Softening spreads
Softening spreadsUnitas, the independent broker alliance, has confirmed that rate softening on commercial lines is widespread.A survey of its members also showed that 92% renewals were coming through at the same or lower terms. They said they saw a downward trend in rates in most classes, except liability. But there were some subtle variances according to the class of business or location.
HNW service The Exchange has launched a high net worth insurance service on its Exweb portal system.The service primarily covers buildings and contents, but other cover, such as travel and marine can be added, said The Exchange.
Kerry London dealConstruction specialist Kerry London has completed its third acquisition in two months, buying Enfield-based Bellevue Insurance. Kerry London director Paul Samways said the acquisition involved commercial and high net worth business with premium income of £1.5m. The Isleworth-based broker recently bought AWR Insurance Services and Regent Insurance Services
Woodgate profitKent-based broker Woodgate & Partners reported a rise in turnover from £1.32m in 2002 to £1.42m in 2003. Pre-tax profit was also up slightly by 4.5% from £268,832 in 2002 to £281,030 in 2003.
F1 cover fearsUnderwriters could impose new caps on their exposure to Formula One following Ralf Schumacher's crash at 200mph during the US Grand Prix.According to a report, brokers have estimated that the potential pay-out, had the crash ended his career, could have exceeded £10m, all of which would have fallen to a small number of underwriters.(First published on 13 July www.insurancetimes.co.uk)
Rock travel siteRock Insurance Services has launched an insurance website exclusively for the travel trade.
