Regulation
AM Best affirms Ace Australia rating
AM Best has affirmed the financial strength rating of Ace Australia (ACEAU) at A (excellent) with a stable outlook.
Moody’s still looking at MMC ratings
Moody's Investors Service announced today that it is continuing its review for possible downgrade of the long-term (senior unsecured at Baa2) and short-term (commercial paper at Prime-2) credit ratings of Marsh & McLennan (MMC).
Amlin debt issue rated stable
Moody's Investors Service has assigned a Baa3, stable outlook, subordinated debt rating to Amlin's $50m (£27m) subordinated bonds due 2019. The net proceeds of the issue of the bonds will be used by Amlin to partially refinance existing letters of credit…
New Aon report looks at P&I renewal
The 2005 Protection and Indemnity (P&I) renewal for ship owners is likely to see general rate rises of up to 12.5% in insurance premiums, according to Aon’s new 2004/2005 P&I handbook.
Breuer succeeds Royer on CEA accident committee
Uwe Breuer, director of R+V Allgemeine Versicherung (Germany), has been appointed as the new chairman of the Comité Européen des Assurances Accident Insurance Committee.
Mitsui Sumitomo strengthens subsidiaries
Mitsui Sumitomo Insurance Company has announced plans to strengthen its global reinsurance operations through its two subsidiaries, MS Frontier Reinsurance and Mitsui Sumitomo Reinsurance.
Goshawk takeover plan shelved
Nikko Principal Investments today annouced that it has called of takeover talks with Goshawk.
Brokers should disclose commission fees
Insurance brokers will have to disclose the cash amount of all commission and related payments received from insurers or risk breaking the law and Financial Services Authority rules, warned law firm Reynolds Porter Chamberlain.
Omni Whitting buys Singapore insurer in run-off
Omni Whittington Investments (Guernsey) has purchased Singapore-based Lion City Run-Off Private Limited from DBS Group Holdings.
Hartford buys Nat Cat cover from Foundation Re
Hartford Financial Services Group has bought $247.5m worth of reinsurance for natural catastrophes from Cayman Island-based reinsurer Foundation Re.
CITIC Prudential opens Shanghai office
Prudential’s life insurance joint venture, CITIC Prudential, has received official approval by the China Insurance Regulatory Commission to open a new branch in Shanghai. Prudential said that it now is well positioned to continue its expansion in the…
Zurich urges brokers to help businesses plan for bad weather
Zurich is urging brokers to support businesses by offering them advice on what they can do to reduce the risk of flood to their property.
Aon Re claims UK training pilot success
By Dan Coatswoth Aon’s Reinsurance division will become one of the first companies to receive Exemplar Status for their approach to training as part of the UK Financial Services Skills Council pilot project for accrediting in-house training schemes. Aon…
Cup winner
Scott Gallagher of DA Constable Syndicate 386 won the Andrew Clark Memorial Cup for achieving the be...
FSA 'could help vet for fraud'
The Financial Services Authority's proposed product risk framework for general insurance could be us...
New Agnew Higgins chair to fuel niche growth
Specialist energy intermediary Agnew Higgins Pickering and Company is aiming to expand further into ...
FSA becoming impatient with secondary sector
The Financial Services Authority appears to be losing patience with the secondary intermediary secto...
Periodical payments: reserves warning
General insurers have been warned that the reserves associated with the imposition of periodical pay...
Rules of the sea
Marine
Three-year warning over claims farmers
Insurers have been warned that they could face an unregulated claims management sector for another t...
UK liability market 2003: final figures
Liability Tables
Will CSC win approval?
The government last week repeated its threat to the claims management sector that if it did not mana...
Airmic meets Biba over Spitzer
The Association of Insurance and Risk Managers has refused to back down over demands for a Financial...
NAIC task force releases draft model legislation
NAIC’s newly formed Executive Task Force on Broker Activities has released draft model legislation that would implement new disclosure requirements designed to ensure consumers are provided the information necessary to understand the manner in which…