News
Industry warned: what the BRTF wants, it gets
At last week's Post Magazine Claims Club seminar, the Better Regulation Task Force gave claims managers the inside track on its recent compensation system report; and the soon-to-be- published ABI/CILA claims protocol was given its first unofficial…
Appointment at Chartered Insurance Institute
The Chartered Insurance Institute has appointed four senior personnel. Jamie Heath joins as director...
Lehmann to take on Zurich US commercial role
Zurich Financial Services Group has appointed Axel Lehmann to the position of chief executive officer ofZurich North America Commercial, effective September 2004.
Wellington swoops for Axa arm
Wellington Underwriting has announced plans to expand into US Specialty business through the proposed acquisition of Axa Corporate Solutions Excess and Surplus Lines Insurance, a Delaware domiciled excess and surplus lines insurance company.
Rudolph Guliani speaks on terrorism risk
Former Mayor of New York, Rudolph Guliani, in a speech to the attendees of the World Insurance Forum in Bermuda, said that the insurance industry must help the private sector to address the issues of security and business continuity in order to be ready…
S&P maintains negative outlook for US reinsurers
Ratings agency Standard & Poor’s (S&P) is maintaining its negative outlook on the US reinsurance market, despite recent improvements in underwriting performance.
Gen Cologne Re gets China license
General Cologne Re, a subsidiary of the General Cologne Reinsurance Group, has been issued a license by the Chinese regulatory authorities to operate as a composite reinsurer across the country.
Lloyd's: no room for complacency after slip results
A report by Lloyd’s shows slip quality has improved to 83%, compared with 70% last year. It was the first report on slip quality since Lloyd’s allowed the use of the LMP slip at the start of the year.
Insurer says employers are making their workers fat
Employers who provide vending machines stocked with junk food could be contributing to increasing levels of obesity and absenteeism in the UK, warns income protector UnumProvident.
British Virgin Islands Insurance Association appoints new president
The British Virgin Islands Insurance Association has announced the appointment of Conor Jennings as its new president.
Royal London axes 380 retail staff
Mutual life insurer Royal London today announced 380 redundancies nationwide after it said it was to stop face-to-face selling.
Norwich Union partnership yields access 1000 mortgage brokers
PlusOne Services, has signed its first customer for the Embryo general insurance white labelling and third party administration solution with the Mortgage Support Network signing up.
Norwich Union to cut 700 life jobs
Norwich Union is to cut 700 UK jobs and 250 contract positions in a restructure of its Life business services division.
AM Best gives thumbs up to Dorinco Re
AM Best has affirmed the financial strength rating of “A-” (excellent) of Dorinco Reinsurance, based in Midland, Michigan. The rating outlook has been revised from negative to stable.
Poll reveals surveyors not adequately consulted over FSA regulation
A poll by law firm Reynolds Porter Chamberlain shows 96% of commercial property agencies believe they have not been properly consulted by the Government and the Financial Services Authority on the proposals for the regulation of general insurance.
Swinton predicts consumer backlash to offshoring moves
Research commissioned by broker Swinton, revealed that an astonishing 67% of those surveyed said that if they knew that an insurance provider's customer service centre was based offshore, they would not buy a policy from them.
Market adapts to rapidly softening rates
Risk professionals have been surprised by the speed that rates on some lines of business have softened, according to the views expressed at the World Insurance Forum in Bermuda. Peter Garvey, president and CEO, Marsh said there was an expectation of a…
Run off specialist completes IT deployment
Spectrum has announced the completion of Eclipse - the new processing, management and administration solution for Lloyd's Syndicates 1204 and 53 which are currently in run off.
Moody’s issues CNAIC rating
Moody's has assigned an Aa3 (excellent) insurance financial strength rating to Coface North America Insurance Company (CNAIC), a wholly-owned subsidiary of Coface SA. The outlook for the new rating is stable.
Models used for ‘herd mentality’ pricing, says Michaelides
There is a danger of a herd mentality being applied to reinsurance pricing, with everyone relying on the same models and having no independent view of what the price should be ¬– according to Nicholas Michaelides, global director of reinsurance at the…
Reinsurance buyers demand progress on electronic trading
Some of the most influential reinsurance buyers in the market made clear their frustration at the lack of progress in the use of electronic trading. Speaking at the World Insurance Forum, Nicholas Michaelides, global director reinsurance, ACE said he…
Crime-related claims on the up
The average value of crime related insurance claims settlements for the first three months of 2004 increased by just over 17% compared with Q4 of 2003, according to the latest findings from Axa's Business Crime Index.
Ford confirms dealerships will be brokers as contract placed
Ford Credit has appointed Pinnacle Insurance as its 'Proficiency Solutions' insurance training programme for Ford dealer sales personnel, confirming plans to have its dealers regulated to sell general insurance directly with the Financial Services…
Guy Carpenter MD gets Ferguson prize
Global risk and reinsurance specialist Guy Carpenter has announced that managing director Gary G. Venter of the firm’s Instrat unit has been awarded the Casualty Actuarial Society’s Ronald Ferguson Reinsurance Prize.