Financial news

JTL buys Park

Jardine Lloyd Thompson (JLT) will become the biggest broker in Bermuda after buying Park (Bermuda) for $11.8m. The combined business, to be known as JTL Park, will have approximately forty staff and expects to place in excess of $400m of premium in the Bermuda market each year. Its strengths will include property and casualty and financial and professional lines.

Rating downgrades

UK insurers could face rating downgrades under a new capital modelling tool developed by the rating agency, Fitch. It said non-life insurers were vulnerable to "adverse rating action" due to PRISM, a next-generation stochastic capital model for the insurance industry. The model provides a “platform for comparing insurers' capital positions on a true economic basis”.