to the Council of Lloyd’s have been made following the recent Council elections.
Equitas warning over US asbestos law
Equitas has warned that the proposed Fairness in Asbestos Injury Resolution act, which is being debated in the US Senate at the moment, might drive the company into bankruptcy.
RAC to provide private care to accident victims
Thousands injured in all types of accidents may be able to access free private medical treatment following the launch of a new nationwide rehabilitation service from RAC.
Replacement suppliers merge
Media and photography supplier, Powerplay Direct has merged with computer, home electrical and mobile phone replacement specialists Vox Solutions.
Kerry London increases London Market presence
Kerry London (KL), the West London based privately owned insurance broking group, has announced the purchase of Euclidian Direct (EDL) from Capital Insurance Holdings.
Kelsey joins Highway for actuarial role
Motor insurer Highway has expanded its management team with the appointment of Richard Kelsey as internal actuary.
SVB hires Roffey to head up run-off business
Lloyd's insurer SVB has appointed Mike Roffey as head of its discontinued business unit to manage the run-off of liability reinsurance, healthcare and third party liability risks.
Corporate PMI popularity dwindling, says Aon
Employers are turning their backs on private medical insurance, according to an Aon Consulting survey.
Swiss Re completes profit securitisation
Swiss Re has announced that it has successfully completed its first securitisation of future profits from a portfolio of US life insurance policies. The $245m issue benefits Swiss Re by transferring insurance risk to the capital markets, thereby…
Ballardie quits Aspen for TMG underwriting role
Adrian Ballardie will join Tokio Marine Global as chief underwriting officer, having spent just ten months as chief risk officer with Aspen Re, it was announced today. Mr Ballardie will join TMG on Monday 24th January.
Reinsurance Australia Corporation bids to return from run-off
Reinsurance Australia Corporation is planning to return to the market as an active general insurance company.
XL Tsunami losses estimated at $75m
XL Capital has announced that, based on initial loss reports and preliminary estimates, it expects pre-tax net losses arising from the tsunami that struck South Asia on December 26, 2004 of approximately $75 million. Approximately two-thirds of these…
NU signs parts deal with BMW for claims
BMW and Norwich Union Insurance have signed an agreement for the use of BMW original equipment (OE) parts on all BMW repairs for insurance claims underwritten by the insurer.
AM Best comments on Alea announcement
AM Best has said that the financial strength rating of A- (Excellent) of Alea Group (Bermuda) and its rated subsidiaries remains unaffected following the publication of the company’s 2004 trading statement.
FSA settles Hogarth case
The Financial Services Authority has settled proceedings under the Financial Services and Markets Act 2000 against Hogarth Underwriting Agencies and William Dewsall, the company’s managing director.
Alea shares tumble on news of liability reserve strengthening
Shares in Alea Group Holdings had fallen more than 7% by 11am today, after the company said reserve strengthening would add between five and seven per cent to its half year combined ratio. The addition is believed to be as much as $80m with Alea's…
Findlayson takes on partnership role at Groupama
Groupama Insurances has announced the senior management appointment of Derek Findlayson, who will be joining the Group from Axa as head of partnership solutions.