New team to buy run-offs
New team to buy run-offs
Accountants Pricewaterhouse-coopers (PWC) and French investment house Artemis have created a new team to acquire non-life insurance companies in run-off.
Artemis has formed a new company, Tawa UK, with seconded staff from PWC to research potential non-life insurance companies to acquire and manage.
Three PWC partners, Colin Bird, Philip Singer and David Vaughan, are to join Tawa with three other senior employees from May 1.
Smart and Cook grows
Broker Smart and Cook has acquired the general and financial services business of Middleton & Co of Newcastle.
Middleton & Co's principal, Denis Middleton, and his staff have joined Smart and Cook's Newcastle office.
Smart and Cook has nine offices across north England.
Boat business leaves Fortis
Fortis and Towergate Marine have completed an agreement on the future of the Fortis Yacht and Pleasurecraft business.
After a recent review, Fortis will stop writing this business on June 30. It has arranged for an orderly transfer of business through Towergate Marine.
Protest at CGNU meet
Action for Southern Africa protesters picketed the CGNU annual meeting on Tuesday over its shareholding in Uxbridge-based Cape.
Cape mined asbestos in South Africa until 1979 and is involved in a legal battle with about 3,000 South African miners and residents over asbestosis compensation.
CGNU subsidiary Morley Fund Management, which manages Norwich Union policyholder funds, is a shareholder in Cape.
A CGNU spokesman said Morley and other shareholders had made representations to Cape.
A fight for bikers' rights
Motorcycle insurance specialist Bennetts has joined the British Motorcyclists' Federation's
campaign to give bikers better road rights.
The campaign aims to gain bikers improved access to town and city centres.
Save money through IT
A new IT solutions company claims it can save the UK commercial insurance industry £1bn a year. Acturis says it can give brokers and insurers the tools to improve the efficiency of transaction handling.
Joint chief executive Theo Duchen said: “The industry is notoriously inefficient and there is severe duplication between the broker and other parties.”
Acturis will provide web-based technology to support administration and will give access to additional services.
Acturis's analysis found that 50% of documents sent to brokers by insurers were incorrect and needed to be sent again and of these 30% were still incorrect. Only 8% of business was done electronically.
Syndicate 570 makes loss
One of the syndicates run by Lloyd's managing agent Atrium has made a loss for the first time.
Syndicate 570, which specialises in US professional indemnity and property business, showed a loss before agents' fees of 3.2% of capacity for the 1998 year of account. It blamed a string of catastrophe losses.
Atrium's other syndicate, 609, showed a profit before agents' fees of 5.6% of capacity in 1998.
More partners join Lovells
International law firm Lovells has elected 24 new partners with effect from May 1. At the same time 14 partners from Ekelmans Den Hollander will join the Lovells partnership following last December's merger. This will bring the total for the merged firm to 289 partners across 26 offices in Europe, Asia and north America.
Donns lends a hand
Donns Solicitors, the personal injury law firm, has been appointed by motorcycle insurer Bennetts to operate its new accident management centre. This means that, in the event of making a claim, Bennetts' clients will only need to make one call to the centre to notify details. Donns will then manage the whole process.
No sinking ship
The Royal National Lifeboat Institution (RNLI) has chosen Dorset-based broker E Coleman and Company to provide a full insurance broking service for the next five years. The service includes marine hull insurance, personal accident and travel protection and follows a review of RNLI's insurance requirements and claims activity.