Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 23rd of July 2018
August 29, 2008

Lockton bolsters Denver team

by Richard Kilner

Story link: Lockton bolsters Denver team

Lockton Companies has announced the appointment of Stephen Doherty to its Denver office as producer for the entirety of its property and casualty lines. He previously worked for consultancy firm Strategic Programs, Inc. where he held a number of senior positions in management. Earlier in his career Doherty worked for software development and IT staffing […]



Allianz awaits Commerzbank bid for Dresdner Bank

by Gill Montia

Story link: Allianz awaits Commerzbank bid for Dresdner Bank

Allianz is understood to be finalising the sale of its Dresdner Bank subsidiary to Commerzbank, Germany’s second largest bank. In March of this year, Munich-based Allianz restructured its Dresdner business, 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 […]



Hardy Underwriting Bermuda reports steady H1

by David Masters

Story link: Hardy Underwriting Bermuda reports steady H1

Hardy Underwriting Bermuda has posted its first half results with pre-tax profit of £8.7 million, £0.4 million lower than during the same period last year. The slight fall in profit came despite a significant increase in gross written premium to £97 million, compared to £88.8 million for the first half of 2007. Net tangible assets […]



Castlepoint Re aquires Hermitage

by David Masters

Story link: Castlepoint Re aquires Hermitage

Bermuda-based Castlepoint Re has agreed terms to acquire property and casualty insurer Hermitage Insurance Group in a deal worth around $135 million. Castlepoint will pay $27 million in cash plus the adjusted closing book value of Hermitage to the seller, a subsidiary of Brookfield Asset Management, Inc. Hermitage is a specialist property and casualty insurance […]



Chaucer H1 profits tumble

by David Masters

Story link: Chaucer H1 profits tumble

Lloyd’s insurer Chaucer Holdings Plc has posted its first half results, with pre-tax profits down 92% on year to £3.9 million. This is compared to pre-tax profit of £47.9 million for the first half of 2007, and is the worst result for the company in two years. The London-based company was hit by reduced returns […]



August 28, 2008

Willis creates South Africa M&A practice

by Richard Kilner

Story link: Willis creates South Africa M&A practice

Willis Group Holdings has launched a new M&A practice in South Africa that will cater to the needs of the growing private equity sector and corporate clients. South Africa’s attractiveness for M&A has grown in recent years, with an annual increase in the amount of assets under management soaring by 46%. Willis’ new practice will […]



Ecclesiastical reports interim results

by Richard Kilner

Story link: Ecclesiastical reports interim results

Ecclesiastical has announced its interim financial results, covering the first six months of the year. Gross written premiums grew by 4.5% (£9m) compared to the previous year, reaching £210.8m However, the firm made a pre-tax loss of £21.5m, whereas in 2007 it enjoyed a profit of £28.7m. Shareholder funds fell by £11.6m to £350.3m, and […]



Liverpool Victoria acquires Highway for £150m

by David Masters

Story link: Liverpool Victoria acquires Highway for £150m

Mutual society Liverpool Victoria has acquired motor insurance company Highway Insurance in a deal worth £150 million. Rumours of the takeover yesterday saw Highway’s share price soar from 49.75 pence to 63 pence. In the closing deal Highway agreed terms of 75.35 pence per share and an interim dividend of 1.65 pence per share. This […]



Britons overestimate the cost of protection insurance

by Gill Montia

Story link: Britons overestimate the cost of protection insurance

Legal & General (L&G) is concerned that Britons don’t take out protection insurance because they believe they can’t afford it. In the recent survey of 1,964 adults, L&G found that 65% of respondents over-estimated the cost of taking out £150,000 worth of life cover. The group’s commercial director for housing, Karen Blatchford, points out that […]



French reinsurer Scor profits up 24%

by David Masters

Story link: French reinsurer Scor profits up 24%

France-based Scor, the fifth largest reinsurer in the world, has posted a net profit of €225 million for the first half of 2008 having steered a safe course through the global credit crisis. This is an increase in profit of 24.3% compared to the €181 million net profit for the first half of 2007. Gross […]



Aegon has recommendations for Retail Distribution Review

by Gill Montia

Story link: Aegon has recommendations for Retail Distribution Review

Pension and protection provider, Aegon, has been talking to consumers about financial advice and discovered that they are asking for a clearer separation between financial advice that helps them understand products and advice that helps them buy products. A research project that involved 140 participants and has taken 18-months to complete has revealed that consumer […]



Aon Jauch & Hübener appoint CCO

by Richard Kilner

Story link: Aon Jauch & Hübener appoint CCO

Aon Jauch & Hübener has announced the appointment of Andreas Bruckner to the newly created position of chief commercial officer. Bruckner is to assume the role on 1 January 2009, and leaves behind Zurich Financial Services (where he led the Global Industry Clients Division) to join the firm. He first entered the sector as an […]



August 27, 2008

Helphire takes MIB to European Court

by Gill Montia

Story link: Helphire takes MIB to European Court

Helphire, the firm that provides rental vehicles to motorists involved in accidents, is seeking a ruling from the European Court of Justice to recover more than £5.3 million from the Motor Insurers’ Bureau (MIB). The cost of Helphire’s services is paid for by insurance companies but the MIB, which compensates the victims of uninsured drivers, […]



Lloyds TSB improves insurance comparison website

by Gill Montia

Story link: Lloyds TSB improves insurance comparison website

Lloyds TSB has awarded the contract to build a new customer acquisition strategy for its insurance-only comparison website to Golley Slater, the Cardiff-based marketing solutions group. The firm will be developing and implementing the communications and media strategy for insurance.co.uk, which specialises in car, van, motorbike and travel cover. Golley Slater’s managing director, Sion Ashley […]



Brit Insurance profit falls 50%

by David Masters

Story link: Brit Insurance profit falls 50%

UK-based Brit Insurance has announced its results for the first six months of 2008 with profits at less than half of what they were a year ago. The general insurer and reinsurer reported pre-tax profits for the period of £49.9 million, compared to £106.8 million for the same period last year. Despite the fall in […]



August 26, 2008

Guy Carpenter strengthens investment banking arm

by Richard Kilner

Story link: Guy Carpenter strengthens investment banking arm

Risk and reinsurance firm Guy Carpenter has announced that Cory Anger has been appointed as Global Structuring Chief for GC Securities. She joins the firm from investment bank Lehman Brothers, where she worked in the Insurance Products Group as a senior vice president. Earlier in her career she worked for Merrill Lynch in credit risk […]



Marsh advises proper insurance for jewellery

by Richard Kilner

Story link: Marsh advises proper insurance for jewellery

The dangers of underinsurance by jewellery collectors has been raised by Marsh, as the costs of both diamonds and precious metals soars. Far surpassing the general inflation of the last year, the price of platinum has almost doubled, and diamond prices have skyrocketed by some 30%. Private Client Services’ Sara Dunn explains that the responsibility […]



Credit crunch hits world’s biggest insurers

by David Masters

Story link: Credit crunch hits world’s biggest insurers

New figures released by one of the world’s most respected stock market analysts reveal that the credit crunch continues, with insurers and other financial providers the hardest hit. Statistics released by Standard & Poor (S&P) show that operating earnings for the 500 biggest publicly traded companies in the world fell 29% on year for the […]



FRS acquires Iris

by David Masters

Story link: FRS acquires Iris

Brussels-based FRSGlobal has added risk assessment to its portfolio by acquiring Iris, a small risk management firm. FRS provides consultancy services to banks, including Citigroup, JPMorgan and HSBC, on how to meet financial regulators’ disclosure demands in different countries. Regulators have recently started requiring banks to provide detailed information on legal and financial risks across […]



IAG posts large 2008 loss

by David Masters

Story link: IAG posts large 2008 loss

Insurance Australian Group (IAG) has post a net loss after tax of A$261 million (£121 million) for the financial year ending June 2008. Insurance profit for the Australia-based company was A$448 million, down from A$767 million last year. The fall in profit occurred despite an increase in gross written premiums to A$7.8 billion. Shareholders were […]