KWELM creditors get more cash
KWELM creditors get more cash
Administrators of KWELM insurance companies, subsidiaries of the failed London United Investment, have increased the latest average payout percentage to creditor by 4% to 23%. Creditors will now receive total payments ranging from 20% to 33% across the five KWELM companies compared with 16% to 26% a year ago. Overall liabilities for the five companies (Kingscroft, Walbrook, El Paso, Lime Street and Mutual) are now estimated at $8.1bn including a prudent special margin of $3bn.
MC Edwards shoe the way
Northamptonshire-based broker M.C. Edwards has reconverted an 18th century shoe factory in order to house its national insurance schemes and managerial centre. All the staff involved in these services from their Kettering and Northhampton offices will move into the new premises at Lister House.
CGU motors on the web
CGU is now selling motor insurance through its consumer web site, cgudirect.com . The insurer has been selling travel cover online for nearly two years. Its motor package was launched last week. The technology for the site is Gemini Net from software house Policy Master. CGU expects to make home insurance available for purchase online later this year.
More for Mann
Lloyd's managing agent DP Mann has made a £35m cash call in a bid to raise working capital. Its syndicate 435 writes large volumes of US property treaty reinsurance. US regulations for this class of business mean insurers must hold the equivalent of 100% of the gross value of reinsurance liabilities, leaving the syndicate's working capital stretched.
Oooh la la
Groupama is to jettison its multinational underwriting business into a new Lloyd's syndicate, called Broadgate Underwriting, run by Sorema, the reinsurance division of French parent company.
RSA staff are razor sharp
Staff at Royal & SunAlliance in Liverpool have been lathering up for the national mobility charity Motability. The 390-strong team at the insurer's dedicated Motability customer service centre raised almost £9,000 for the charity after staging a head shave, pub quiz and raffle.
Not standard or poor
Rating agency Standard & Poor's has awarded a BBB rating to Bradford-based insurers Congregational & General insurance. This rating is based on the UK Regulatory Returns of the company for the year ended March 31, 1999.
GISC rules on Monday – OK
The General Insurance Standard Council will publish its rulebook on Monday June 5. Copies of the rule book will be sent to 20,000 interested organisations from June 5. In addition to that, anyone can access the rules on the GISC website at www.gisc.co.uk and can download the information to read at their leisure.
Its a gas for Powerhouse
Insurance replacement sector company Powerhouse Connect is to boost its operation by selling gas and electrical products in bulk to business customers. The company will target business customers nationwide including housing associations, local authorities, house builders, public utilities and health authorities. Powerhouse has invested £200,000 in IT, telephones and new state of the art equipment to improve operational efficiency. Standards of validation, inspection, repairs, servicing and installation has been enhanced in the past year.
Ariston goes on at Layton
Layton Blackham has acquired the general insurance business of Surrey-based Ariston Services for an undisclosed sum. This is the 14th Quantum Leap acquisition Layton Blackham Group have made in three years and their fourth this year, so far. Chris Blackham, Managing Director of Layton Blackham Group says: "By merging Ariston with our existing unit in Farnham, we will be able to provide a better service to both customer bases, create new opportunities for our people and improve our efficiency. "At the same time, we will be staying local, easily accessible and minimising disruption for both customers and staff."
Highway down Abbey's road
Highway Glass and Locks has clinched the contract to provide emergency glass to the household insurance customers of the Abbey national. Customer enquiries will be handled directly by Highway call centre and passed on to one of its national network of 40 branches to handle.