News
Motor insurance drives £84m Tesco profits
Tesco Personal Finance delivered an £84m profit for the 24 Weeks ended 14 August 2004.
Government departments should take more risks
The National Audit Office wants government departments to take risks and accepts that sometimes things will go wrong, Jeremy Colman, assistant auditor general, told the Institute of Risk Management at its annual forum at Keele University.
Alea interims show underwriting profit increase
Insurer and reinsurer Alea Group has announced underwriting profit before allocated investment return increased by 108% to US $23.1 million (£12.9m) for the first half of 2004, reflecting growth in earned premiums.
S&P affirms ERC rating
Standard & Poor's has affirmed its 'A+' (strong) counterparty credit and financial strength ratings on Employers Reinsurance and affiliated insurance/reinsurance entities (collectively ERC). The outlook remains negative.
Misys steps up business continuity solution
IT solutions firm Misys has formed a partnership with Taradale Consultancies to extend the business continuity solution for brokers it launched in June this year.
Fitch withdraws Axa Direct's AA rating
Fitch Ratings has affirmed and simultaneously withdrawn Axa Direct Insurance's insurer financial strength rating 'AA'.
NIG offers IT security to partners
NIG has teamed up with IT specialist Cyber Protect to offer an IT security and business continuity consultancy service to NIG’s personal and commercial lines partner brokers.
Chairman of Lloyd’s warns businesses about security risks
Lord Levene, Chairman of Lloyd’s, outlined three ways companies need to strengthen their security against the ongoing threat of terrorism in a speech to Texas business leaders.
Towergate strikes up Coversure deal
Towergate Underwriting Group has struck a deal to supply its range of specialist insurance products to Coversure’s 84 franchise outlets.
AXA Re P&C downgraded
A.M. Best Co. has downgraded the financial strength rating of AXA Re Property and Insurance Company (AX Re P&C; New York, NY) from A- (Excellent) to B++ (Very Good). The rating outlook remains negative.
US property and casualty industry makes £5bn profit
The US property/casualty industry recorded an underwriting profit of nearly $9bn (£5bn) during the first six months of 2004, a substantial gain from the comparable period of 2003, according to a report by AM Best Co.
Chaucer interim profits rise 32%
Lloyd's insurer Chaucer Holdings has announced a record performance with profits increasing 32% to 19.8m for its interim results for the first six months to 30 June 2004
Dual Corporate Risks signs agreement with Arch Europe
Underwriting agency Dual Corporate Risks has announced a partnership with Arch Insurance Company (Europe) to underwrite SME directors and officers as well as professional indemnity risks on its behalf.
Parents claiming for joyriders' damage
Parents regularly lie in insurance claims to conceal damage caused by minors driving vehicles, according to fraud experts.
Zurich announces new loss adjuster panel
Zurich has announced a new loss adjuster process model, which the insurer believes will deliver a high quality loss adjusting service.
RAC buys out Axa
RAC has agreed to buy out Axa’s interest in RAC Financial Services and to acquire the renewal rights of Axa Direct.
SVB results take hit from provision
Lloyd's insurer SVB Holdings has announced a £117.5m loss in its 2004 interim results for the first half of 2004.
Aon announces formation of Aon Re Nordic
Aon has announced a consolidation of its Nordic reinsurance operations with the launch of Aon Re Nordic.
Senior Heath Lambert figure to retire
Heath Lambert Group today announced the retirement of one of the company’s long-serving executives and a senior industry figure.
A.M. Best affirms ratings of Lloyd’s Syndicate 382
A.M. Best Co. has affirmed the Best’s Syndicate Rating of A (Excellent) and the issuer credit rating of “a+” of Lloyd’s Syndicate 382, which is managed by UK’s Hardy Underwriting Agencies.
Eversheds teams with Spanish reinsurance and insurance specialist.
International law firm Eversheds’ Spanish associate firm, Lupicinio Eversheds, has teamed up with Spanish reinsurance and insurance specialists Gervás, Salas & Asociados.
BLG targets aviation with Singapore office
Law firm Barlow Lyde & Gilbert is opening an office in Singapore to serve local aviation insurer clients.
Atrium ups its capacity share
Atrium Underwriting has acquired £25m of capacity on its two managed syndicates, 570 and 609, in the first two capacity auctions of the 2004 Lloyd’s auction season, at a cost of £2.8m. Following these acquisitions, Atrium now owns £83m of its managed…
AXA UK acquire Barclays director
AXA UK has appointed Bob Dench as a non-executive director.