News
Admiral highlights hugely increased ad spend
Before entering its closed period on 21 January 2005, Admiral Group today provides an update on current trading.
Former XL Capital executive joins Q Know
Information management software provider Q.Know Technologies has announced that Nicholas Brown has joined its board of directors.
AM Best affirms Hannover Re subsidiary rating
AM Best has affirmed the financial strength rating of A- (excellent) of Hannover Life Reassurance (UK) (HLRUK) and assigned an issuer credit rating of “a-”. The rating outlook is stable.
Zurich Municipal in motor fleet pledge
Zurich Municipal hopes to protect local authorities from legislation making them responsible for employees’ safety behind the wheel.
Axa keeps Seachlight Solutions for third year
Axa has formally retained insurance training specialist Searchlight Solutions for a third year to provide training to its partner brokers through its local training clubs initiative.
Brit underwriting director joins executive management committee
Brit Insurance Holdings has appointed the underwriting director of its London Market Division, Mike Sibthorpe, to the Group's Executive Management Committee.
Willis continues to buy network members
Willis has acquired CR King and Partners, a Northampton-based insurance broker with £1.3m in revenues. The terms of the transaction are not disclosed.
AIR includes new Florida law in modeling system
AIR Worldwide has incorporated Florida's recently mandated annual hurricane deductible into its detailed catastrophe modeling system. Starting immediately, AIR can analyze the impact of the deductible changes on insurer portfolios.
Biba offers advice to those hit by floods
The British Insurance Brokers' Association has issued advice to those currently affected by the floods in the North of England.
Tokyo and San Francisco pose huge risks, warns Munich Re
Munich Re has warned that Tokyo and San Francisco are the cities facing the biggest damage potential from natural disasters like earthquakes. They are followed by Los Angeles, Osaka, Miami, New York and Hong Kong.
Guy Carpenter report looks at US renewals
Guy Carpenter has released its annual report on pricing at renewals. Titled: US Reinsurance Renewals at January 1, 2005, the report found pricing generally to be flat to slightly down.
Markel seeks rating after $50m cash injection
Markel International today announced it is injecting an additional $50m of capacity in Markel International Insurance Company, its London based insurance arm. Following the move, MIIC will have shareholders funds of approximately $300m.
Indie liquidators agree settlement with broker over commission
The joint liquidators of Independent Insurance have reached an out of court settlement with one of the broker’s which refused the 2002 market settlement over premium and commission owed to the insurer.
Insurance industry unready for FSA regulations, claims survey
On January 14 2005, new Financial Services Authority (FSA) regulations governing the general insurance industry come into effect. However, 96% of senior management within the industry believe “many firms” will not be compliant in time for the deadline,…
Fusion launches health & safety initiative
Fusion Insurance has added Target 100, an online health & safety management system, to its range of practical risk management initiatives for policyholders.
THB launches new PI division after buy
Broker THB has acquired Carter-Gilbrook Insurance Services, a specialist professional indemnity broker, focusing particularly on UK solicitors' and insurance brokers' errors and omissions insurance. It will form the core of a new 'THB Professions UK'…
Biba holds fast for Tsunami crisis
Staff and members of the British Insurance Brokers’ Association (Biba) will be holding a 24 hour sponsored fast from 9am on 27 January to raise money for the Red Cross Foundation, which will go directly to help those affected by the recent Tsunami in…
FSA urges final applications
The FSA today revealed its latest figures on the authorisation of general insurance intermediaries, and urged firms wanting to continue to do business after 14 January to apply now.
Chubb to expand coverage into eastern Europe
Chubb Insurance Company of Europe has acquired a licence to operate in Poland, the Czech Republic and Hungary.
Possible movement ahead on US asbestos bill
The new head of the Senate Judiciary Committee, Senator Arlen Specter, has announced that he intends to hold a hearing on the stalled US asbestos compensation bill to see if a way can be found to get it moving again.
US personal lines sector looks stable, claims Moody’s
The ratings' outlook for the US personal lines insurance sector remains stable, reflecting the industry's ability to generate robust profits, the rehabilitation of the homeowners' line and improving balance sheet strength, says Moody's Investors Service…
Wellington trading update
Wellington Underwriting has reported that underwriting conditions remained favourable during 2004. Overall, it said rates have decreased 5% which is in line with our expectations. In some classes of business, rate pressures have eased as the result of…
Marsh MD Stearns pleads guilty in Spitzer probe
A managing director at Marsh & McLennan pleaded guilty to criminal charges in connection with New York Attorney General Eliot Spitzer's ongoing probe of the insurance industry. He was the first Marsh employee to be accused criminally.
Fusion Insurance reinforces technical management team
Fusion Insurance has announced the appointment of Mel Neale and Simon Cross to senior management positions to reinforce its technical management team.