Crawford & Company has established a team of global technical services (GTS) managers and offices in Latin America, with the aim of more effectively serving large and complex claims in the region. The group says it is seeing significant growth in Latin America, including more involvement by insurers and reinsurers in the London market. Under [...]
Willis Re has established a Life Solutions group, which aims to provide the market with advice on risk mitigation and financial leverage. The broker has appointed Rick Hodgdon, Mike Kaster and Brian Holland to lead the team in New York, all of whom are described as “highly respected” reinsurance and risk management experts. The new [...]
Global organisations are largely failing to understand the intellectual property (IP) risks facing their organisations, according to Marsh. In the 2011 Intellectual Property Survey undertaken by Marsh and Liberty International Underwriters, three-quarters of respondents were unable to quantify the proportion of their firms’ value that could be attributed to intangible assets or goodwill. This is [...]
With ship owners becoming increasingly concerned about the financial consequences of a rise in ship charterers filing for bankruptcy, Marsh has announced the launch of Charter Default. Backed by insurers and a leading investment bank, the offering provides a mix of fixed recovery guarantee and credit insurance, tailored to the shipowner’s requirements. The product covers [...]
Today Arthur J. Gallagher & Co. (AJG) completed the purchase of HLG Holdings Ltd (the Heath Lambert Group) for a net purchase price of £97m. Following the deal AJG’s London market and international presence will be augmented by HLG’s prestigious clients and recognised strengths in retail, commercial, personal lines and employee benefits. The Heath Lambert [...]
Amlin has appointed Kim Hvirgel as the new chief executive of its wholly owned Netherlands-based subsidiary, ACI. Mr Hvirgel was previously chief executive officer of Codan Forsikring, RSA’s Danish subsidiary, having joined the firm in 2001 and previously served as head of commercial underwriting for Denmark, and Nordic divisional director for commercial lines. Commenting on [...]
BGL Group has been granted planning permission to construct an additional building next to its head office in Orton Southgate. Work will commence next month on the first of a possible two building addition to the site. The new building will enhance the firm’s flexibility, with the initial 30,000 square foot building due to be [...]
Specialist insurer Amlin plc has announced the appointment of Kim Hvirgel to the post of chief executive for its wholly owned Netherlands-based subsidiary ACI. Hvirgel’s appointment, which requires the regulatory green light from the Dutch National Bank, will be effective from 1 June. Incumbent ACI chief executive Patrick Coene will relinquish his position upon the [...]
AIR Worldwide estimates insured losses from the severe thunderstorm outbreak that struck the US between 22nd and 28th April 2011 at between $3.7 billion and $5.5 billion. The estimates reflect: insured physical damage to property (residential, commercial, industrial, auto), both structures and their contents; additional living expenses for residential claims; business interruption losses to residential, [...]
Premex Group has been acquired by ExamWorks, a New York Stock Exchange listed company with offices in the US, Canada and the UK. The acquisition, which makes ExamWorks the UK’s leading provider of independent medical reports, will see all Premex directors and management remaining with the business at its Bolton headquarters. Commenting on the transaction, [...]
PowerPlace, the online insurance marketplace, has appointed Simon Ball as chief executive officer. Having founded Coverzones, Mr Ball is regarded as an expert in e-trading. Most recently he has been engaged as a consultant for a number of insurance businesses, advising on e-commerce strategy and related projects. Previous roles include four years as commercial director [...]
Cooper Gay has restructured its UK non-marine and energy operations, creating a new International management team. The reinsurance and specialist retail broker launched its energy division last year and the units will continue to function independently but with centralised management that should enhance customer service and drive organic growth. Chris Butcher, chief trading officer for [...]
Prudential has continued to deliver strong growth, with group-wide new business profit up 17% in the first quarter of 2011, compared with the previous three-month period, to £498 million. In Asia, new business profit increased 16% with the region “well positioned” to achieve 2013 objectives, while Pru’s US business benefited from a 26% rise in [...]
The British Insurance Brokers’ Association (BIBA) and the Institute of Insurance Brokers (IIB) have confirmed that they are in formal discussions regarding a merger. BIBA chairman, Patrick Smith, made the announcement during today’s opening address of the BIBA 2011 conference and exhibition in Manchester. The Association’s chief executive, Eric Galbraith, commented: “I strongly believe that [...]
The ending of banks’ resistance to reviewing potential payment protection insurance (PPI) mis-sales in line with new rules from the Financial Services Authority (FSA) could lead to a glut of temporary job opportunities in the UK financial sector. According to a report in The Guardian, Lloyds Banking Group, Barclays, HSBC and RBS will together need [...]
Careless and aggressive drivers are to face on the spot fines, the BBC has reported. New police powers to be announced by the Department for Transport today will mean that motorists caught driving too close for safety or overtaking in a reckless manner can expect a minimum £80 instant penalty and three points on their [...]
RSA has launched a new commercial combined select product that provides a wide range of covers as standard, plus add-ons at no extra cost. Responding to broker feedback, the policy has been designed with clear eligibility criteria and will suit a range of trades including metal workers, plastics manufacturers, wood product manufacturers, wholesale and warehousing, [...]
Lancashire Holdings Limited has reported its financial results for the quarter ended 31 March 2011. The firm made a net profit, after tax, of $8.6m, up from $8.2m in the corresponding period last year (diluted earnings per share rose from $0.04 to $0.05). Gross written premiums declined significantly, falling from $228m to $171.9m, with net [...]
The Navigators Group, Inc. has reported its financial results for the first quarter of the year, including a net loss of $7.9m, equating to $0.50 per share. This compares to a net profit of $17m, equating to $1 per diluted share, achieved in the corresponding period last year, and the Q4 2010 net profit of [...]
