Stop press... AA joins Biba

AA joins Biba
Insurance broker AA Insurance Services has joined Biba.

AA Insurance Services managing director Andrew Briscoe said: "The insurance industry is undergoing important organisational and regulatory changes.

"It is important to us that we play a central role working with all key bodies."

Biba chief executive Mike Williams said: "During the initial discussions it was clear that the AA wishes to join forces with Biba in representing and influencing the market and the industry - the fact that we have access where it matters most."

Euler's new offices
Credit insurer Euler Trade Indemnity announced plans to open up to nine regional risk offices in the UK over the next 18 months. The new offices will service Scotland, the North East, North West and North Wales, Yorkshire and Humberside, East Midlands, West Midlands, the South West and South Wales, South Central and London.

August in XL deal
The August Group has formalised its relationship with XL Re. The deal allows XL Re to consolidate its existing manual business processes and replace them with an automated solution through one central repository.

MVRA bike report
Insurers need to examine the way motorcycle premiums are calculated, according to a report from MVRA. MVRA's quality assured motorcycle network found that there are significant differences in the average repair costs of popular bikes.

The report urged the industry to develop a new basis for insurance group ratings.

Munich Re rating
Moody's Investors Service downgraded the insurance financial strength rating of Munich Reinsurance Company from Aaa to Aa1. The rating agency has also downgraded the insurance financial strength rating of its US subsidiary, American Re Corporation, to Aa2 and its senior debt rating to Aa3. Head

Risk management experts will meet next month to discuss health risks in the workplace. The seminar is part of the autumn programme of training events organised by Northern Ireland ALARM - The National Forum for Risk Management in the Public Sector. The event will take place on 2 October from 2.00-4.00pm at the Cecil Ward Building, Linenhall Street, Belfast.

Advent Capital Holdings has raised £30m of capital following a successful share issue. The deal was underwritten by Fairfax Financial Holdings and Zenith National Insurance Corporation. The announcement also included details of Advent's 2003 underwriting plans. They include the merger of Syndicate 2 into Syndicate 780 which will form a £250m capacity syndicate.