Latest News – Page 1951
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News
Canopius for Bermuda
Canopius has become the latest Lloyd’s insurer to launch a Bermuda operation. It will launch a reinsurance company and an underwriting operation, Canopius Underwriting Bermuda, to support its Lloyd’s syndicate. Both will be headed by former Endurance chief operating officer Susan Patschak. Canopius Underwriting Bermuda will underwrite excess ...
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Benfield shares fall as profits fail to hit target
Shares in Benfield Group fell sharply this week following the release of interim results that failed to meet analysts’ expectations. But the group’s new primary broking operation saw its trading losses halve on the back of business gains. Benfield’s share price plunged over 10% to ...
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Financial news
?Kiln profits fall Kiln reported a fall in first half pre-tax profits, which dropped to £20.8m from £24.3m, weighed down by the costs of its relocation to Bermuda earlier this year. The combined ratio improved to 85% from 86%. Caitlin income slipsCatlin group reported net income for the first half ...
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No faith in nun's claim
?Perhaps the nun was counting on divine intervention when she left her keys in the ignition of her car and the engine running on a London street while delivering cakes for charity.But no such blessing was bestowed upon her when the busy nun on the run returned to the place ...
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Dozing drivers dodge crashes
?Backchat has learned of the shocking statistic that 2.3 million drivers have admitted falling asleep at the wheel. And apparently, opening the window or listening to the radio won’t help them wake up.Thankfully, only 96 fatal crashes a year are attributed to sleepy drivers…which begs the question, what on earth ...
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Trim Chillie orders us to go Danish
?Backchat noticed that Benfield chief executive Grahame Chilton was looking sprightly last week, having lost an estimated 150lb in weight. However, his dieting tips to hacks at a press briefing left a lot to be desired. “Nobody is leaving this room until they eat one of those,” he said, pointing ...
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Go north for strong language
Employees are shunning political correctness by giggling at racist and sexist jokes and swearing or engaging in sexual banter, according to an investigation led by specialist insurer, Hiscox.The worst offenders are 25-34 year-olds with over three quarters (78%) swearing in the workplace and 71% thinking up nicknames for their colleagues. ...
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Party time heats up
?Politicians are all too well known for talking a lot of hot air, so the country is bracing itself for a touch of global warming as the autumn party conference season kicks off. According to the boffins at Royal & SunAlliance, bike-riding Conservative leader David Cameron is set to be ...
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Industry backs ABI's climate change initiative
The ABI is launching a major industry initiative today to combat climate change on a global scale with the backing of all the major insurers. Insurers, including AXA, Aviva, Royal & SunAlliance and Lloyd’s, have signed up to the initiative which sets tough targets relating to climate change. An ...
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News in Brief
?Tesco to launch motor aggregatorTesco Personal Finance will launch its motor insurance price comparison website this week. Tesco Compare.com will compare motor insurance policies by price and will also compare over 25 policy features across insurers. Tesco, Churchill, Privilege, Nationwide, Lloyds TSB, Prudential and Virgin will feature exclusively on the ...
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Monte Carlo: reinsurance rates face 15% drop at renewals
Reinsurance rates are set to tumble further in the 1 January renewal season, senior executives predicted this week.Further consolidation was also predicted in the coming year. Senior reinsurance figures said this week at the annual reinsurance Rendezvous in Monte Carlo that competition and excess capital could push prices down by ...
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Condon refutes Indie allegations
?The former deputy managing director of Independent Insurance, Philip Condon, took the stand this week, refuting the prosecution’s allegations that he had deliberately withheld information from the company’s actuaries.Condon, who together with former managing director Michael Bright and finance director Dennis Lomas, denies charges of conspiracy to defraud, said he ...
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Aquilo to de-list from AIM as IT business flounders
Struggling claims specialist Aquilo is to de-list from the stock market and has put its IT claims handling business into administration. The decision to de-list from AIM was taken at the company’s annual meeting this week. Aquilo said the benefits of listing on AIM no longer outweighed the ...
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DNA technology could end frivolous health claims
A new DNA technology, developed by a team of doctors in the US, could totally eliminate frivolous lawsuits against the insurance industry, it has been claimed.The genomics-based technology, developed over two and a half years by the University of Illinois’ College of Medicine, can determine how human cells and their ...
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Rein in discounts, says Highway chief
Highway Insurance chief executive Andrew Gibson has warned that market deals with brokers and premium discounts need to be reined in if the motor market is to achieve profitability. The motor specialist this week unveiled its interim results which highlighted challenging market conditions. The company saw pre-tax profits rise ...
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Chaucer to focus on cars
Chaucer will focus on the recovering UK private motor market in 2007 as the commercial motor market continues to suffer from falling rates. Unveiling its interim results, the Lloyd’s insurer said it would be taking into account a predicted upswing in private motor rates in the coming months. It ...
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Zurich puts flood claims bill at £325m
?Zurich Financial Services Group revealed this week that it expected aggregate claims payments of up to $260m (£128m) in relation to the July floods. The news brings the insurance giant’s total aggregate claims from the summer floods to $660m (£325m). Last month it predicted that claims from the ...
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Norwich Union to take stake in broker Giles
Norwich Union (NU) is poised to take a minority stake in broker Giles Insurance in a move that will further fuel the debate over broker ownership. Sources close to the deal said the insurance giant was in advanced negotiations to buy a 7% stake in the privately owned broker. It ...
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Online onlySwiss Re rating looks good and stable
S&P gives Swiss Re AA- rating pending transfer of assets
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Online onlyThe terrorism challenge
Businesses cannot be complacent over the terrorist threat warns Aon
