International specialty property/casualty insurer and reinsurer Catlin Group Limited has announced its results for 2009. The firm saw a spectacular bounce back to the black, having incurred a loss of US$13m in 2008, Catlin achieved recorded pre-tax profits of US$603m in 2009. This follows on from the firm’s Q3 2009 results, when it achieved record [...]
Open GI and Broker Network have joined forces to create a new proposition for those planning to enter the broker market. The companies have a combined 40 years’ experience in the sector and the proposition, which is being made available this month, aims to encourage more start-ups. Success could help buck a recent trend which [...]
The European Life Settlement Association (ELSA) is opposing calls from the American Council of Life Insurers (ACLI) for policymakers to ban the securitisation of life settlements. ELSA was set up in 2009 with the aim of promoting the development and reputation of the life settlement industry and now represents over 11 members across the sector. [...]
Ignorance causes the UK’s over 55s to throw away millions in annuity income. So claims Aviva, which is concerned that over 8.5 million people in this age group could be jeopardising their retirement income through a worrying level of ignorance about annuities. Gaps in knowledge are illustrated by the fact that almost two-thirds of couples [...]
Aviva has outlined the challenges ahead for the over 55s in its first Aviva Real Retirement Report. The new quarterly report reviews the finances of the three ages of retirement: pre-retirees (55-64); retiring (65-74) and long-term retired (Over 75). The study reveals that Britons approaching retirement have finances in far worse shape than those either [...]
Cornish Mutual, the rural insurance firm, has announced the appointment of Sharon Plowright as member services manager. In taking on the newly created role, she will be tasked with supervision of every aspect of customer relations. She will take responsibility for the service quality of Cornish Mutual Member Service Centres located in Truro and Exeter. [...]
The Association of British Insurers (ABI) has voiced concerns over proposals to set up an Employers’ Liability Insurance Bureau (ELIB). Details of the scheme, which would act as a fund of last resort for employees injured at work – operating in a similar way to the Motor Insurance Bureau, have been outlined in a Department [...]
Marsh & McLennan Companies, Inc. (MMC) has announced its financial results for the quarter and year ended 31 December 2009. In Q4 consolidated revenue rose 3% compared to the same quarter in 2008, reaching $2.7bn, but fell 2% on an underlying basis. For the year consolidated revenue declined 9% from $11.5bn in 2008 to $10.5bn, [...]
XL Capital Ltd has revealed its results for the 2009, and for the final quarter of that year. In Q4 operating income was recorded at $235.8, equivalent to $0.69 per ordinary share, with a quarterly net loss of $40.3m or $0.12 per common share. The quarterly net loss has been attributed to $254.8m of post-tax [...]
Cardif Pinnacle, the UK insurance arm of banking group BNP Paribas, has been named mortgage payment protection insurance provider to Yorkshire Building Society. According to the lender, the five-year agreement has been awarded because the parties share a similar approach to business, including a partnership approach to fulfil mutual ambitions and a strong desire and [...]
The readers of Investment International have named Bupa International as Best International Healthcare Provider. This marks the first time the firm has been singled out by the publication’s readership, who considered Bupa International to have stood out from the crowd. For more than two decades Investment International’s readership has recognised firms with particular professionalism and [...]
The Oval Group has been ranked 85th in the Sunday Times Deloitte Buyout Track 100. The Buyout Track 100 is now in its thirteenth year, and ranks the companies with the fastest growing profits over the last two years. Others making the top 100 include LoveFilm.com, shoe retailer Office, and Yo Sushi. Giles Insurance Brokers [...]
Henderson Insurance Brokers is bolstering its presence in the North East with the launch of a new Teesside operation. The firm has established an office at George Stephenson Way, Preston Farm, Stockton as part of its strategic drive to enhance its presence throughout the country. Henderson has already done much groundwork, enabling the 20-strong team [...]
Higos Insurance Services has added to Claire Blaymires responsibilities by appointing her as the firm’s new operations director. Blaymires has been with the firm for over a decade, and last year was made company secretary and facilities director, posts she will retain when she assumes her new responsibilities as operations director. Managing Director Ian Gosden [...]
Wesleyan Assurance Society has announced the appointment of Tom Browne to the post of head of Product Strategy and Development. Browne brings extensive expertise in the strategy, placement and formulation of products to Wesleyan. He leaves behind Aviva Life Insurance, where he worked for nine years, most recently as head of Marketing Development, to join [...]
International healthcare company Bupa has supported Prime Minister Gordon Brown’s recent speech in which he called for more patients to be treated in their own homes by the NHS. Bupa collaborates with the NHS to help provide more than 14,000 patients with in-home care. Managing Director Steve Flanagan expressed his view that it is better [...]
Lloyds Banking Group is bringing its life, pensions and investment business under a new management structure. The move forms part of an integration programme within the bank’s insurance division and has prompted the following appointments. Deputy group chairman, Lord Leitch, will become chairman of the division and Archie Kane will continue as deputy chairman and [...]
Insurance broker and risk adviser Marsh has announced the appointment of Eleni Petros as senior VP in its Financial and Professional (FINPRO) Practice. Petros is a specialist in Directors’ and Officers’ (D&O) insurance, and will report directly to Charles Beresford-Davies, head of the Financial Services Division within FINPRO. She leaves behind Chartis, where she worked [...]
International accountancy firm Mazars have called for a measured response to the proposed reforms of the insurance industry, arguing that the degree of systemic risk and size of the institution must be taken into account to allow insurers to manage the proposed reforms. There is a wave of reform heading in the direction of the [...]
