Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 23rd of January 2018
April 30, 2008

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 Originally running on the Online Media Group (OMG) network, Virgin Money have suddenly and without notice withdrawn their car, home, pet and travel Insurance products.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 […]



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 […]



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 […]



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 […]



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 […]



April 29, 2008

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 […]



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 […]



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 […]



£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 […]



April 28, 2008

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 […]



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 […]



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 […]



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 […]



April 25, 2008

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 […]



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 […]



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 […]



April 24, 2008

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 […]



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 […]



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 […]