Latest News – Page 2076
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News
Private equity buys Alea for £162m
Private equity firm Fortress Investment Group has made its first foray into the insurance market, acquiring ailing reinsurer Alea Group Holdings for £162m. In the past 18 months Alea, hit by losses from hurricane Katrina, has sold off its core business offerings and pursued an aggressive run-off strategy.Fortress,which has ...
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News
Scientists urged to reveal findings
Lloyd's has put pressure on scientists to share their findings on the potential impact of climate change despite continued uncertainty over its effect.In its latest report on climate change, Lloyd's warned that not having all the answers must not stop businesses preparing for a range of possible outcomes, even if ...
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News
Broker numbers to grow as Lloyd's eases access
New rules cut accreditation time from two months to two weeks
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News
Catlin hit by further staff losses
The number of ex-Wellington employees leaving Catlin continued to rise this week with the resignation of a further four underwriters.Andrew Richardson, a US property underwriter, and Russell Mason, an aviation underwriter, have both handed in their notice.Mason's departure was followed by the resignation of fellow division members, assistant aviation under-writers, ...
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News
FSA hails advertising clean-up
Insurers and brokers are cleaning up their advertising practices following concerns about misleading adverts, the FSA said this week.The regulator had found that many firms were using misleading statements and headline-grabbing cheap deals that were unavailable in practice. It said that companies had to improve their advertising or face enforcement ...
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News
Mark Langford killed in Spanish car crash
The long-running saga of the The Accident Group (TAG) has finally come to a dramatic end after its disgraced boss, Mark Langford, was killed in a car crash on Monday. Langford was the former chief executive of the no-win, no-fee compensation company, which famously told its employees via text that ...
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News
Allianz launches free risk service
Allianz Cornhill Commercial has moved to strengthen its position in the expanding risk management sector with the launch of Risk Director.The free online risk management service is designed to help brokers and customers manage and control risk. It provides access to a range of services including a preferred suppliers network, ...
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Towergate buys Scottish broker
Towergate Partnership acquires Scottish insurance broking firm, J W Group Insurance & Risk Management...
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Friday 13th unlucky for motorists
More motor-related claims made on Friday 13th than any other days...
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Backchat
Day the luck runs out
It is official: Friday the 13th is the unluckiest day of all. And Backchat thinks underwriters will soon be factoring it in when calculating motor premiums.Research from Norwich Union (NU) suggests there are more reasons to be extra cautious on Friday the 13th than it was originally thought. Apparently, more ...
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News
Private motor market 'softening'
The private motor market's efforts to return to profit-ability suffered a blow this week with figures showing rates had begun to soften in the first quarter of 2007. According to the AA British Insurance Premium Index, the average quoted premium for an annual comprehensive policy fell marginally to £802. This ...
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Quote of the Week
"Any failures we identify will be viewed seriously and we will take the appropriate action, which includes prohibition from the industry as shown in this case." Jonathan Phelan, FSA head of retail enforcement, commenting on the banning of Alan Dennis Garlick.
