Regulation
Revios Re posts healthy profit
Revios Reinsurance Group has posted a €61.5m profit for its first financial year.
Mortgage advisors taking appointed representative route, says survey
Over half of mortgage advisors intend to become an appointed representative to sell general insurance.
Converium issues profit warning on Q2 results
Converium has announced its second quarter results will fall short of expectations due to the emergence of higher than modeled US casualty loss primarily related to the underwriting years 1997 to 2001. Reserves for these lines of business, in particular…
S&P lowers Converium rating after profit warning
Standard & Poor's (S&P) has lowered its long-term counterparty credit and insurer financial strength ratings on Switzerland-based reinsurer Converium and its main operating subsidiaries from 'A' (strong) to 'A-' (strong).
Towergate’s founders donate £4m worth of shares to staff
Founders of Towergate Underwriting Group, Peter Cullum, Paul Dyer and Tony Proverbs, are gifting almost 2% of their shares, worth an estimated £4m, to staff.
Arig unveils first half 2004 results
Arab Insurance Group (Arig) has announced its results for the first half of 2004, along with plans for increasing capital by a rights issue.
Airmic given FSA exemption
The Financial Services Authority has bowed to demands from risk managers who want to escape regulation to sell general insurance.
FSA appoints ex ombudsman chief as complaints commissioner
Sir Anthony Holland, chairman of the Northern Ireland Parades Commission and a former principal ombudsman for the Personal Investment Authority, has been appointed to be the independent complaints commissioner for the Financial Services Authority.
Recruiting firm merges London offices
Insurance recruitment agency, Darwin Rhodes, has opened a new headquarters in the City of London.
FSA offers brokers hope with regulatory concession
The Financial Services Authority today reported that by the end of 13 July (GI Day minus six months), it had received 12710 registrations from the general insurance sector to obtain an application pack and 8624 applications for authorisation.
Moody’s upgrades Odyssey Re ratings
Moody's Investors Service has upgraded the insurance financial strength ratings of Odyssey Re Holdings Corp's primary re/insurance subsidiaries, Odyssey America Reinsurance Corporation and Clearwater Insurance Company (collectively known as "Odyssey Re")…
Time delay was too long
Adams v Bracknell Forest Borough Council (House of Lords - 17 June 2004)
Merger to boost CII membership
The Chartered Insurance Institute's membership is set to swell to over 90,000 this week, when one of...
What the papers said this week
Financial Times Company directors face a growing number of litigation claims as a result of increas...
FSA offers brokers hope
Companies that missed this week's deadline to apply for Financial Services Authority 'guaranteed' au...
Court in a trap
Legal Comment
Zurich faces cull from another panel
Folgate's personal lines relationship with Zurich is in doubt following a meeting last week between ...
Estimating opinion was partial
The article on computerised estimating by Audatex managing director Paul Tucker calls for a response...
Fairground attraction
Theme Parks
Over 300 brokers register their opposition
Over 300 brokers have registered their opposition to the Financial Services Authority's compensation...
S&P cautions reinsurers on ratings
Standard & Poor’s (S&P) has claimed that parts of the global reinsurance market continue to have misconceptions about the ratings agency’s approach to assessing reinsurers’ financial strength.
PI Direct targets secondary intermediaries
PI Direct, the professional indemnity underwriting agency, has expanded its insured professions to include secondary intermediaries such as motor traders, retailers, opticians, dentists and hire firms. The product is being offered through its subsidiary…
Brokers rally behind IIB campaign
Over 300 brokers have registered their opposition to compensation proposals giving them unlimited liability rather than a £48 000 limit.
S&P issues rating for RGA registration
Standard & Poor's (S&P) said today that it assigned its preliminary 'A-' senior unsecured debt, 'BBB+' subordinated debt, and 'BBB' preferred stock ratings to the $1bn universal shelf registration filed by Reinsurance Group of America (RGA).