Virgin Money withdraws insurance affiliate schemes
by Wenonah Lyon
Story link: Virgin Money withdraws insurance affiliate schemes
Virgin Money has become the latest in a string of service providers to withdraw from the UK affiliate market.
Originally running on the Online Media Group (OMG) network, Virgin Money have suddenly and without notice withdrawn their car, home, pet and travel Insurance products.
The move comes as other insurance companies re-organise or withdraw entirely from affiliate […]
New vice president at Willis Americas
by Richard Kilner
Story link: New vice president at Willis Americas
Dorien Smithson has been named as the new executive vice president of Willis Americas.
In her new post, Smithson will be responsible for leadership of the North American Claim and Risk Control Practice, in addition to the pre and post loss services available to Willis clients.
She leaves behind ESIS Inc., where she served as senior vice […]
Schriber made president of Signet Star
by Richard Kilner
Story link: Schriber made president of Signet Star
Jonathan Schriber has been named by WR Berkley as the new president of subsidiary firm Signet Star Re.
Schriber will take up the post on 1 July, and will replace incumbent Craig Johnson who is set to retire.
He is promoted from his current position of executive vice president and chief administrative officer, and brings 13 years […]
Lockton adds Adams to retirement services team
by Richard Kilner
Story link: Lockton adds Adams to retirement services team
Scott Adams has been appointed by Lockton Companies to serve as the unit manager of the retirement services team.
He brings to the position a decade of experience in retirement and employee benefits, and leaves behind Great-West Retirement services where he served as senior client relationship manager.
In his new Denver-based role, Adams will be tasked with […]
US insurers reeling at $3bn catastrophe payout
by David Masters
Story link: US insurers reeling at $3bn catastrophe payout
Property and casualty insurers in the US have been left reeling after a series of catastrophes in the first quarter left them with a $3.35 billion bill in claims to pay out.
According to the Property Claims Service, a sub-unit of the Insurance Services Office, nine catastrophes - including a series of February hurricanes, and […]
Admiral predicts record 2008 following Q1 results
by David Masters
Story link: Admiral predicts record 2008 following Q1 results
The Admiral Group has reported its results for the first quarter, and is on track to achieve record profits for 2008.
The Wales-based motor insurer - which sells insurance through the brand names Admiral, Bell, Diamond and Elephant.co.uk - saw turnover for the first quarter of £232 million, a 14% increase compared to the same period […]
Aviva drops Norwich Union brand
by Gill Montia
Story link: Aviva drops Norwich Union brand
Aviva has shocked the UK insurance world with the news that it will be dropping its Norwich Union brand.
Norwich Union was formed in 1797 and has been a household name in general insurance for decades.
However, Aviva’s chief executive, Andrew Moss, is keen to have all the group’s products under one brand that can be recognised […]
Homeowners warned about subsidence dangers
by Richard Kilner
Story link: Homeowners warned about subsidence dangers
Sainsbury’s Insurance has advised homeowners contemplating planting trees in their gardens to be on their guard against the potential risks of subsidence.
The warning comes as an estimated 9.7m homeowners consider planting trees in their gardens over the course of 2008.
The insurer has revealed that 12% of the claims it receives made against subsidence involve trees […]
Flagstone acquires stake in Alliance International
by Gill Montia
Story link: Flagstone acquires stake in Alliance International
Flagstone Reinsurance Holdings, a Bermuda-based company, has agreed the acquisition of up to 29.9% of Alliance International Reinsurance Public Company.
The latter is headquartered in the Republic of Cyprus and listed on the Cyprus Stock Exchange.
The firm is a specialty property/casualty reinsurer with clients in Europe, Asia, the Middle East and North Africa.
The purchase will be […]
£5.5m loss for Advent Capital
by David Masters
Story link: £5.5m loss for Advent Capital
Specialist Lloyd’s (re)insurer Advent Capital has reported its results for the first quarter, with pre-tax losses of £5.5 million.
This is compared to the £0.5 million profit that the company made during the first quarter of 2007.
The poor results are being blamed on the second worst ever quarter in the history of the insurance industry for […]
CMG launches Gibraltar-based claims management business
by Gill Montia
Story link: CMG launches Gibraltar-based claims management business
CMG has launched a Gibraltar-based niche business, with a UK office in Belfast.
The claims management and consultancy firm aims to service protected cell companies, open market insurers and insurance managers across the EU and EEA. It will also manage claims for the captive insurance sector, worldwide.
The group will provide claims processing and handling; run off claims […]
Homeowners need to guard against burglary
by Richard Kilner
Story link: Homeowners need to guard against burglary
A survey carried out by Zurich Insurance has revealed that homeowners are not doing enough to protect themselves against burglary.
Of the 1,000 surveyed, 10% stated they had broken into their own property, with 32% claiming they would be able to do so.
Two-thirds of those who had broken in had managed to do so in under […]
Green drivers prefer carrot to stick
by Richard Kilner
Story link: Green drivers prefer carrot to stick
Research conducted by price comparison website Tescocompare.com has revealed that a staggering 21 million people would consider changing their car for an eco-friendlier vehicle if the costs of doing so were cheaper and incentives were offered.
At present 2 million people claim to drive an environmentally friendly car.
The comparison site also discovered an age effect regarding […]
Arch Capital Group announces Q1 results
by David Masters
Story link: Arch Capital Group announces Q1 results
Bermuda-based Arch Capital Group Ltd. has announced its results for the first quarter of 2008, with net income of $189.4 million, or $2.78 per share.
This is compared to a net income of $198.6 million, or $2.59 per share, for the first quarter of 2007.
The after-tax operating income available to common shareholders was $202.0 million, or […]
Amateur chefs bump up household claims
by Gill Montia
Story link: Amateur chefs bump up household claims
Esure, the online provider of home insurance, has noted a new trend in claims involving mishaps in the kitchen.
Since celebrity chefs tried to educate the nation and the blow torch moved in alongside the potato masher, amateur chefs have been getting into trouble.
According to the research, 14% of those questioned had experienced an accident […]
Hagemann joins Helphire board as non-exec
by Richard Kilner
Story link: Hagemann joins Helphire board as non-exec
Dr Reine Hagemann will be appointed to the board of Helphire on 1 May 2008, in a non-executive role.
Dr Hagemann served on the board of Allianz AG for over a decade and was responsible for a non-life operations across Europe.
He already holds non-executive board member status with a ranger of firms, including Fortis NV, VHV […]
Arista strengthens Manchester branch
by Richard Kilner
Story link: Arista strengthens Manchester branch
Arista Insurance has bolstered its presence in the north west of England with the addition to its Manchester branch of a broker development manager and senior underwriter.
Mike Shallcross joins the firm to assume the post of broker development manager, which will see him tasked with responsibility for developing and maintaining Arista’s broker panel for the […]
Folksamerica name three chief underwriters
by Richard Kilner
Story link: Folksamerica name three chief underwriters
The underwriting team of Folksamerica Reinsurance Company is to see a trio of promotions.
Melissa Emmendorfer is to assume the role of chief underwriting officer and will be responsible for Professional Liability, Clash and Workers Comp.
Emmendorfer brings with her experience of both underwriting and actuarial positions spanning almost two decades.
The new chief underwriting officer for Accident […]
Wasserman made new Folks Re president
by Richard Kilner
Story link: Wasserman made new Folks Re president
Yesterday Folks Re Solutions announced that John D. Liberator is to leave the post of president and will be replaced by Neal Wasserman.
Liberator will remain with the firm in an advisory capacity.
Wasserman is promoted from his position as senior vice president of the firm, which is a part of White Mountains Re.
He brings with him […]
Liberty Mutual acquire Safeco for $6.2bn
by David Masters
Story link: Liberty Mutual acquire Safeco for $6.2bn
After years of speculation and six months of discussions, Boston-based Liberty Mutual Group has finally agreed terms to acquire Seattle-based insurer Safeco in a cash deal worth $6.2 billion.
Liberty Mutual will pay $68.25 per share, 45.7% higher than the Tuesday stock price of $45.23. Most of the purchase price is to be paid with […]
