Ambac posts $1.66bn loss as new business declines 38%
by Gill Montia
Story link: Ambac posts $1.66bn loss as new business declines 38%
US bonds insurer, Ambac, recorded a first-quarter 2008 net loss of $1.66 billion, or $11.69 a share, compared with net income of $213.3 million, or $2.02 a share in the same period of 2007.
The company, which insures against loss of interest and capital on the bonds it underwrites, wrote down $2.7 billion against risks on […]
Blues lovers speed the most
by Richard Kilner
Story link: Blues lovers speed the most
Saga Motor Insurance has conducted research into motoring and music which reveals that blues lovers are the most likely to be caught speeding, followed by those who listen to country and western.
The research also uncovered the finding that those who like country and western are likeliest to be involved in an accident.
In addition, Bat Out […]
Platinum report record Q1 results
by David Masters
Story link: Platinum report record Q1 results
Bermuda-based Platinum Underwriters Holdings Ltd. has reported record results for the first quarter of 2008, with profits up 44% on year to US$105.2 million.
This equates to $1.76 per diluted common share, 45% higher than analysts’ predictions of $1.21.
Total net premiums were $301.9 million, up 6% on year.
The company,which provides worldwide property, casualty and finite risk […]
Esure upgrades bonus protection
by Gill Montia
Story link: Esure upgrades bonus protection
Esure, the online insurer, is upgrading its standard no-claims discount protection on motor policies to provide “protection for life”, meaning drivers can retain the benefits of a no claims discount regardless of the number of claims made during the life of their policy.
In researching the area of no-claims bonus protection, Esure found that 37% of […]
Heath Lambert negotiates sale of wholesale business
by Gill Montia
Story link: Heath Lambert negotiates sale of wholesale business
Heath Lambert, the independent broker, is in negotiations with Cooper Gay over the sale of its general wholesale businesses.
If the talks are successful, Cooper Gay, which is a City based insurance and reinsurance broking group, will acquire Heath Lambert’s international wholesale, UK wholesale, reinsurance and aviation businesses.
Staff working in these divisions would transfer to Cooper […]
Cooper Gay aim to acquire Heath Lambert divisions
by Richard Kilner
Story link: Cooper Gay aim to acquire Heath Lambert divisions
Cooper Gay has confirmed that it is currently engaged in talks with Heath Lambert, aiming for the acquisition of Heath Lambert’s Aviation, Global Business Solutions, FSJ and Reinsurance divisions.
The move is the latest in Cooper Gay’s strategic direction to acquire wholesale and reinsurance businesses in the London market.
Discussions are said to be in the first […]
AIR strengthens consulting services group
by Richard Kilner
Story link: AIR strengthens consulting services group
AIR Worldwide Corporation has strengthened its consulting and client services group with the appointments of Dennis Fasking, FCAS, MAAA, and Jin Zhang, ACAS.
Fasking has worked in various parts of the insurance industry for almost four decades, and has also been a client of AIR for some time so comes to his new post already equipped […]
LIU appoint general manager for France
by Richard Kilner
Story link: LIU appoint general manager for France
Liberty International Underwriters is bolstering its European operations by appointing Olivier Muraire to the post of general manager for France.
Earlier in his career he worked for Sogecore, serving as chief executive officer and partner, in addition to a decade spent as ACE European Group France’s general manager.
Muraire’s Paris-based position will see him responsible for ensuring […]
Valera made Iberia CEO by Aon Re
by Richard Kilner
Story link: Valera made Iberia CEO by Aon Re
Aon Re Global has announced that Alfonso Valera is to assume the role of chief executive officer for Aon Re Iberia.
Valera’s new position will be effective from 1 May.
He is promoted from the post of Aon Re Iberia, which he has held since 2005, and has been with Aon for 17 years.
During his time with […]
Argo name new senior vice president
by Richard Kilner
Story link: Argo name new senior vice president
Barbara Sutherland has been named by Argo Group as the firm’s new senior vice president of claims, succeeding Charles W. Weaver.
Sutherland joins Argo Group from PMA Insurance Group, where she worked for six years as senior vice president and secretary general counsel.
She has also spent almost two decades with Northland Insurance Companies, where she was […]
XL Capital Q1 profits down 57%
by David Masters
Story link: XL Capital Q1 profits down 57%
XL Capital, a Bermuda-based reinsurer, has reported its first quarter results, with income down 57% compared to the same period in 2007.
The company reported a first quarter income of $244.4 million, down from $562.5 million in 2007.
Excluding net realised gains and losses, profit stood at $276.9 million, compared to $540 million the previous […]
New cargo underwriter at AEGIS
by Richard Kilner
Story link: New cargo underwriter at AEGIS
Frank Chu has been named by AEGIS London as the firm’s new cargo underwriter.
He brings with him over a decade of industry experience, and leaves behind QBE where he worked on the CR O’Farrell Syndicate as a cargo underwriter.
Chu will assume his City of London based position on 8 May, and will report directly to […]
Lloyd’s appoint North America president
by Richard Kilner
Story link: Lloyd’s appoint North America president
LoriAnn Lowery has been named by Lloyd’s as the firm’s new president in North America.
She brings with her decades of industry experience, and has worked for Marsh & McLennan, Sedgwick and Wells Fargo Insurance Services.
In her new position Lowery will be tasked with overall responsibility for business operations throughout the US and Canada.
She will assume […]
Consumers urged to be accurate when taking out insurance
by Richard Kilner
Story link: Consumers urged to be accurate when taking out insurance
Sainsbury’s Finance has conducted research revealing that a large number of consumers are putting their insurance claims in jeopardy by not providing accurate information when taking out policies.
The results of the research reveals that a staggering 12.59m policyholders have admitted to making a best guess for information, and that 1.12m have confessed to deliberately giving […]
Talbot appoints head of marine underwriting
by Richard Kilner
Story link: Talbot appoints head of marine underwriting
James Skinner has been appointed by Talbot Underwriting as head of marine underwriting, as well as being the active underwriter of Syndicate 1183.
Other appointments have been announced, including Mark Johnson who has been named as underwriting risk officer, with responsibility for underwriting risk management in the Talbot group, monitoring and reporting on underwriting performance and […]
Online Private Medical Insurance to be launched
by Richard Kilner
Story link: Online Private Medical Insurance to be launched
The City-based aggregator Onlyinsurance.com is to offer a variety of PMI products from a range of providers (including BUPA and AXA-PPP).
The PMI offers will be the most recent addition to Onlyinsurance.com’s portfolio of insurance, ahead of predicted rises in the demand for PMI in the near future.
The Only Group head of personal lines, Ian Hall, […]
Swiss Re increases dividend to restore confidence
by David Masters
Story link: Swiss Re increases dividend to restore confidence
This year Swiss Re reported its second best set of results in its 144 year history.
However, despite the news, share prices remained little higher than the previous year. This was due to write-downs in the group’s credit insurance business in November last year.
At the company AGM last week Swiss Re’s board approved an 18% […]
RBS considers sale of Direct Line and Churchill
by Gill Montia
Story link: RBS considers sale of Direct Line and Churchill
The future of Direct Line and Churchill hang in the balance as their owner, Royal Bank of Scotland (RBS), considers means of raising new capital.
Last week, RBS shareholders were surprised and angered by reports that the bank was planning a deeply discounted rights issue.
Only last month, RBS chief executive, Sir Fred Goodwin, strongly denied suggestions […]
Aon name Besio chief administrator
by Richard Kilner
Story link: Aon name Besio chief administrator
Aon Corporation’s executive vice president of global strategy, Gregory J. Besio, is to assume the additional responsibility of chief administrative officer.
In his new position, Besio will be responsible for governance management, human resources, corporate strategy and M&A.
Gregory C. Case, Aon’s president and chief executive officer, has stated that Besio’s skills and experience make him the […]
Aon adds quartet to Honolulu office
by Richard Kilner
Story link: Aon adds quartet to Honolulu office
Yesterday Aon Corporation announced that it’s Honolulu office was being bolstered by a quartet of new appointments.
Marcus Kim, Janet Ng, Jeff Case and Frank Wirt, described by CEO Chad Karasaki as having proven brokerage experience, will all be based in Aon’s Honolulu office.
Kim brings with him over two decades of experience, and assumes the role […]
