Lloyds TSB chief
Lloyds TSB Group has appointed Philip Loney as its new managing director at Lloyds TSB Insurance. The new appointment will take effect from 1 September 2003. Loney, 38, returns to Lloyds TSB having started his career with Lloyds Bank and held various positions including director of Lloyds Bank Insurance Direct.
L&G claims deal
Legal & General (L&G) has signed an agreement with Crawford & Co to use its new claims system, Stream. L&G is the first insurer to sign up, but at least four other insurers will be on board by the end of the year, according to Crawford.
P&I claims drop
The London P&I Club has reported a fall in claims for the 2002 policy year. Following its 2002/2003 financial review, the club reported that as at
20 February 2003, claims for the 2002 policy year were 10% lower than the 2001 year and 30% lower than the 2000 year. It also reported that its free reserves increased to $82.7m (£51m).
Rapidinsure.co.uk has launched a multi-appliance warranty policy designed to cover most household appliances for up to five years. The product covers an unlimited number of domestic appliances for £7.95 a month. It includes items purchased after the policy is taken out.
Catlin has agreed to occupy an additional 10,000 sq ft of office space on the seventh floor of the London Underwriting Centre. Catlin already occupies 22,000 sq ft - the entire sixth floor.
XL capacity boost
XL Capital has boosted its resources by up to $500m (£308m). The Bermuda-based group announced a transaction placed privately on the capital markets that allows it to put up to $500m of its stock into an asset-backed trust for up to 30 years. This allows XL to increase credit to its property and casualty operations.