AIG sell stake in London City Airport
by Gill Montia
Story link: AIG sell stake in London City Airport
American International Group (AIG), the US insurer that was rescued from the brink of collapse by the Federal Reserve in mid-September, has sold its 50% stake in London City airport.
The group purchased London City Airport in 2006 in a joint venture with Global Infrastructure Partners (GIP), an independent fund that invests in infrastructure assets […]
Fortis scraps $4bn asset sales
by David Masters
Story link: Fortis scraps $4bn asset sales
Fortis, the Dutch-Belgian banking and insurance group that was bailed out by the Benelux governments this week, has called off $4 billion of asset sales.
The company had been planning to sell half of its asset management arm to China-based Ping An Insurance Co for €2.15 billion ($3 billion), as well as €709 million ($1 billion) […]
Buyers queue up for AIG’s Philmalife
by David Masters
Story link: Buyers queue up for AIG’s Philmalife
AIG’s Philippine branch has received takeover offers from a number of companies, including Yuchengcos business group.
Jose Cuisia, CEO and president of AIG unit Philippine American Life and General Insurance CO (Philamlife) said only the Yuchengcos have made their interest publicly known.
Asked about the other offers, Cuisia refused to disclose them, saying they were ‘indicated in […]
Partnership launches annuity aimed at smokers
by Gill Montia
Story link: Partnership launches annuity aimed at smokers
Partnership Life Assurance has launched a new annuity aimed at smokers.
The product offers people aged 60 to 65 who have smoked at least ten cigarettes a day for ten years a monthly income Purchased Life Annuity that pays an average of 6.5% per annum.
Those aged over 65 with a lump sum to invest may be […]
Citigroup acquires Wachovia in rescue deal
by David Masters
Story link: Citigroup acquires Wachovia in rescue deal
Since opening in Winston-Salem, North Carolina, in 1899, Wachovia has run as an independent bank for a period covering three centuries, surviving even the great depression of the 1930s.
Yet after 129 years, the great financial crisis of 2008 has brought the independence of America’s fourth largest bank crashing to the ground.
From spring 2006 to the […]
Berkshire Hathaway reinsures AIG subsidiary
by David Masters
Story link: Berkshire Hathaway reinsures AIG subsidiary
Lexington Insurance Company, a subsidiary of AIG, has agreed terms with Berkshire Hathaway for reinsurance cover.
Berkshire Hathaway’s National Indemnity Company will provide contingent property reinsurance cover to Lexington’s Real Estate Portfolio, as well as to policies with limits of over $250 million, to policies with home/foreign exposure, and to the property sectors of the majority […]
Questor launches LifeStyle Excess Insurance
by Gill Montia
Story link: Questor launches LifeStyle Excess Insurance
Questor Insurance Services, the Internet broker, has launched LifeStyle-Excess Insurance.
The new policy aims to give reassurance to clients who may need to claims on policies with high excesses, by insuring the excess.
The cover is available across motor, home, travel, health and pet insurance.
According to Questor’s chief executive, Andrew Lawrence, the new product should allow consumers […]
UK Government rescues Bradford & Bingley
by David Masters
Story link: UK Government rescues Bradford & Bingley
The British Government has confirmed that tormented mortgage lender Bradford & Bingley (B&B) is to be nationalised whilst its savings arm will be sold to Spanish bank, Santander.
Chancellor of the Exchequer Alistair Darling said this morning that the Government ‘acted immediately’ to protect the bank’s customers and to ensure the stability of the financial system, […]
Bikesure insurance joins BeatThatQuote.com
by David Masters
Story link: Bikesure insurance joins BeatThatQuote.com
UK-based motorcycle insurers Bikesure have signed up to join the panel of insurance companies on fast-growing price comparison site BeatThatQuote.com.
Motorbike riders looking for insurance will now be able to arrange a Bikesure policy at the website, whilst also making sure that they are getting the best deal possible.
A spokesperson for Bikesure said BeatThatQuote.com is a […]
Swiss Re steers safely through financial storm
by David Masters
Story link: Swiss Re steers safely through financial storm
European insurance giant Swiss Re has assured investors that its portfolio is secure despite the current worldwide financial turmoil.
The second largest reinsurer in the world announced on Thursday that it is on track to meet its targets, and that write-downs from the credit crunch have been lower than expected.
The company added that it will be […]
Berkshire Hathaway invests $5bn in Goldman Sachs
by David Masters
Story link: Berkshire Hathaway invests $5bn in Goldman Sachs
Warren Buffett, one of the richest men in the world, has announced plans to invest $5 billion in global bank Goldman Sachs.
The money is being invested on behalf of Buffett by his investment company, Berkshire Hathaway.
Berkshire could invest an additional $5 billion within the next five years if Buffett believes it will prove profitable.
Buffett’s choice […]
Helphire profits up, share price down
by David Masters
Story link: Helphire profits up, share price down
Bath-based Helphire has posted record results for the year ending 30th June 2008, with an increase in sales and pre-tax profit, yet bosses at the company say they are disappointed.
Pre-tax profits for the accident claim handler increased 3.9% to £46.8 million, whilst sales rose 39.5% to £404.9 million.
Despite the record result, Chairman Rodney Baker-Bates said […]
Beazley Group acquires Momentum Underwriting Management
by Gill Montia
Story link: Beazley Group acquires Momentum Underwriting Management
Beazley Group has acquired London-based Momentum Underwriting Management for up to $37.5 million (£20.6 million) in cash.
Momentum is a specialist personal accident and life managing general agency established in 2000 by former employees of CIGNA Re Europe.
The company has offices in London and Brisbane, Australia.
Following completion of the transaction, the firm will continue […]
Swift to develop e-transactions industry standard
by David Masters
Story link: Swift to develop e-transactions industry standard
The world’s major insurance companies are working together to reduce their carbon footprint by agreeing upon an industry standard for paperless transactions.
Interbank co-operative Swift has been appointed to develop an electronic platform for transmissions between insurers, brokers and reinsurers.
Major players in the insurance industry, including Swiss Re, Munich Re, Scor, Benfield, Aon and Willis, have […]
IGI Group acquires Complete Claims
by Gill Montia
Story link: IGI Group acquires Complete Claims
IGI Group, the Nottingham-based specialist general insurer, has acquired legal expenses firm, Complete Claims.
The terms of the transaction have not been disclosed but the move will bolster IGI’s legal expenses book and provide an opportunity for the company to expand its presence in the outsourced claims management sector.
Complete Claims was established in 2001 and […]
Insurers calculate exposure to Lehman Brothers and AIG
by Gill Montia
Story link: Insurers calculate exposure to Lehman Brothers and AIG
As insurance companies take stock after the collapse of Lehman Brothers and the last minute rescue of AIG, estimates of exposures are emerging.
Friends Provident calculates that its exposure to Lehman Brothers is around £18 million but the life and pensions provider expects any loss to fall well short of this amount when taxes and recoveries […]
Lloyds TSB jump to HBOS rescue
by David Masters
Story link: Lloyds TSB jump to HBOS rescue
Lloyds TSB today acquired troubled British rival Halifax Bank of Scotland (HBOS) for £12.2 billion.
The all-share takeover is being seen as a bailout rescue for HBOS, Britain’s biggest mortgage provider.
HBOS’s share price fell dramatically this week following numerous crises in banks around the world.
Before rumours of a takeover spread, HBOS’s share price plummeted 52% to […]
Insurance Services speeds up injury claims
by Gill Montia
Story link: Insurance Services speeds up injury claims
Insurance Services Office (ISO), which specialises in personal injury claims services and solutions, has teamed up with medico-legal software provider, WARP Technologies.
The company has integrated its Claims Outcome Advisor system with WARP’s medical reporting software and says it has created the first solution to entirely digitise the medical reporting process between doctors and insurers.
ISO’s […]
Federal Reserve rescues AIG with $85bn loan
by Gill Montia
Story link: Federal Reserve rescues AIG with $85bn loan
American International Group (AIG) has been rescued from the brink of collapse by the US Federal Reserve.
As investment bank, Lehman Brothers, began bankruptcy proceedings on Monday, it emerged that the biggest insurer in US had approached the central bank for a $40 billion loan.
The Fed redirected the group to Goldman Sachs and JPMorgan Chase to […]
Gallagher acquires Oxygen Insurance Managers
by David Masters
Story link: Gallagher acquires Oxygen Insurance Managers
Arthur J. Gallagher & Co. yesterday reported the acquisition of Oxygen Insurance Managers (OIM) Ltd.
Gallagher acquired the London-based underwriting agency from its parent company, Oxygen Holdings for an undisclosed sum.
OIM is a specialist in international classes of insurance such as property, extended warranty, liability, accident, and travel.
Authorised by the Financial Services Authority (FSA), it represents […]
