The credit crunch and catastrophe losses have forced the price of reinsurance upwards, according to Guy Carpenter. Chris Klein, the firm’s Business Intelligence chief, has stated that the increase in costs has been tempered somewhat by sound capital bases (a position backed up by a recent Willis Re report), but added that the marketplace remained [...]
Heath Lambert Group has joined forces with MedicAlert, the charity that provides an identification system for people with medical conditions, to launch a new range of insurance products. From today, Heath Lambert’s Unique Insurance Services brand is offering travel, life, home, motor and pet insurance, plus pension annuities, to those with pre-existing conditions and allergies. [...]
W R Berkley Insurance (Europe) Ltd (WRB), part of the Connecticut-based W R Berkley Corp, has completed its acquisition of Irish Professional Risks Ltd. The latter is an underwriting agency specialising in professional indemnity insurance and has offices in Balbriggan, County Dublin. The merged business will be known as W R Berkley Insurance Ireland and [...]
International general insurance and reinsurance firm Brit Insurance has assumed its seat on the OurNetwork panel of insurers. In addition to this the network has released an improved comparative Directors & Officers (D&O) product for use by its member brokers. The new product boasts an online facility for comparisons, equipped with streamlined referral process to [...]
The Association of British Insurers (ABI) has issued new guidelines on rights issues. In future, companies will only need shareholders to vote on a fundraising if they are increasing share capital by more than two thirds. Previously a vote was needed if a rights issue increased share capital by more than one third. The move [...]
A deepening credit crisis and increased demand for transparency from clients will make 2009 a ‘seismic’ year for insurance brokers, according to specialist insurance technology provider Alphatec. Alphatec managing director David Grier said tough economic conditions mean that clients will be demanding better value from insurance brokers, and will be asking for an in-depth breakdown [...]
Insurance broker Willis International has revealed that the price of one of the main types of reinsurance for European credit insurers rose by an average of 40% on 1st January. In a report published on Friday, Willis chairman James Vickers warned that rising reinsurance costs will make life difficult for credit insurers. The report said [...]
The year ahead is set to be a difficult one for the insurance industry, according to consultants at insurance advisory firm Watson Wyatt. Philip Brook, global head of insurance consulting at the company, said many companies will have to deal with falling demand from the retail sector due to the global recession. Furthermore, product designs [...]
Cobra Holdings Plc has reported its results for the six months ending September 2008 with pre-tax profits down 66% on year despite a significant increase in revenues. Substantial write-offs dented the acquisitive insurer’s profits, which fell to £274,000 in the six months to September, down from £801,000 in the same period during 2007. Profit after [...]
Research from Sainsbury’s Travel Insurance has revealed that some travel agents have been misleading holidaymakers when selling the insurance. In a survey of around 2,150 people completed in November, 5% of respondents claimed they were told if they wanted to buy a holiday they also had to buy the travel cover supplied by their agent. [...]
Research commissioned by the Association of British Insurers (ABI) has revealed that nearly 50% of British consumers intend to make saving more their New Year’s resolution going forward into 2009. As the levels of unprecedented borrowing are poised to make the forthcoming recession even harder, it is unsurprising that consumers are looking for opportunities to [...]
Global risk and reinsurance specialist Guy Carpenter has published its 2008 Catastrophe Update briefing, in which is states that 2008 was amongst the most costly on record. The reason behind 2008′s expensive status is that a high frequency of Atlantic hurricanes and problems created by severe weather and man made activity have combined to result [...]
Standard Life’s chief executive, Sandy Crombie, has received a knighthood in the New Year Honours. The accolade is for services to the insurance industry in Scotland and the 59-year-old Edinburgh-based boss is reported to be delighted and very proud. The award possibly reflects the fact that despite the credit crisis, Standard Life reported a 51% [...]
