Chinese boost for Lloyd's
Lloyd's has boosted its fledgling Chinese operation with deals to ensure that business placed there is handled as quickly and efficiently as possible. It has signed a deal to use Xchanging's processing software, Genius, as its core reinsurance system in China. Lloyd's has also purchased a global licence from internet trading service RI3K that "enables business to be placed in an efficient, cost-effective and secure manner". The Shanghai office will make full use of the London Market's Insurers' Market Repository.
First published on 10 April
FCSC levy set at £94.5m
The Financial Services Compensation Scheme (FSCS) has set its initial levy for 2007/08 at £94.5m, including costs of compensation and management. This is £10m lower than the indicative levy announced when FSCS published its budget in January.
First published on 5 April
Lexington's mid excess unit
Lexington Insurance Company has formed a new London-based casualty mid-excess unit offering $50m in capacity. The unit will focus on non-lead layer excess casualty programs with attachment points of $25m or greater.
First published on 5 April
MMA adds products to B2B
MMA Insurance has added a further two commercial products, Commercial and Resident-ial Property Owners, to the Broker2Broker comparitive website. Jason Gandy, joint managing director of B2B, said: "MMA has been very supportive."
First published on 10 April
NU in acetylene warning
Businesses should be aware of the hazards of working with acetylene and the importance of risk management when using such a flammable gas, Norwich Union said. The call comes as the London Fire Brigade campaigns for new government controls over firms using acetylene cylinders.
First published on 5 April
Swinton uses Acturis
Swinton Business implemented the Acturis Broking Platform, adapting techniques from personal lines brokering and applying them to commercial insurance. The new system provides access to products via the inbuilt Acturis quote engine, via Insurer Extranet integration and through the use of structured email, for more complex risks.
First published on 4 April
Leads distributor launch
Leads distributor, paaleads.com, has launched into the general insurance market with a service providing home and motor leads for intermediaries.
First published on 4 April
In dark over motor cover
A third of Britons are unsure of what their motor insurance covers because they have failed to read their policies, a study by Norwich Union has found. 40% of drivers do not know what is covered under their motor insurance policy, with 33% saying that they had not bothered to read their documents to find out.
First published on 4 April
Beazley expands PI team
Beazley Group expanded its UK professional indemnity business with the appointment of Alison O'Rourke and Paula McManus to its UK specialty PI. The Lloyd's insurer also announced that it has re-established a UK PI box at Lloyd's. The whole non-US PI and D&O team is soon to be relocated to a single box on the first gallery, it said.
First published on 4 April
Biba's crisis control launch
Biba launched a crisis control scheme in partnership with ISS Damage Control.
First published on 4 April
