Legal & General (L&G) is warning Britons that the chances of a recession are high. The insurer says its recession predictor is now showing a 95% chance of an economic slowdown that would produce two successive quarters of economic contraction. According to James Carrick, investment strategist at L&G Investment Management, the indicators are more pronounced [...]
Members of Lloyd’s of London have voted in favour of Treasury amendments to the Lloyd’s Act 1982 via a Legislative Reform Order. Yesterday’s extraordinary general meeting was attended by 51.77% of Lloyd’s members, 99.14% of whom voted in favour of the proposals, which are aimed at reforming governance and improving access to the global market. [...]
US-based American International Group (AIG) is facing its first lawsuit following the company’s announcement of a $7.8 billion loss in the first quarter. The insurance giant is being sued by Jacksonville Police and Fire Pension Fund. Bernstein Litowitz Berger & Grossmann LLP filed the lawsuit in a New York court this Wednesday on behalf of [...]
The average British consumer spends £1,550 on insurance policies each year but according to a new survey by financial website, Fool.co.uk, substantial numbers of people have little idea how much cover their money has bought. Thirty-nine per cent of respondents, or one in 25, had over twelve insurance policies in place and found it difficult [...]
UK-based insurer Abbey Protection has reported its 2007 results, with pre-tax profits up 9% to £7.3 million. Revenue for the year also increased, up 11% to £27.3 million. Abbey are expecting their consultancy and underwriting businesses to see 10% growth this year as the company seeks acquisitions. Abbey Professional insures small and medium sized businesses [...]
Jonathon Proctor has been named by Colemont Insurance Brokers as the firm’s new managing director of the Property, Casualty and Treaty Division. Proctor brings with him over three decades of industry experience, two of which he spent working for Heath Lambert. More recently he has worked for HSBC Insurance brokers. Elsewhere in the firm, Ken [...]
American International Group (AIG), the world’s biggest insurer, saw its shares plunge to their lowest level in a decade yesterday as it revealed the need for larger than expected fund raising. The group posted a $7.81 billion net loss in the first quarter of 2008, after writing down $13.1 billion in relation to sub-prime and [...]
Moneysupermarket.com has named Kwik-Fit and Swiftcover as its most consistently competitive motor insurers. The price comparison website analysed 12 million quotes and found that the two companies regularly offered the most competitive premiums, averaging out at just under £277 across all drivers. The research also named Endsleigh as sixth most competitive provider, rising from 47th [...]
Giles Insurance Brokers has acquired The Professional Indemnity Group, which is based in Aust in Gloucestershire and specialises in providing PI insurance to construction businesses. The firm employs 10 staff and the move will expand both Giles’ geographical presence and its PI offering. The Professional Indemnity Group was founded by Rob and Fiona Park who [...]
Willis Group Holdings has announced that Donovan Nowell is to lead Noodle Specialty Brokers, which is a division of InsuranceNoodle™. Nowell helped the firm build its first MGA programme using the Noodles Specialty Brokers brand. He is a member of Willis North America Executive Risks practice, and will also assume the role of senior vice [...]
Lockton Companies has appointed Tim Meacham to serve as senior vice president for its Kansas City-based Operations Group. He leaves behind Wachovia Insurance, where he was MD of the Chesapeake region, to assume the role. At Wachovia he was responsible for three offices, risk management, employee benefits consultation and brokerage of property and casualty. Earlier [...]
Aon Re Global’s German reinsurance broker, Aon Ruck, is to have a new chief executive officer and chairman. Jan-Oliver Thofern will assume the roles on 1 July of this year, with the former CEO and chairman, Holger Gaserow, retiring towards the end of 2008. Gaserow has spent four decades with broker firm Jauch & Hubener, [...]
Australian-based insurance group IAG has formally rejected rival QBE’s latest takeover approach, leading to QBE withdrawing interest in the company. The decision was made in a meeting between the boards of the two companies. Following the meeting, IAG accused QBE of attempting to take advantage of a short-term weakness in the company’s share price. They [...]
Bermuda-based insurance group RAM Holdings Ltd has reported its results for the first quarter, with a net loss of $189.5 million, or $6.95 per diluted share. This is compared to a net profit of $14.3 million, or $0.52 per diluted share, for the first quarter of 2007. The loss is being largely attributed to a [...]
Standard Life has warned that 85% of its endowment policyholders are on red alert, meaning that they are facing a significant shortfall in policy maturity values. A further 8% are facing some degree of shortfall, albeit not significant, leaving only 7% of endowment policyholders likely to collect sufficient funds to pay off their mortgages. The [...]
Debby Corlett has been named by Heath Lambert as the firm’s new development executive of the Public Sector Unit (PSU). Corlett will be based in the firm’s Newcastle office, charged with overarching responsibility for public sector account development across the north of England. In her role she will collaborate closely with the Manchester-based PSU servicing [...]
Health insurer Bupa International has won the contract for a major new maritime deal providing cover for almost two thousand seafarers and their dependents working for Norwegian firm EMS Ship Management. The EMS Maritime Plan has been customised for EMS Ship Management’s specific needs by Bupa. The deal will see every qualifying EMS seafarers and [...]
Heath Lambert has appointed Mark Lovejoy to serve as associate director of the Mergers, Acquisitions and Disposals team. Lovejoy, who leaves behind Marsh, brings with him experience of M&A and private equity in addition to knowledge of the design and implementation of solutions to surmount the potential risks posed by M&A operations. His role within [...]
Liberty International Underwriters has named its new managing director for Continental Europe as Gerard van Loon. In addition to his new position as MD, Van Loon also assumes a place on the London-based Liberty Mutual Insurance Europe Ltd (LMIE) board. He joined the firm seven years ago to take up the post of D&O underwriting [...]
