Insurer
Creechurch takeover by Logan/Hastings Direct finalised
The purchase of Lloyd's insurer Creechurch by Hastings Direct parent Logan Trust Group has been confirmed.
Hiscox in 05 capacity u-turn
Hiscox is raising capacity of its Lloyd's syndicate back up to £775m after initially deciding on a 14% cut, citing foreign exchange pressures and an improved rating environment.
NU outlines next offshoring move with 150 redundancies expected
UK inurance giant Aviva today confirmed plans to increase its offshoring capacity by creating around 950 jobs offshore in 2005 to service its existing Norwich Union businesses. This builds on the 3 700 jobs Aviva has already created in India.
Insurance sector takes on the blame culture
Patrick Snowball, executive director general insurance, Aviva, has called for reinsurers and insurers to take a role in moving away from the 'blame and claim' culture which is becoming increasingly prevelant in the UK. Speaking at the Reinsurance Rendez…
Admiral launches initial public offering
Admiral Group has announced the launch of a global offer of existing ordinary shares through an institutional offering as part of its plans to float on the London Stock Exchange.
Brit shows improvements with interims
Brit Insurance Holdings has announced profit before tax of £52.5m for the interim period to 30 June 2004, an increase of £21.5m on the previous year.
Fusion opens claims unit in Manchester
Fusion Insurance has expanded its claims handling capabilities by opening a new Northern Claims Unit based in Manchester.
Jelf clinches £7m mortgage deal
Bath Building Society has renewed its strong business relationship with Bath Financial Planning, part of The Jelf Group.
Winners and Losers - Post Magazine's monthly round-up of job cuts and gains
WINNERS Hastings Direct outlines an aggressive growth strategy that will see it open a new Manchest...
Swiss Re doubles profit while premiums decline
Swiss Re’s profit doubled to CHF 1.4 billion (£611m) in the first half 2004. Total premiums earnedwere CHF 14.1 billion, a decline of 2% on 2003, as Swiss Re continued to underwrite selectively and focus on profitability, according to a company statement.
Admiral reports strong first half results
Admiral Group has announced a 30.5% increase in adjusted core profit to £45.3m for the six months ended 30 June 2004.
Partner Re adds to Charley claims estimates
PartnerRe has announced that claims relating to its exposure to Hurricane Charley are expected to be between $35 -$45m.
Allianz Cornhill profits up
Allianz Cornhill has announced a 13.2% increase in pre-tax profits for the first half of 2004, compared to the same period last year.
Boardroom changes at RSA
Royal & Sun Alliance has announced the retirement of Bob Ayling from its board of directors withimmediate effect and the appointment of David Paige as group risk director and executive board member.
Heath Lambert announces Malaysian venture
Broker Heath Lambert has launched a joint venture in Malaysia.
Lloyds TSB sees steady growth for 2004
Lloyds TSB General Insurance has increased its profits by £2m to £82m in the first half of 2004.
Creechurch in capital deal
The Creechurch Group, which includes Creechurch Underwriting, has accepted an offer from a subsidiary of the Logan Trust Group to acquire the entire issued capital of Creechurch Holdings.
Euclidian sale to spark Lloyd's consolidation
Lloyd's insurer Euclidian is set to become the first in a raft of acquisitions led by Capital Insurance Holdings and backed by Berkshire Hathaway's Warren Buffett.
Benchmarking important to market, claims Coomber
Benchmarking is an important tool to use in the current market, according to John Coomber, chief executive of Swiss Re.
Groupama appoints new claims director
Groupama Insurances has announced the appointment of Graham Gibson as claims director with responsibility for the technical integrity and operational effectiveness of the UK Group's claims operations. The appointment is subject to the usual FSA approval.
LMA committee chairman calls for better industry efficiency
Dane Douetil, chairman of the Lloyd’s Market Association’s Market Processes Committee has stressed the critical impact on loss ratios that could result from initiatives to improve the efficiency of insurance markets globally.
Illium in claims boost
Lloyd’s liability syndicate Illium has appointed John Craig as claims director.
Willis to purchase £33m Irish broker
Broker Willis has reached agreement in principle to acquire a majority shareholding in Coyle Hamilton, rebranding it Coyle Hamilton Willis, and merging Willis' existing Irish operations into the group.
Former Lloyd's CEO and Marsh UK boss nominated for new roles
The Institute of Financial Services has announced that former Lloyd’s chief excutive Ron Sandler has been nominated to become its next president from October this year.