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 [...]
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, [...]
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 [...]
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% [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
