Lloyd's capacity down
Lloyd’s capacity falls
Lloyd's has confirmed its capacity is down from last year. In 2007, its capacity was £16.1bn and this year it sits at £15.95bn – underwritten through 75 syndicates. The syndicates are managed by 46 managing agents and supported by 176 brokers.
Lloyd's also announced it would stop issuing the "underwriting capacity" statistic at the beginning of the year and introduce a new process for the release of data. The practice was unique to Lloyd’s and not comparable with terms used by other insurers, a spokeswoman said. The new statistic will involve gross written premium figures for the previous year and will include a breakdown of Lloyd's capital base and providers.
Zurich signs up Tony Blair
Zurich Financial Services has signed an advisory agreement with former Prime Minister Tony Blair. As part of the agreement, Blair will advise Zurich chief executive James Schiro, and provide general guidance on developments and trends in the international political environment. Specifically, he will help, advise and collaborate with Zurich on its Climate Initiative announced recently, and work closely with its new climate change advisory council.
Blair said: “I am very pleased to be taking on this role advising Zurich and in particular supporting its Climate Initiative. There is a consensus now that the challenge of climate change is real, and what we need now are the policy solutions to turn that concern into action.”
Towergate buys Scottish broker
Towergate has acquired Scottish insurance broking firm McAra Associates. Under the deal, all staff and directors move to Towergate. The team will continue to be led by managing director, Stewart McAra based in Aberdeen. McAra Associates is a leading regional broker in the North East of Scotland with a strong commercial and personal lines business.
New Marsh financial institutions MD
Marsh has appointed Carrick Lambert as managing director, EMEA financial institutions industry practice. Lambert, was previously managing director of Aon's Global and UK financial institutions industry practices.