Europe Intelligence Wire articles from June 2006

Europe Intelligence Wire archives from June 2006

News - Police move to beat insurer red tape.
June 1, 2006... (From Post Magazine) Byline: Ed Vinales. The police have initiated new moves to speed up the fight against uninsured drivers, after they found insurers' red tape was preventing them from dealing with this crime effectively. Post...

News - Fraudulent broker faces prison.
June 1, 2006... (From Post Magazine) A broker faces prison after admitting selling GBP10m of policies without any underwriters to back them. John Walker ran Edinburgh-based Tribune Risk Services when the Financial Services Authority called in the...

News - Rehab regulation closer.
June 1, 2006... (From Post Magazine) Byline: Ralph Savage. The rehabilitation and case management sector has taken a major step towards regulation by an independent body after leading providers made a plea to medical practitioners and government...

News - Cornhill exits London market.
June 1, 2006... (From Post Magazine) Byline: Andrew Foxwell. Allianz Cornhill is set to quit the London market after it was revealed that capacity for its big ticket corporate business is being transferred to Germany as part of a pan-European...

News - NU and Capita cheered by bill.
June 1, 2006... (From Post Magazine) Byline: Tanya Powley. Insurers and brokers have moved one step closer to being allowed to buy or set up law firms, following the publication of the draft Legal Services Bill last week. The draft bill sets out...

News - Forbes to capitalise on rival woes.
June 1, 2006... (From Post Magazine) Alexander Forbes has recruited Mike Hammond, former Marsh UK and JLT Risk Solutions chief executive, as deputy chairman of international risk services to strengthen its global energy business. Mr Hammond, who joins...

News - Helphire buyout mooted.
June 1, 2006... (From Post Magazine) Helphire could be seeking private equity investment as an alternative to raising more shareholder cash for growth, an expert said this week. The credit-hire business has been linked with a buyout valued at up to...

News - Acquisitor sees organic uplift.
June 1, 2006... (From Post Magazine) Organic growth made up a significant portion of the Jelf Group's turnover for the first half of the year, despite its busy acquisition programme. The results, for the six months up to 31 March - which do not...

News - TAG boss files evidence.
June 1, 2006... (From Post Magazine) The ex-director of The Accident Group, Mark Langford, has finally filed evidence against proceedings brought by the Department of Trade and Industry, despite being debarred last month. Mr Langford and his wife...

News - Markerstudy boosts M&A strategy.
June 1, 2006... (From Post Magazine) Insurer Markerstudy has reinforced its acquisitive growth programme, with the appointment of a former Budget and Swinton manager to oversee it. Paul Shipley was made acquisitions and new business manager on 8 May...

News - Insurers act to crack big fraud-ring.
June 1, 2006... (From Post Magazine) Byline: Tanya Powley. One of the UK's biggest fraud-rings, believed to have scammed millions from the insurance industry from induced accidents, is currently being monitored. A large north-west-based group,...

News - Halifax Bank of Scotland General Insurance appointed sole provider.
June 1, 2006... (From Post Magazine) Halifax Bank of Scotland General Insurance has been appointed as the sole provider of home insurance for independent financial adviser Hargreaves Lansdown. The five-year deal replaces the adviser's existing panel...

News - BMW Financial Services and Money by Mini launch new product ranges.
June 1, 2006... (From Post Magazine) BMW Financial Services and Money by Mini are gearing up their UK offerings by launching new personal finance product ranges. BMW will offer home insurance, underwritten by Royal Bank of Scotland subsidiary UKI. Keith...

News - Quanta still looking for backers for its Lloyd's syndicate.
June 1, 2006... (From Post Magazine) Quanta is still looking for backers for its Lloyd's syndicate, despite placing its speciality insurance and reinsurance lines into run-off. The Lloyd's syndicate and environmental consulting business are not in run-off...

News - Lawyer warns of Lloyd's reluctance.
June 1, 2006... (From Post Magazine) Byline: Ed Vinales. No more Lloyd's insurers are expected to move any run-off portfolios to the company market this year, despite a growing interest in Part Seven transfers, a leading lawyer insisted. Last...

News - Broker in online commercial moves.
June 1, 2006... (From Post Magazine) A Hampshire broker is planning to open a new office and increase staff numbers by more than 10% after seeing its income grow following its online launch. Computer Quote Insurance, based in Waterlooville, was...

News - L&G changes gear and pulls out of motor.
June 1, 2006... (From Post Magazine) Legal and General has decided to pull out of the motor market after a wholesale review of its general insurance business, a move that will affect 60 employees. The insurance giant will stop writing new business on...

News - Hurricane season about to begin in the US.
June 1, 2006... (From Post Magazine) With hurricane season about to begin in the US, experts have said that the coming month would see two-thirds of the activity seen last year but warned that concentration might move up to the Eastern Seaboard from the...

Broker News - Marsh in shake-up as its UK boss quits.
June 1, 2006... (From Post Magazine) Byline: Ed Vinales. Bruce Carnegie-Brown's surprise resignation as chief executive of Marsh's Europe and Middle East region after three years in the role has prompted a management reshuffle and regional alignment...

Broker News - Dunn joins ambitious firm.
June 1, 2006... (From Post Magazine) Consumer electronics specialist Supercover Insurance has identified an acquisition target, the insurer said as it appointed Sandy Dunn, chairman and chief executive of Capita Group's BDML Connect, to its board. ...

Broker News - Axa offers brokers direct SME route.
June 1, 2006... (From Post Magazine) Axa will take referred commercial business direct from brokers' websites under a 'white labelling' scheme, Post Magazine can reveal. The pilot project will see larger brokers offering links to underwriters on...

Broker News - Chubb Insurance offers personal lines brokers exclusive quotes.
June 1, 2006... (From Post Magazine) Chubb Insurance is offering its personal lines brokers exclusive quotes for high net worth masterpiece signature business when brokers commit to a three-way partnership with clients and Chubb. The insurer said that it...

Mystery Shopper: Discrimination - Access all areas.
June 1, 2006... (From Post Magazine) In April of last year, a new Disability Discrimination Act was passed by parliament, and it made several important amendments to the 1995 Act. The main aim of the alterations is to improve accessibility for disabled...

Interview - Take the lead.
June 1, 2006... (From Post Magazine) England versus Australia at cricket, Eastenders versus Coronation Street on television and Cheryl Tweedy versus Charlotte Church in the pages of the tabloid press - there are many rivalries, of which Aon and Marsh is...

Postbox - VRS: we are more than just a network.
June 1, 2006... (From Post Magazine) As president of VRS Universe, I would like to comment on the article 'Playing with the big boys' (PM, 4 May, p21). VRS Universe is a limited liability company, registered in the US. Our mission is to operate at the...

People - Sign up for Insurance 5-a-side.
June 1, 2006... (From Post Magazine) The sixth annual Post Magazine Insurance 5's football competition will take place on Sunday 24 September 2006 at the Goals Soccer Centre, Wimbledon. Open to teams from any organisation involved in the insurance...

Looking back - Nine years ago.
June 1, 2006... (From Post Magazine) Nine years ago Post Magazine reported on the anticipation surrounding Norwich Union's debut as a listed company. An increase in the City's appetite for insurance shares since Norwich Union announced its stock...

View from the Top - Hail the disciples of underwriting discipline.
June 1, 2006... (From Post Magazine) Byline: Franaois-Xavier Boisseau, managing director, Groupama Insurances. If the insurance industry tumbles into a sustained slump in the next few years we might trace the cause to activity in the months just...

Comment - Cashing in on the eco pound?
June 1, 2006... (From Post Magazine) Call it the 'David Cameron factor' but last week saw the launch of "the first eco-motor insurance product" (The Co-operative Insurance Society); the "first eco-car discount" (More Than); and the UK's "first 'green...

Football - Fever pitch.
June 1, 2006... (From Post Magazine) World Cup fever is set to grip England when the tournament kicks off next week, and the insurance market will also be keeping a close eye on events in Germany. The effects of injuries are firmly in everyone's minds,...

Technology: Websites - Pick-up clicks.
June 1, 2006... (From Post Magazine) It is a commonly held belief that savvy insurers have an online presence. A couple of years ago, research conducted by NOP showed that more than a quarter of all adults had searched for motor insurance online, making...

Technology: i-Market - Caught in the web.
June 1, 2006... (From Post Magazine) This year, commercial e-trading portal I-market has gone from strength to strength. In January, three of its six founding insurers - Allianz Cornhill, Norwich Union and Royal and Sun Alliance - announced a 10% discount...

Terrorism cover - The threat of uncertainty.
June 1, 2006... (From Post Magazine) The nature of terrorism in the UK has changed dramatically since the era of IRA attacks, meaning the threat of suicide bomb attacks needs to be addressed with a new set of risk management measures. So, how can...

Career Path - M&S Insurance worker gets a service award.
June 1, 2006... (From Post Magazine) Byline: Tanya Powley. Cate Taylor, sales agent at Marks and Spencer Car Insurance contact centre in Sunderland, has been announced as the third winner of a new customer services award. The monthly award, run...

Career Path - Firms obsessed with 'cultural fit' for top jobs.
June 1, 2006... (From Post Magazine) The Football Association's problematic search for a new England manager is comparable to the outdated recruitment policies UK firms follow when looking for new senior managers, according to one recruitment specialist....

Career Path - BIA finalist wins Biba role.
June 1, 2006... (From Post Magazine) A high-flying Aon broker has been elected to head up the British Insurance Brokers' Association's Greater Manchester and West Pennine regional committee, which represents more than 120 member firms. As chairman,...

Career Path - Time to test yourself.
June 1, 2006... (From Post Magazine) Whether studying for Chartered Insurance Institute exams or just to test yourself, see how you do. The following is another extract from the specimen test paper for the new Lloyd's and London Market Introductory...

People - Appointment at Halifax Bank of Scotland General Insurance.
June 1, 2006... (From Post Magazine) Halifax Bank of Scotland General Insurance has made Tom Woolgrove managing director. He has replaced Rob Devey, who has become managing director of the company's retail distribution and also a member of its retail...

People - Appointment at Arthur J Gallagher.
June 1, 2006... (From Post Magazine) Sarah Dalgarno has joined Arthur J Gallagher as director of compliance and risk management, where she will ensure the company meets the regulatory requirements of the Financial Services Authority. Ms Dalgarno was...

People - Events.
June 1, 2006... (From Post Magazine) 5 June Institution of Civil Engineers - Risk Management and Insurance in Construction 1 George Street, London Tel: 020 7665 2318 www.ice.org.uk 7 June Thatcham - British Insurance Car...

Postscript - Insurers will not budge, despite ruling.
June 1, 2006... (From Post Magazine) Byline: Tanya Powley. A recent appeal judgement forcing insurers to pay medical-legal agency fees is unlikely to lead to an industry-wide agreement, according to Royal Sun and Alliance. In a landmark judgement...

Postscript - Penny Black's insurance week.
June 1, 2006... (From Post Magazine) Blue Donkey GI doesn't really have the same ring to it as Open GI but that was one of the ideas that went through the minds of those at Misys General Insurance who were deciding on the renaming and rebranding of the...

Postscript - What the papers said this week.
June 1, 2006... (From Post Magazine) The Sunday Times Insurers are refusing to pick up the bill for the 5000 daily thefts from gardens and outbuildings. Almost GBP4bn was spent last year on garden products, according to the Horticultural Trades...

Editorial - Bermuda's STILL rock-solid!
June 1, 2006... (From Reinsurance) Byline: Mark Geoghegan, editor, mark.geoghegan@incisivemedia.com. Dear Friend, A year ago I wrote to you under the banner 'Bermuda's rock-solid'. Well, 31 North Atlantic storms later, and some individual...

News - Max Re faces Nasdaq de-listing due to finite probe.
June 1, 2006... (From Reinsurance) Max Re Capital has tentatively announced its results for the first quarter of 2006, stressing that the final results depend on the outcome of an ongoing investigation by the audit and risk-management committee of its...

News - RenRe first-quarter 2006 profits up.
June 1, 2006... (From Reinsurance) RenaissanceRe Holdings has announced that it made $195.7m in first-quarter operating income, up on the $54.5m it made in the first quarter of 2005. Chief executive Neill Currie commented, "We had a strong first...

News - Moody's gives Odyssey a stable outlook.
June 1, 2006... (From Reinsurance) Moody's Investors Service has revised its rating outlook for Odyssey Re Holdings, and its rated insurance-operating subsidiaries (insurance financial strength-rated A3) to stable from negative. The change in outlook...

News - AIG Q12006 income hit by charges.
June 1, 2006... (From Reinsurance) American International Group (AIG) has announced that its net income for the first three months of 2006 came to $3.2bn, down on the $3.8bn it posted for the same time period in 2005. According to president and chief...

News - Hannover Re happy with Q1 performance.
June 1, 2006... (From Reinsurance) Hannover Re has expressed 'considerable satisfaction' with its start to the new financial year. "With our quarterly result, we have taken a first major step toward achieving our defined profit target for 2006," chief...

News - RMS hurricane model re-certified for Florida.
June 1, 2006... (From Reinsurance) Risk Management Solutions (RMS) has announced that the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) has re-certified the RMS hurricane model for use in establishing residential insurance rates in...

News - Chanchu pounds coast of South China.
June 1, 2006... (From Reinsurance) Southern China is clearing up after Typhoon Chanchu swept along the coast. The typhoon came ashore between Guangdong and Fujian provinces as a category-2 storm, with winds of up to 110 miles an hour. Chanchu was...

News - JLT expands into China insurance market.
June 1, 2006... (From Reinsurance) Jardine Lloyd Thompson (JLT) has commenced operations as an insurance and reinsurance broker across China through its new majority-owned joint venture with Guangdong Ricsson Enterprises. The new venture, JLT Lixin...

News - Swiss Re funding for GEIS purchase on track to go forward.
June 1, 2006... (From Reinsurance) Swiss Re has stated that it is on track to complete its external financing for the acquisition of GE Insurance Solutions (GEIS) with the successful placement of $2bn equivalent of hybrid capital securities. Swiss Re...

News - Validus goes for 75% Q/S with new sidecar.
June 1, 2006... (From Reinsurance) Class of 2005 start-up Validus Re has announced that it has done a two-year sidecar collateralised quota-share retrocession deal with Petrel Re, a new Bermuda reinsurance company set up with $200m in capital by the First...

News Focus - PXRE hangs on by slim thread as 65% of business lost.
June 1, 2006... (From Reinsurance) Reporting first-quarter results, Jeffrey Radke, president and chief executive of troubled Bermudian reinsurer PXRE, was unable to report any progress on the company's search for strategic alternatives after February's...

News Focus - US securities class action settlements rising.
June 1, 2006... (From Reinsurance) The number of securities class actions filed in the US against foreign companies in 2005 fell by 34%, according to the latest PricewaterhouseCoopers Securities Litigation Study. However, the total value of settlements...

News Focus - Liberty Mutual hit by Spitzer lawsuit.
June 1, 2006... (From Reinsurance) New York Attorney General Eliot Spitzer has filed a lawsuit against Liberty Mutual, alleging that the firm participated in a bid-rigging scheme. The civil complaint, filed in the State Supreme Court in Manhattan,...

News Focus - Fitch says new catastrophe risk an-alysis ups capital needs by 5-15%.
June 1, 2006... (From Reinsurance) Insurers with catastrophe exposures are facing a possible 10% increase in their overall capital requirements, according to a new report from Fitch Ratings. The Fitch report is a follow-up on the special report...

News Focus - PXRE storm losses prompt lawsuits.
June 1, 2006... (From Reinsurance) A class action has been filed against PXRE alleging that the company misrepresented its losses from the 2005 hurricane season. The action, which was brought in by law firm Schiffrin & Barroway, charges PXRE, the...

News Focus - Controversial UK ruling saves insurers "tens of millions of pounds".
June 1, 2006... (From Reinsurance) In a controversial ruling, the House of Lords, the UK's highest court of appeal, has decided to cut the amount of asbestos compensation that mesothelioma sufferers and their families receive. The employers of two men...

News Focus - D&O rates continue to slide, as shown in Willis Index.
June 1, 2006... (From Reinsurance) Directors' and Officers' (D&O) liability insurance rates in the London market were largely unaffected by insurance industry losses following last year's hurricanes Katrina, Rita and Wilma, according to the latest Willis...

News Focus - Half of insurers ready for Solvency II.
June 1, 2006... (From Reinsurance) The majority of European insurers believe that Solvency II will improve their companies' risk- and capital-management functions, and half have already enacted formal programmes to address the proposed European Union (EU)...

News analysis - Cat bonds - you've never had it so good.
June 1, 2006... (From Reinsurance) Sometimes I think our industry forgets it is in the finance business. A man can't afford a house, so he goes to a bank to borrow the money to buy it. Now, saddled with a house and a mortgage, the bank politely...

Rethink - Ready or not, the storm season's coming!
June 1, 2006... (From Reinsurance) June is here, bringing with it sunshine, blue sky, hay fever and the imminent arrival of the 2006 Atlantic hurricane season. Here at Reinsurance, we already have the maps out to see where the next swirling storms are...

Inside View - Convergence commands changes.
June 1, 2006... (From Reinsurance) Byline: David Spiller is president of Guy Carpenter. Convergence in financial markets continues to increase. Look no further for evidence than the increased activity in catastrophe bonds, which directly link...

Inside view - If you want to win, share your knowledge.
June 1, 2006... (From Reinsurance) Byline: Tony Boobier is vice-president of International Solutions at Marshall According to the World Insurance Forum held recently in Bermuda, seven out of the 10 most highly insured catastrophes have taken place in...

Interview - The hardest market in 27 years.
June 1, 2006... (From Reinsurance) MG: Obviously, a lot has happened in the marine reinsurance market since we last spoke - can you fill in the specifics? CC: The thing about the 1/1/05 renewal was that the market under-corrected itself, despite...

Bermuda - The sky's the limit for what this island can achieve.
June 1, 2006... (From Reinsurance) Mark Twain once said, "You die and go to heaven, I'll stay here in Bermuda." Clearly, several money-makers from around the world must agree with him. While it may have been the luscious green vegetation, the perfect...

Bermuda - The wheels of independence grind slowly.
June 1, 2006... (From Reinsurance) Despite opinion polls showing that most of Bermuda's population are against independence, the island's government continues to push for breaking ties with Britain. The most recent polls held on the island found that...

Bermuda - Bermuda's work-permit time bomb.
June 1, 2006... (From Reinsurance) The 'class of 2007' - this is what the group of expatriate workers in Bermuda who are now being forced off the island by new government policies are calling themselves. The Department of Immigration has put in place...

Bermuda - The secret of my success.
June 1, 2006... (From Reinsurance) MG: Why do you think Bermuda attracted so much new capital in 2005? JC: I think it's the infrastructure - also, the fact that it has been done here before and in a timely manner, and the companies that have come out...

Disaster planning - What the US can learn from Australia.
June 1, 2006... (From Reinsurance) The magnitude of the damage caused by Australia's cyclone season has been minimal in comparison to the trail of destruction left by Hurricane Katrina in the US. Industry estimates have put the cost of insured damages at...

Briefing - Atlantic asbestos chasm widens.
June 1, 2006... (From Reinsurance) In Europe, the incidence pattern of asbestos-related diseases is repeating the US equivalent, but with a time lag. The pattern of claims is therefore repeating too, but the differences in the ways these claims are...

Country profile: France - French market steps back from the brink.
June 1, 2006... (From Reinsurance) There's a book currently doing rather well in the bestseller lists. Its author, Stephen Clarke, recounts the trials and tribulations of an Englishman in Paris as he tries to establish a tea room, battle bureaucracy, buy...

Country profile: Japan - Japan starts buying quake cover again.
June 1, 2006... (From Reinsurance) Japanese commercial property owners are increasingly taking out earthquake insurance as a necessary component of their risk-management strategies, which in turn is boosting the requirement for reinsurance on the...

Technical report: Aviation - Flying high.
June 1, 2006... (From Reinsurance) This September will mark the fifth anniversary of the events of 11 September 2001. Take a moment to think about that: it has been five years since the day that scorched its way across the minds - and balance sheets - of...

Sector profile: Asian marine - On the crest of a wave.
June 1, 2006... (From Reinsurance) Asia has experienced far greater trade volume growth than any other regions. This has largely been driven by the rapidly growing economies of India, and in particular where merchandise trade is concerned with China. ...

Legal - Brokers, do your duty - to clients and reinsurers alike.
June 1, 2006... (From Reinsurance) In March 2006 Mr Justice Langley handed down his judgment on the HIH v JLT case, the most recent film-finance insurance case to go to trial. This article considers the judgment and the consequences for brokers in a...

Re-sume - Why reinsurance is looking outside for top talent.
June 1, 2006... (From Reinsurance) There are several exciting and rewarding jobs on offer in the reinsurance industry, and many highly experienced people who could fill them - so why are companies now sourcing talent from outside the industry? Senior...

Re-sume - Recruitment moves.
June 1, 2006... (From Reinsurance) John Cho has been appointed as the senior consultant for Transatlantic Reinsurance Company's Hong Kong office, with special responsibilities developing the Asian market and governmental liaison, particularly as the...

Diary - Reinsurance diary.
June 1, 2006... (From Reinsurance) June 2006 - 15-16 Insurance Exit Strategies - The Grange Holborn Hotel, London - +44 (020) 7878 6888 - enquiries@c5-online.com - www.c5-online.com July 2006 - 10-12 Life, Health and Protection Insurance Forum -...

Cosco double hull strategy bags $114m in tanker conversions.
June 1, 2006... (From Lloyds List) COSCO Shipyard Group is continuing to score with its targeting of single to double hull tanker conversions, winning eight more as part of new orders worth $114m announced yesterday, writes Marcus Hand in Kuala Lumpur....

US Shipping's $132m double barge deal.
June 1, 2006... (From Lloyds List) Byline: Rajesh Joshi in New York US SHIPPING Partners has revved up its fleet expansion with orders for two more 160,000 barrel articulated tug barge units collectively worth $132m, and a $20m settlement on the...

Qatar ups stakes with 10-ship LNG order.
June 1, 2006... (From Lloyds List) Byline: Qatar Gas Transport Co rejects partnerships and goes alone in new project, writes Tony Gray Ten liquefied natural gas carriers are being ordered by Qatar Gas Transport Co, bringing the company's spending in...