C&G won't fight NU
Congregational and General has joined Churchill in not contesting the ownership of its Hill House Hammond portfolio. Though neither...
C&G won't fight NUCongregational and General has joined Churchill in not contesting the ownership of its Hill House Hammond portfolio. Though neither insurer would confirm the story, industry sources reported both companies had decided not to fight Norwich Union Direct for ownership of the portfolio.
Stephens' DWP roleIsobel Stephens has replaced Gareth Williams at the Department for Work and Pensions. Williams was the official responsible for overseeing the DWP's work on employers' liability insurance and it is believed that Stephens will take over this role.
Reporting groupThe International Accounting Standards Board (IASB) is inviting nominations for a working group to analyse issues surrounding financial reporting by insurance companies.The IASB is looking for around 15 nominees for the group. The closing date for nominations is 31 May.
Regulation surveyFSA regulation of brokers will have no beneficial effect and is causing massive disruption to the industry, according to a survey by broker Opus. The research found that 50% of brokers said that regulation would have little or no positive effect. 84% of firms said that preparing for regulation had caused disruption to their business, with 33% reporting high levels of stress among staff as a result.
Talbot resultsTalbot Holdings chief executive Michael Carpenter warned that 2003 "will go down as the peak of the current hard market." He said: "Rating is coming under pressure in some classes, particularly aviation and marine war, direct property and energy. Other classes are either level or still achieving rate increases."The Lloyd's speciality insurance group announced an increase of 52% for its gross written premiums for the year ending December 2003, with an increase from $289m in 2002 to $438m in 2003. It experienced a 66% increase in pre-tax profit from $11.9m in 2002 to $255m in 2003.
No Exxon pay-outThe High Court has ruled that various settlements made by Exxon's general corporate excess insurers in 1996 and 1997 are not recoverable from London Market excess of loss reinsurers.Mr Justice Coleman accepted the grounds upon which defendant reinsurer Brandywine (formerly Cigna Re) had contested the claims of DG King Syndicate 745 and other syndicates through Equitas.
Clements boostLloyd's broker Bell & Clements has reported a pre-tax profit of over £2m for 2003, more than double from 2002. In 2003, the company's adjusted pre-tax profits were £0.99m.Turnover increased by 51% from £7.76m in 2002 to £11.75m in 2003. The company attributed the increase to the continued growth of its North American business and the development of its non-US business that "exceeded expectations".
Moorhouse motor PIMoorhouse Group and Aon Warranty Group (AWG) have launched a professional indemnity (PI) product for the motor dealer industry in the UK.