Global insurer RSA has announced the appointment of Stuart Purdy as chief executive officer for the Asia & Middle East region (AME). Purdy brings in excess of a quarter of a century of experience to his new position with RSA, and during his lengthy career has worked both in the UK and in Asia. Presently, [...]
Towergate Partnership has announced that it has entered into a conditional agreement in relation to a £200 million investment by Advent International. Under the deal, the private equity firm will acquire separate shareholdings in each of Towergate and Cullum Capital Ventures. The investment is conditional upon raising new debt facilities through the bank and bond [...]
Towergate has launched School Closures Insurance, which is aimed at protecting parents against loss of earnings and additional childcare costs. The intermediary claims that the cover is the first of its type in the UK, costing £30 per annum for each child. Once a school has been closed for more than one day because of [...]
The deadline for Achilles’ offer for Brit Insurance has been extended to 5th February. The recently incorporated Achilles has been formed by private equity firms Apollo Management and CVC Capital Partners, and its offer gives Brit shareholders who accept up to £11 in cash per share, while non-accepting shareholders will receive £10.45 per share in [...]
Aviva has won the Chairman’s Cup in the City of London Clean City Awards, for the second time. The award is in recognition of best practice in waste management at the group’s head office, situated at 1 Undershaft, EC3. A key factor that impressed the judges was a wormery that is used to manage Aviva’s [...]
Amlin plc’s wholly-owned subsidiary Amlin Corporate Services Limited has announced that it has completed the acquisition of J R Clare Underwriting Agencies Limited from Mr John Clare. JCUA is a managing general agent which makes around £30m in UK household and commercial insurance premium income. From this point forward, Amlin UK will underwrite 100% of [...]
The Chubb Corporation has reported its financial results for the fourth quarter of 2010, during which it made a net profit of $620m, equating to $2.02 per share. This is a moderate decline from the $695m ($2.03 per share) the firm made in the corresponding period last year, but a slight rise on the $572m [...]
Equinox Global has announced the appointment of Sarah Winstone as senior underwriter. The firm has only recently been established, exclusively to underwrite trade credit insurance, and Ms Winstone will be joining on 1st April. She is moving from Coface UK, where she held the post of key account manager responsible for multinational account relationships across [...]
Ironshore Inc. has named P. Donald Harkey as head of Ironshore Europe’s Political Risk unit, which was established earlier this year, in Dublin. In addition, the specialty property and casualty insurer’s Pembroke Syndicate 4000 has entered into an underwriting agreement with Equinox Global that will allow Ironshore Europe to expand its Political Risk and other [...]
LV=, the mutual insurance, retirement and investment group, has announced the appointment of Cath Keers as a non-executive director. Keers brings more than two decades of experience in both the marketing and sales sectors to the firm and will broaden the diversity of the board by bringing to it her wide-ranging knowledge from the retail [...]
Ministers have accepted the recommendations of the Independent Commission on Equitable Life Payments, regarding the allocation of the £775 million fund set aside to compensate the failed mutual’s non With Profits policyholders. The Commission has recommended a pro-rata allocation of the fund, to be paid in proportion to the size of relative losses. The outcome [...]
Europa Technologies has announced a major upgrade to its digital CRESTA zone product used by insurers and reinsurers. CRESTA, which stands for Catastrophe Risk Evaluating and Standardising Target Accumulations, is an industry standard that helps insurance companies assess and present risk, based on a zoning system established by some of the world’s leading reinsurers. Developed [...]
The number of people who see property as the best long-term investment fell by almost a third in the final three months of 2010, compared with the previous quarter, while savings accounts, stocks and shares and national savings all saw an increase in favourability among savers and investors. The findings come from the Association of [...]
Hiscox has reported that most of the “significant and expensive” catastrophes of 2010 occurred in areas where the insurer had deliberately reduced exposure, due to weak rates. The firm estimates net claims arising from the UK winter freeze during November and December at £16 million, but says its UK household business remains on track to [...]
XL Insurance has announced that Peter Wullimann has been appointed to lead the firm’s endeavours in the Nordic Region, as general manager. Wullimann brings extensive experience to his new role, having worked in the commercial insurance market for almost 20 years. He joins XL Insurance from Chartis, where he occupied a number of roles and [...]
Specialist insurer Markel International has announced the appointment of Ada Lam as development underwriter and head of the firm’s office in Hong Kong. She brings over 17 years of experience to her new position with Markel and will be tasked with leadership of the firm’s North Asia portfolio, fostering deeper relationships with clients across the [...]
The Guernsey Financial Services Commission (GFSC) has issued a joint statement with the States of Guernsey Commerce and Employment Department, saying that the island’s authorities have no plans to seek equivalence under Solvency II. According to the Commission, Guernsey remains committed to meeting internationally accepted regulatory standards as set by the IAIS. These will be [...]
The head of general insurance at Lloyds Banking Group is reported to be quitting his post to take up the role of chief executive at Friends Provident. Andy Briggs is expected to make the switch within the next six months, having moved from Scottish Widows to become Lloyds’ chief executive, general insurance, during a shake-up [...]
