And also this week ...
Giles revenues rise 40%
Giles grew turnover in 2009 by 40% compared with 2008, its annual accounts revealed. Turnover across the consolidator’s group of companies grew from £51.3m to £72.1m. Earnings before interest, tax, depreciation and amortisation increased 60%, from £14.9 to £23.8m.
Reinsurance premiums fall
Reinsurance rates dropped in the 1 January renewal season. Rate decreases, adjusted for changes in exposure, for the peak zones of US hurricane and US earthquake ranged from -5% to -15%, according to Aon Benfield.
Bluefin awarded Biba D&O
Biba has appointed Bluefin as the provider of its new members scheme for directors’ and officers’ insurance. The new policy is underwritten by ACE European Group and includes a number of exclusive benefits to Biba members.
Aon debuts new initiative
Aon has launched Aon Broking, a new strategy for its retail broking operations. The overhauled management structure is designed to offer global solutions to clients. It will be led by Warren Mula, reporting to chairman and chief executive of Aon Risk Services, Steve McGill.
Autofocus ready to fight
Autofocus has rejected allegations by Accident Exchange that it has cut payments from insurers to the car hire company, claiming it intends to get the case thrown out of court. Colin McLean, chairman of Autofocus, said: “It is important for the market to understand that Autofocus will do everything in its power to defend itself.”