specialist Lloyd’s insurer Marketform today announces that experienced London Market underwriter Gary Cooke will join the company effective 1st June, 2011, as head of Marine Cargo Underwriting. After two years at the Bank of England, Cooke joined Lloyd’s in 1980 and spent 11 years with Sturge syndicate 206, followed by the Pieri syndicate, before joining [...]
Zurich Financial Services Group has announced the appointment of Antônio Cássio dos Santos to the newly created post of chief executive officer of LatAm General Insurance. Santos, whose appointment is effective from 1 May, will succeed Peter Rebrin, who becomes head of Bank Distribution LatAm General Insurance. In his new role Santos will be tasked [...]
Global insurance broker Willis Group Holdings has announced the appointment of Gianmarco Tosti as the new chief executive officer of Willis Facultative London. Tosti assumes the newly created position with immediate effect and takes on responsibility for a team of 50 associates placing international facultative reinsurance business into the London and international market. He will [...]
Aspen Insurance Holdings Limited has reported that during the first three months of the year, it incurred a net loss of $151.7m, equating to $2.40 per diluted ordinary share. During the same period last year the firm made a net profit of $18.3m. Gross written premiums declined, year-on-year, by 4.5% to $671.3m, with net investment [...]
Lloyd’s Market Association (LMA) has provided details of nominations for election to its board as follows: Matthew Wilson, chief executive officer, global markets, Brit Syndicates; Lawrence Holder, managing director, Cathedral Underwriting; Stuart Willoughby, claims director, Markel Syndicate Management, and Neil Maidment chairman, group underwriting committee, Beazley Furlonge. There will be no ballot as nominations do [...]
RSA has acquired Oak Underwriting, described as an established and fast-growing underwriting agency specialising in high net worth insurance. Based in the Cotswolds, Oak is solely dedicated to the high net worth market, writing business on behalf of Brit and Chaucer. The firm had gross assets of around £7 million as at 30th June 2010 [...]
Standard Life has reported substantial growth in its long-term savings business, with new business sales up 25% (to £5.8 billion) in the first quarter of 2011, compared with a year earlier. Furthermore, UK corporate pension net inflows rose 85% during the period, to £559 million, and UK Individual SIPP net inflows were maintained at £553 [...]
Lloyd’s has opened an office in Atlanta, Georgia, in efforts to improve education and outreach for Lloyd’s stakeholders in the Southeastern US, the fourth and newest region within Lloyd’s America. The area includes Alabama, Mississippi, Florida, Georgia, South Carolina, North Carolina and Virginia, with the states currently accounting for a quarter of Lloyd’s US business. [...]
New research from Aviva Health Insurance reveals that Irish people are spending almost €2,000 per year on alcohol, with men typically spending €2,395 and women €1,607. According to the study, men are consuming an average of 15 alcohol units per week and women an average of nine. The insurer suggests that while this is below [...]
As a Lloyd’s Coverholder for worldwide Personal Accident Insurance, global insurance specialist Bellwood Prestbury is now able to write policies for brokers with clients in high risk occupations or high risk countries, anywhere in the world. Bellwood Prestbury is able to create bespoke Personal Acccident policies that typically cover accidential death, disability and permanent dismemberment [...]
Aviva has emerged as the “greenest” of Europe’s 300 largest companies, according to the Environmental Investment Organisation (EIO). The UK-based independent research body places Dutch firm, Aegon, in second place and RSA at number seven. Having just launched the Europe 300, the body says it will be rolling out further regional rankings in the coming [...]
Cadogan Keelan Westall has set itself a target of more than doubling new business growth in 2011. To achieve its vision, the commercial insurer, part of the Bourbon group, has strengthened its leadership team, refined its product range, increased its focus on overseas activities and set up a new London office, to complement its Hampshire [...]
Home insurance premiums have risen 6% on average across the UK since January 2010, according to moneysupermarket.com. However, residents of Dorking in Surrey have seen an average 46% increase over the 14 month period and homeowners in the city centre of Edinburgh and in Milngavie, Glasgow, have experienced similar increases (45% and 40% respectively). Overall, [...]
The Association of British Insurers (ABI) is calling for a “balanced approach” by the Financial Services Authority (FSA) on product regulation. It wants a mode that reflects the diversity of UK retail financial services markets and suggests the FSA should focus on effective supervision and the enforcement of existing rules on treating customers fairly, rather [...]
Aon Risk Solutions has been named the global insurance broker for the McLaren Group, providing insurance for the Formula 1 team, Vodafone McLaren Mercedes, and its new production car company, McLaren Automotive. The account will be handled by the Redhill-based Corporate team, with support provided by Aon’s London Broking Centre. The deal requires a broad [...]
The Chubb Corporation has reported its financial results for the first three months of 2011, including net income of $509m, equating to $1.70 per share. This is an increase of approximately 10% from the corresponding period in 2010 when the firm made a net income of $464m ($1.39 per share). However, both overall net income [...]
AEGON is selling Transamerica Reinsurance, its life reinsurance business, to global reinsurer, SCOR. In addition, SCOR will acquire Transamerica International Reinsurance Ireland although under the agreement AEGON will retain businesses with a book value of $0.4 billion, comprising mainly variable annuity guarantee business. The deal will result in a total after-tax consideration of $1.4 billion, [...]
The Association of British Insurers (ABI) has launched a consumer guide to travel insurance that aims to clarify what is commonly covered in standard policies, and what may not be covered. According to the ABI, 15 million Britons are likely to go on holiday abroad this year and while most will have trouble free trips, [...]
Marsh & McLennan Companies, Inc. (MMC) has announced a number of changes to its senior management team. The newly created position of group president and chief operating officer has been taken on by Daniel S. Glaser, who will report directly to MMC President and Chief Executive Officer Brian Duperreault. Glaser previously worked for the firm [...]
Domestic burglaries have risen by 14%, according to new statistics from the Home Office. Worryingly, it is also widely expected that burglaries will continue to become more frequent due to the warm weather leading people to spend more time in their gardens and leave windows open. According to home insurer Ageas almost half (47%) of [...]
