Florida-based broker, Brown & Brown, has made two acquisitions within six days. The firm’s purchase of Advanced Insurance Concepts follows last week’s acquisition of Reed Brothers Insurance Group. Advanced Insurance Concepts specialises in individual and group employee benefit insurance products and services. The company operates as a general agent on behalf of brokers in Delaware, [...]
Allianz Insurance has released its results for the second quarter of this year which shows profits and premiums rising. The firm recorded pre-tax profits of £94m, compared to £91.1m from the equivalent period last year. Gross written premiums also rose on a similar comparison, hitting £802m, up 3.1% from £777.7m in 2007. Commercial Lines GWP [...]
Willis Group Holdings has announced the appointment of Keith Tracey as the chairman of the Global Professional Services Practice. He brings more than two decades of industry experience with him, and earlier in his career worked for Marsh’s Accountants and Global Professions Practices as MD. Tracey has also held similar positions with Aon and Minet, [...]
Manchester-based insurance broker CBG has announced its results for the first half of 2008, with pre-tax profit up 45% on year. CBG’s first half pre-tax profit was £930,000, compared to £628,000 in the first half of 2007. This equates to 6.26p per diluted share. Shareholders will receive a dividend of 0.6p, 0.1p more than last [...]
Aon Crisis Management has recruited Sam Nicholls, formerly a senior member of the British police who investigated multinational extortion, to lead a new team dedicated to extortion consultancy. Aon has created the extortion consultancy team as a direct response to the rising frequency of commercial extortion cases occurring within the UK. Nicholls brings to the [...]
In an announcement today, Flagstone Reinsurance Holdings Limited revealed plans to restructure its global reinsurance operations. The company’s two wholly owned subsidiaries will be merged into a single company. Flagstone Reinsurance Limited of Bermuda and Flagstone Reassurance Suisse SA are to become Flagstone Reassurance Suisse SA. The newly formed firm’s underwriting capital is estimated at [...]
The Sunday Times has reported that the Royal Bank of Scotland (RBS) plans to withdraw its insurance business from sale by auction. According to the report, RBS has managed to raise almost £6 billion from the sale of risky loans, and so is able to call off the auction for RBSI, whose brands include Churchill [...]
Legal & General Property (LGP) has appointed Paul Edwards to the LGP board as director. In his new role, Edwards will be charged with analysing LGP’s investment opportunities in the European industry, as well as supervising the corporate governance framework of unlisted property fund structures, both in its present form and going forward into the [...]
Hiscox has released its interim results for the six month period ending 30 June 2008. The insurance firm recorded its highest ever level of pre-tax profits (for the interim period) of £109.2m, a rise of £3.6m compared to the previous year. Gross written premiums fell by almost £100m, dropping 12.8% to hit £639.4m, in accordance [...]
More brokers are contracting for Open GI’s eCommerce solutions according to the firm’s new business team. It is thought that an ever expanding range of online possibilities are fuelling the increase in contracts, which point to the internet as a potentially great arena for aspirational entrepreneurs to work in. Essex-based non-standard motor insurer Right Choice [...]
Specialist insurer Hiscox has announced the launch of a new commercial insurance policy aimed at the owners of high-quality venues. The policy, which will only be available via brokers, will cater to the specific needs of those who own museums galleries, exhibition halls, theatres and training centres across the UK. The coverage offered can be [...]
Brit Insurance Holdings has released a new set of Professional Indemnity products, Britbord PI. The new product set is released on Britbord, the firm’s delegated underwriting system. It has been developed to specifically cater for micro SMEs with a fee income up to £250,000, and contractors whose turnover exceeds £2.5m. A broad range of trades [...]
Willis Group Holdings has expanded its Marine Group with the addition of a North American Yacht practice. The newly established practice is to be based at Fort Lauderdale, Florida, and will cater to the owners of the most luxurious yachts in North America. Senior vice president Nancy Poppe has been appointed to lead the practice, [...]
Aon Risk Services has announced the appointment of Stuart Rover as senior account executive of the Los Angeles office. He brings two decades of experience in client service and risk management to the firm. Rover leaves behind Marsh Risk & Insurance Services, where he served as senior vice president for nine years, to join Aon. [...]
International specialty property/casualty insurer and reinsurer Catlin Group Limited has reported its half-year results. Covering the six months up to 30 June 2008, the firm saw gross premiums up by 4% to $2.1bn, and unearned premiums soar by 32% to hit $2bn. Average weighted premium rates fell by 5%, a lower decline than had been [...]
Allianz Insurance has announced the appointment of Simon Law to the position of motor damage supply manager. He has been with the firm for nine years, and joined from AGF Insurance in 1999. Law will be tasked with responsibility for the chain of motor supply, most especially the managing the repairer network and liaising with [...]
Heath Lambert has announced interim trade results for the half-year up to 30 June 2008. The performance revealed by figures is uniformly good, with trading profit for continuing operations up by 8% to hit £9.2m. The National business also saw profits rise, by an impressive 35%, with an annual income increase of 3%. Retail, construction [...]
Brokers now have a new online pricing tool available to them, created by Open GI, which allows them to apply real time rating flexibility over the internet. The tool, Active Quote, allows a specific target market to be defined by conditions and rules, whilst remaining in accord with insurer agreements. Brokers will be able to [...]
AXA has reported a 32% decline in net first-half profit, to €2.16 billion, having made an allowance of €1.14 billion in respect of falling asset values. Group sales at Europe’s second biggest insurer fell by 2.9% to €49.32 billion; however operating profit rose by 3% on the same period of 2007, to €2.77 billion. Notably, [...]
