Pi changes are explained
Pi changes are explained
A simple guide for solicitors explaining the effect of changes to the professional indemnity market has been published by PI broker PYV. The guide suggests how solicitors can obtain low cost cover when new rules are introduced in September and points out potential pitfalls. PYV is also setting up a web site for solicitors to arrange PI cover, plus a regular newsletter and advice hotline.
Smart move for brokers
Four employees of Yorkshire brokers Smart and Cook have been elected to the Insurance Institute of York.Director David Hamilton is president. He is joined by fellow director Keith Holmes, and Smart and Cook employees Beverley Durkin and Chris Midgley.
Cat's the way for CNA Re
CNA Re has launched a new Global Catastrophe Unit that integrates all elements of the management process for catastrophe reinsurance. It will have responsibility for the underwriting and management of all catastrophe related business written by CAN Re, and will be headed by senior vice president Douglas Behnke.
Syndicates are now on CD
Lloyd's is now selling a cd Rom containing all Lloyd's syndicates' report and accounts for 1999.
The CD Rom covers over 170 syndicates, with seven-year summaries, final 1997 figures and the latest figures for 1998 and 1999. Copies are available, price £500 plus VAT.
A new Korea with Willis
The Willis Group has launched Willis Korea Global to target the country's booming business sector.
Korea Global will start operations in Seoul and New York, led by global chief executive Ken Lee.
Willis international chief executive, Joseph McSweeny said the launch was timely as it coincides with growth in Korea's economy and its increasing international investments.
Iron Trades is now A ok
Rating agency Standard & Poors' has upgraded Iron Trades to 'A-' from BBB following its takeover by Australian insurer QBE. The upgrade reflects its stronger capitalisation, good niche position in the employers liability market following the decision to drop the motor book and good prospective operating performance.
SJ Berwin acts for Drake
Law firm SJ Berwin & Co is appointed principal legal adviser by Deloitte & Touche to act in respect of the provisional liquidation of motor insurer Drake Insurance, forced into liquidation by the Financial Services Authority.
ERC has new web team
Reinsurer ERC Frankona has created a new ebusiness team to tap into the potential of the internet.
Headed by James Shephard, the team will seek to e-enable ERC's traditional business and also provide internet-based links with the firm's suppliers and clients.In describing his role at ERC, Shepherd said it would be akin to "making the elephant dance".
Lloyd's needs to gain £2bn
Lloyd's needs a £2bn capital injection to maintain its capacity in 2001, says the Association of Lloyd's Members.ALM bases the figures on estimates that syndicates at Lloyd's had an overall solvency deficit of around 20% of capacity on December 31 1999.
Drake suffers book blow
Failed insurer Drake suffered another set-back this week, when it emerged that white knight insurer Groupama has decided against acquiring the company's book of business.Jamie Smith of liquidators Deloitte & Touche said brokers representing 80% of Drake's policyholders are now individually seeking to re-house their customers with rival risk carriers.
Elf's a gas for home cover
Elf at home, the independent gas supplier to the new homes market, has launched a household insurance policy. The package, which is underwritten by Groupama and AIG, is part of Elf at home's plans to deliver a range of financial services to their customers. The product contains a specialist Garden Guard option providing protection for shrubs, plants and garden furniture.
Seminars in security
The British Security Industry Association is holding a series of regional seminars aimed at insurers next month. They are scheduled for Tuesday July 4 (Midlands), Thursday July 6 (Manchester) and Thursday July 20 (London).
Blaze case for McLarens
Loss adjuster McLarens Toplis' specialist loss team is investigating a fire which started at around 3am on Monday at the Ruberoid factory at Appley Bridge, near Wigan. Spokesman Jeff Stagg has estimated building and machinery claims at around £150,000.
Lloyd's ok to merger
Lloyd's has approved the merger of syndicates 902 and 1141 by the managing agency Amlin Underwriting Limited. The combined syndicate will start trading in January 2001.
Heath has got the yacht
HEATH Lambert Marine have been appointed official brokers for the 17 yachts taking part in the BT round-the-world sailing challenge. The race begins in September and HLM has placed the hull risks for each yacht with ACE Global Risks at Lloyd's. HLM's forerunner, the Heath group, placed the cover for 10 steel yachts that took part in the first global challenge in 1992.