Stop press...R&SA chief going

R&SA chief going
Royal & SunAlliance's US chief, Terry Broderick, is stepping down for health reasons.

Chief executive of the US operation since 2000, he will be replaced by current chief of the US commercial division Steve Mulready.

US commercial property brought in good profits at the end of the first quarter this year although the group's US liability lines have been difficult.

Cox chief quits
Cox Insurance Holdings announced that its group finance director, Richard Brewster, has resigned.

He will be replaced by James Morley, the appointment taking effect from 10 June.

The company said Brewster's contribution had been key in helping to drive through the recent refinancing, but that he has now determined that his future lies outside of Cox.

Swinton swoops
UK intermediary group Swinton Insurance has bought Colonnade Insurance Brokers for £27m.

This is expected to lift its gross premium income from £240m to £400m in 2002.

Bupa Australia deal
Bupa has announced acquisitions in two of its core businesses.

It is buying private health insurer AXA Health Australia for £227m and in a separate deal in the UK, has bought 13 care homes from Ashbourne KW, an operating subsidiary of Ashbourne Consolidated Group for £59m.

Bupa's chief executive Val Gooding said: "We are a predominantly UK-based business, but we will continue to look at home and overseas for opportunities to invest."

Fortis disappoints
Disappointing results in the fire book weighed down a positive performance from motor insurance for Fortis in the UK.

The Belgian-Dutch insurance and banking group reported its first quarter results, showing a net operating profit of E831m (£535m), up 7% on the same quarter last year.