News in brief

REVENUE UP 65% AT CFC

• Revenue at specialist lines underwriter CFC is up 65% and operating profit has doubled to £1.8m. The underwriting agent said the growth was the result of quality products and high service levels.

XL WINS COURT BATTLE

• XL Insurance has won a court battle proving a policyholder was not responsible for a burst water main that caused £4m worth of damage in west London in 2004. XL had insured pipe manufacturer Johnston Precast for public liability.

EGG APOLOGOSES

• Egg has apologised to customers after being fined £721,000 by the FSA for mis-selling payment protection insurance between January 2005 and December last year.

JLT RE OPENS BERMUDA ARM

• JLT Re has announced the launch of its treaty reinsurance operation in Bermuda. The business will be headed by Antony Ainsworth.

£35m PAYOUT HITS LLOYD'S

• Lloyd’s reinsurers are among the companies ordered to make a £35m payout to Korea National Insurance Corporation following a helicopter crash into a warehouse on the outskirts of Pyongyang in April 2005. The payout will be made by three Lloyd’s syndicates and a host of foreign reinsurers.

KITSON BLOG ON REBRAND

• John Kitson, sales and marketing director at Norwich Union, is to write an exclusive blog for insurancetimes.co.uk on the insurer’s rebranding to Aviva. His first entry will appear before Christmas.