News

Beazley squeezes out profit

Lloyd's insurer Beazley announced its annual results this morning, with the group managing to retain profitability despite hurricane losses.

SLE Worldwide launches event cancellation insurance

SLE Worldwide, a sports, leisure and entertainment insurer has launched an event cancellation policy which provides online quotations. The new policy protects events of all sizes in the event of cancellation, abandonment, postponement, interruption or…

Lancashire loses retro underwriter, gains deputy CUO

Bermudian start-up (re)insurer Lancashire has announced that J. Alex Richards, currently retrocession underwriter and vice president of Lancashire will leave the company by mutual consent effective 1 April. The move comes after Bryan Bumsted, previously…

Buyers want disclosure of brokers' commissions

Corporate insurance buyers believe brokers should be made to disclose their commission earnings fully and automatically when arranging cover, according to a recent survey. The report also found a widespread lack of understanding about the level and…

XL sponsors Chinese leadership programme

XL Capital has joined an executive training and development program designed to help the People’s Republic of China identify and nurture future leaders among the country’s insurance regulators and executives.

Norwich Union prints monster freight guide for brokers

Norwich Union has claimed it is helping brokers make the most of the freight market with two new comprehensive guides and a new hauliers’ liability policy. Entitled “Lightening the Burden”, the 46-page broker guide contains detailed information about the…

Allianz extends small broker support service

Allianz Cornhill is extending its telephone-based small broker support service to brokers in the South West and Midlands. The move follows a pilot and launch in the South East which has produced an 81% increase in new business.

ABI and CAB reiterate injury reform needs

The Association of British Insurers and Citizens Advice have called for the Government’s Compensation Bill to mark the start of much wider reform of the UK’s personal injury compensation system.

Equity makes acquisition

Equity has announced the successful acquisition of Tudor Wight Insurance Consultants. The business will continue to trade from its present premises in Freshwater, Isle of Wight and will be rebranded Equity Insurance Brokers.

FSA updates PI advice

The Financial Services Authority (FSA) has published an updated version of its factsheet on buying professional indemnity insurance, to assist brokers.

Guild highlights underinsurance issue

Jewellery valuation specialists the Guild of Valuers & Jewellers have launched a new consumer-facing web site aimed at promoting jewellery valuations and tackling the problems of underinsurance.

Catlin appoints new boss

Catlin Group has appointed Richard Banas as president and chief executive officer of Catlin Inc, the Group’s US subsidiary. Mr Banas will be responsible for the operations of Catlin Insurance Company Inc, which upon regulatory approval will become the…

Consolidator acquires

The Towergate Partnership has announced the acquisition of G R Patrick & Company based in New Malden, Surrey. GRP controls £16m in gross written premium, Towergate said, underwriting schemes for care and nursing homes, and pubs and restaurants.

S&P says outlook is rosy for UK general insurance

Standard & Poor's Ratings Services is maintaining its stable outlook on the general insurance market in the United Kingdom (AAA/Stable/A-1+). The agency said it expects the majority of its interactive insurer financial strength ratings on domestic…

Arig chooses new CEO

Middle Eastern reinsurer Arig has announced that Udo Krueger is to step down as CEO on completion of his six-year fixed-term contract at the end of June 2006. Yassir Albaharna, currently general manager - reinsurance, will become Arig’s new chief…

Catlin battered but unbowed by 2005

Bermudian (re)insurer Catlin has announced that profits from 2005 were sharply down on the back of substantial losses from the Atlantic hurricane season that carved a trail of devastation through the area.

Benfield predicts 10%+ growth for 2006

Benfield has announced a profit of £34.8m over 2005, up 12% on the £31m it made the previous year and confirmed expectations of revenue growth above 10% in its core reinsurance intermediary business in 2006.

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