The National Farmers Union Mutual Insurance Society (NFU Mutual) has announced that in 2010, it will be doubling the Mutual Bonus paid to its 870,000 general insurance customers. The enhanced windfall will come during the group’s Centenary year and apply to all general insurance renewals, including motor, home, business, and horse cover. According to the [...]
Leisure insurance specialist, Towergate Bakers, is introducing a carbon offsetting policy for caravan owners. The firm claims that caravan enthusiasts have a high level of “green” awareness compared to the public in general and are already more likely to be offsetting flights and using energy efficient products. It has therefore developed a range of online [...]
RenaissanceRe Holdings has taken a controlling stake in Spectrum Partners and its subsidiary, Spectrum Syndicate Management, a Lloyd’s of London managing agent. Under the terms of the deal, RenaissanceRe has the option to purchase all outstanding shares of Spectrum Partners. Financial details of the merger were not disclosed. In April 2009, RenaissanceRe received approval from [...]
The founder and former chief executive of America’s biggest mortgage lender has been charged with securities fraud and insider trading. Angelo Mozilo, former head of Countrywide, is accused of deliberately misleading investors about the financial risks they were taking on. US regulators also claim that Mozilo made nearly $140 million profit on his Countrywide stock [...]
Iris Reinsurance (IrisRe), an authorised Class-3 reinsurance company, was launched this week by New York-based private equity firm Cartesian Capital Group. Bermuda-based IrisRe, established in association with Schuyler Havens and Chase Toogood, will primarily offer reinsurance in the form of industry-loss warranties. It will provide worldwide cover for a range of catastrophic risks. Peter Yu, [...]
Travelers this week increased its 2009 operating earnings outlook by five cents per share. The new forecast for earnings per share is $4.55 to $4.95 per share, compared to the previous projection of $4.50 to $4.90 per share. The US-based insurer said it has been strengthened by AIG’s fall from grace and the troubles of [...]
Aon has signed a £20 million per year shirt sponsorship deal with Manchester United Football Club. The four-year contract will see Aon replace troubled US insurance firm AIG as shirt sponsor to the Premier League champions from June 2010. AIG confirmed in January that it would not be renewing its £14 million per year shirt [...]
A deluge of firms is set to go bankrupt as the year progresses, according to research published this week by Euler Hermes. The credit insurer forecasts a global surge in insolvencies of 35% for 2009, with the financial crisis transforming global markets into a “burial ground” for businesses. Figures for the first quarter make gloomy [...]
The Association of British Insurers (ABI) has published provisional long-term “business in force” figures for 2008, showing how the recession and changes in Capital Gains Tax continue to impact on the UK insurance sector. Last year, total net premium income for life insurance and pensions stood at £97.7 billion, down 2% from £100.2 billion in [...]
Swiftcover has acquired SIMS, a specialist personal motor claims provider that already manages all Swiftcover’s claims activity. SIMS was formed in 2004 and employs around 320 people based at sites in Kent and Gloucestershire. Both companies have been working together closely on product development over the past five years. According to motor insurer, claims management [...]
Independent insurance broker Heath Lambert has bolstered its Public Sector Team with a quartet of specialist appointments. Peter Bristow leaves behind RSA to join the firm, and will take up the role of head of Public Sector. He brings with him over three decades of experience, including time at Aon and in local government. The [...]
Aspray Ltd has enjoyed a good start to the year despite the more competitive insurance management sector. The family-run business has seen interest increase and has opened half a dozen new branches in the UK and two in Ireland, bringing its total in both countries to 52 branches. Aspray was founded in 2005, and has [...]
Insurer Lockton has named Michael Todorovich as its new vice president and producer to its St. Louis office. Todorovich brings over a decade of experience in the insurance industry to his new role, particularly specialising in executive risk and mergers & acquisitions, as well as extensive knowledge of the private equity, manufacturing and services sectors. [...]
Fortis shareholders have threatened legal action against the Dutch state’s sale of Fortis Corporate Insurance to UK-based Amlin. FortisEffect, the Fortis shareholders’ foundation, claims the sale is illegal. FortisEffect lawyer Adriaan de Gier has written to the Dutch state and to Amlin claiming the deal will hurt Fortis shareholders. Amlin said it is aware of [...]
Livestock farms are being targeted by professional thieves, as high meat prices coupled with the recession make animal rustling an attractive option. Recent thefts include 2,000 game birds and 500 piglets, the Times reports. Sheep have vanished from Wales, Yorkshire, and the West Country. Nine rare breed cattle were stolen from a farm in Lincolnshire. [...]
Ropner Insurance Services has announced that it has enhanced its non-Marine team with the additions of David Pratt-Sinclair and James Sergeant. The two new appointees join Ropner from Houlder Insurance Brokers, and add over four decades of experience between them to the firm. They also bring with them a portfolio of clients as well as [...]
Closed life fund consolidator, Pearl Group, is reported to have secured a £500 million injection of capital from Liberty Acquisition Holdings, a specialist acquisition company. Pearl’s £5 billion acquisition of Resolution last year left the company burdened with debt and according to a report in The Times, the investment by Liberty is in exchange for [...]
Aviva is inviting Norwich Union with-profits policyholders to vote on the proposed reattribution of surplus funds. Negotiations over the reattribution have dragged on for well over a year because of a dispute over the proportion of the surplus that should be paid to shareholders. In July 2008, Aviva announced that it was prepared to pay [...]
Helix UK Limited, which provides administration and support services to the insurance industry and related businesses, has appointed a new chief executive officer. David Pearson assumed his role in May having previously held various senior posts within the Capita Group, including chief executive officer of Capita London Market Services and managing director of Lambourn Insurance [...]
