Allianz marine rise
Allianz Marine & Aviation said it had excellent underwriting results during 2003.
Allianz marine riseAllianz Marine & Aviation said it had excellent underwriting results during 2003. It said its combined ratio had improved from 95% in 2002 to 87% for the year, with profits after tax up from €17m in 2002 to €64m for the year. Gross written premiums fell from €1.4bn in 2002 to €1.1bn, but the company said the fall was in line with expectations.
FirstAssist IT moveFirstAssist is to replace its entire back office IT infrastructure with Oracle's E-Business Suite, a system that it said was designed to support the future development of the company.
Esure targets 10% HBOS has set a target for its direct motor subsidiary esure to gain 10% of the UK private motor market within the next ten years. Esure currently has a 2.5% share of the UK market, representing 850,000 policies signed since its launch in 2001.
Hyperion deal Hyperion Insurance Group has acquired a 'significant' stake in City-based Lloyd's reinsurance broker JK Buckenham. Hyperion, which specialises in creating business critical insurance products and solutions, said the deal went through for an undisclosed sum.
GoshawK rebrandGoshawK Re is to be renamed and rebranded as Rosemont Reinsurance in a move to further separate it from the discontinued operations within the GoshawK group.
Chaucer recruitsChaucer Syndicates has recruited a Zurich Specialities team to underwrite its institutional healthcare account for Syndicate 1084. Nigel Malcolm joins Chaucer from Zurich where he had responsibility for their healthcare liability account. David Lee and Elizabeth Dunton are also joining from Zurich Specialities.
FSA letters issuedThe FSA has begun to issue 'minded to authorise' (MTA) letters to 1,000 general insurance and mortgage brokers. The firms receiving MTA letters are set to receive formal authorisation later this year.