Global insurer and broker Marsh and its MMC sister firm, Guy Carpenter, have announced that Marsh’s aviation reinsurance team are to migrate to Guy Carpenter. The move is predicted to be completed before the start of the next calendar year. In total, 29 Marsh employees are involved in the move. Guy Carpenter’s chief executive officer, [...]
The insurance sector is bracing itself for Sir Michael Pitt’s report on the flooding of summer 2007. It is understood that the document will contain serious criticisms of the insurance industry and could propose a radical review of the way in which home contents and buildings insurance works, with proposals for the development of new [...]
Whilst vets make around £36,635 per year, Veterinary practices make a 37% return on investment, a new study by Information group CCH has found. The study suggested that the fact that more Brits are now insuring their pets could be the reason for the raised revenues for Vet practices. Vets beat out plumbers, lawyers and [...]
Lockton has announced the appointment of Joseph Ziegler to the position of chief operating officer with Lockton Affinity. He succeeds Marianne Sears, who is to remain with the firm in the capacity of executive vice president of operations. Sears has been with Lockton for 20 years, and will retain her supervisory role over information technology, [...]
Graham Dickinson, one of the UK’s top insurance lawyers, has moved his team to DWF in order to supervise the establishment of a new London office. The new office is to be the first the firm opens outside of the North of England. He leaves behind Davies Lavery, where he led the catastrophic injury team, [...]
Aon Corporation has announced the appointment of Michael Grossi to the post of executive vice president of Aon Risk Services Inc’s Hawaii operations. Grossi brings with him over two decades of experience garnered from his time in the risk management sector. He joins Aon from Atlas Construction Services, where he provided insurance and surety broking [...]
Allianz’s auction of its German banking division is reported to be attracting a bid from Lloyds TSB. In March of this year, Munich-based Allianz restructured its Dresdner Bank subsidiary, which includes investment division Dresdner Kleinwort, in preparation for a sale. Allianz acquired Dresdner Bank in 2001 and while the latter’s private and corporate business has [...]
A report from Deloitte, the professional services firm, is suggesting that the insurance sector could be facing a significant downturn in revenue as a result of the credit crisis. Research conducted for Deloitte by YouGov (involving 2,286 consumers) found that 26% of respondents planned to cut back their insurance cover during the next twelve months, [...]
John D. Finnegan, Chubb Corporation’s president and chief executive officer, has announced a quartet of executive promotions. John J. Degnan joined the firm some 18 years ago, and has been promoted to the posts of vice chairman and chief operating officer. The new executive vice president and chief underwriting officer is Paul J. Krump. Krump, [...]
Despite fixed mortgage rates soaring they remain highly popular, according to Legal & General. The firm’s second ‘Mortgage Purchase Index’ report analysed 24,000 mortgage applications in a bid to identify and explain trends from the last quarter. In Q1, buy to let mortgages were 35% fixed, which has since risen to 58%. Between Q1 and [...]
Willis Group Holdings Limited has announced that Gerry McCarthy has been appointed to the position of senior vice president and regional director of the Construction and Real Estate Claim teams of Willis of New York, Inc. He brings experience accumulated over more than two decades, and leaves behind Allied North America where he served as [...]
The Association of British Insurers (ABI) has been researching public attitudes towards flood risk one year after the serious flooding of summer 2007. The study found that three-quarters of people think that not enough is being done to prevent flooding and many named improved drainage as a key priority. Of those questioned from areas that [...]
As inflation hits 3.3%, the highest level for many years, Legal & General is advising families with protection insurance to take out an option to mitigate against the potential pitfalls of rising inflation. Many of L&G’s policies come with an indexation option, which is linked to the Retail Price Index measure of inflation. The indexation [...]
Angus Cameron has been named as the new chief financial officer of Marsh UK. In his new role, which is effective from 18 August, Cameron is to report directly to Marsh UK’s chief executive officer, Martin South, and Marc Vassanelli, chief financial officer for the EMEA (Europe, Middle East and Africa) region. During a lengthy [...]
Beazley Furlonge Ltd, (the Lloyd’s managing agency at Beazley Group plc), has announced the appointment of Chris London to the board, in the capacity of non-executive director. London’s appointment is effective immediately subject to FSA and Lloyd’s approval. He brings to the role over three decades of experience working in the insurance industry in senior [...]
Aon Risk Services has announced the appointment of Marguerite Soeteman-Reijnen to the post of managing director and head of broking excellence of Aon Europe, Middle East and Africa (EMEA). She previously worked for Aon Capital Markets in EMEA, serving as managing director. Broking excellence is one of the most important areas for Aon Risk Services, [...]
The Association of Insurance and Risk Managers (AIRMIC), which represents the insurance buyers and risk managers of leading UK companies, is questioning the current use of “reservation of rights”, whereby a policyholder receives notice that the insurer may not accept liability for a claim. The association is aware that some insurers make routine use of [...]
In a move away from the insurance market, ING has sold its reinsurance unit NRG to Columbia Insurance Company, a Berkshire Hathaway subsidiary, for €272 million. The sale of Nederlandse Reassurantie Groep NV was first announced on 27th December last year, but was only completed this week. ING sold the unit because of its most [...]
