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"Having completed its acquisition of the UK-based Benfield Group Ltd, Aon Corporation has announced plans to reduce its global headcount by 700, as the businesses integrate.
Benfield is the world’s third-largest reinsurance broker and Aon, the world’s largest insurance broker.
Benfield will merge with Aon’s existing reinsurance operations, to form Aon Benfield.
The transaction will extend Aon’s presence [...]" (2008-11-30)
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"Q: Why does one have to pay monthly insurance payments in escrow to the lender? Also, after having paid this payment in escrow for five to six years, why can't this be canceled? A: First, let me express my view. I dislike the concept that homeowners have to...
" (2008-11-30)
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"The Board of Resources in Insurance Group has announced a pair of new initiatives.
The first of these is a new division, named Verify. This division is a claims investigation solution which has been created to offer factual reporting on losses less than £10,000 in cases where a comprehensive start to finish enquiry is not necessary.
Verify [...]" (2008-11-28)
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"The French government has unveiled plans to offer credit insurance to small and medium sized businesses (SMEs) in the country.
As global markets enter recession, insurers are becoming increasingly wary of offering credit insurance, which covers companies against non-paying customers or if they enter administration.
A number of European insurers have started pulling cover from companies, increasing [...]" (2008-11-28)
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"Law firm Dolmans has issued a stark warning that motor insurance fraud has soared by some 70% over the course of the last three years.
The cost averages out to around £5m per week, but there is good news with Dolmans stating that there are some positive indications that the increased criminality is being tackled.
The rise [...]" (2008-11-27)
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"Commercial broker Moorhouse has announced the appointment of Joe Sultana to the board in the capacity of operations director.
Before joining the organisation he was a founding partner with A.J.O. Insurance Services, where he worked for 12 years (six of which after selling to Morgan Financial Group).
Sultana will be tasked with driving forward efficiency and effectiveness [...]" (2008-11-27)
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"Another e-mail from the president-elect’s inbox“YOU finessed health care brilliantly during the campaign. You ran rings round Hillary on individual mandates, arguing it is unreasonable to require people to buy health insurance when its cost is unknown. You then made mincemeat out of John McCain’s proposal to end the favourable tax treatment of employer-provided health insurance, insisting this would cost most people thousands of dollars. Yet somehow you convinced voters you would expand coverage and tackle costs without resorting to radical plans. But now the campaign’s over and it’s time to get real. The good news is that you can still make health a top issue next year, despite the financial mess. The bad news is that to make any headway, you’ll have to be ready to do a few U-turns. ..." (2008-11-27)
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"Insurance broker and risk adviser Marsh has stated that business continuity management (BCM) can prove helpful for businesses trying to negotiate their way through the current economic difficulties.
Firms (particularly those in manufacturing and retail) can benefit from conducting a business impact analysis which can yield a more comprehensive appreciation of the situation and thereby deliver [...]" (2008-11-27)
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"QBE Insurance Group Ltd, Australia’s biggest insurer by premium income, has announced the acquisition of ZC Sterling Corp, a US-based underwriting agency, for $575 million.
QBE also said that it plans to acquire three other underwriting agencies, including two in the US and one in Europe.
Capital to fund the acquisitions - and to shore up the [...]" (2008-11-27)
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"Barclays has been researching the UK protection insurance market and has concluded that nearly one-half of British adults have no policies in place to cover events such as illness and redundancy.
According to the survey 47% of UK adults have no protection insurance, while 52% are without life insurance.
Seventy-five per cent of those questioned said [...]" (2008-11-27)
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"Germany-based Munich Re, the world’s largest reinsurer, has expressed interest in buying the Asian life insurance operations of crippled US insurance giant American International Group (AIG).
Munich Re revealed yesterday that it is seeking to enter new markets in Asia, and admitted that acquiring AIG’s Asian operations would be an effective way of achieving this goal.
AIG [...]" (2008-11-26)
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"Aberdeen-based Central Insurance Services has acquired Peart Insurance Brokers, a specialist in insuring high performance cars.
Peart and its trading arm, Performance Marque, is based in Kendal, where 12 members of staff are employed servicing around 7,000 policyholders.
Customers include over 25-year-olds in possession of Porsches, Aston Martins, Lamborghinis, Ferraris and Maseratis.
On completion of the transaction, the [...]" (2008-11-26)
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"Homeserve has warned that operating profit for 2008 could be down by between £2 million and £3 million.
The company, which specialises in emergency cover and repairs for homeowners, says it has 6.66 million policies in force but is mindful that the recession could lead to cancellations, despite the value of insurance cover for domestic essentials [...]" (2008-11-26)
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"That equipment you're carrying may already be protected, depending on your employer's business insurance coverage—or, if you're self-employed, by your auto, renters, or home insurance policy." (2008-11-21)
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"Getting married sometimes makes a difference in a person's insurance rates, but not always. It depends on several factors, like what state you live in and how old you are." (2008-11-21)
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"If you're concerned about your home insurance rates changing in the future, Allstate can help." (2008-11-21)
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"The Treasury Secretary is considering TARP funding for insurance companies, relief that could lead to greater federal regulatory control for those companies that qualify.
" (2008-11-25)
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"Cullum Capital Ventures (CCV) has made its first acquisition in Scotland.
The consolidator has expanded into the region with the purchase of Moray Firth Insurance Brokers, which has offices in Inverness and Elgin.
Moray Firth has developed a strong presence in local business sectors and boasts GWP of £3.5 million.
The transaction will increase CCV’s total GWP to [...]" (2008-11-25)
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"Munich Re is expecting the financial crisis to increase demand for reinsurance, as lower investment returns put pressure on primary insurers’ capital positions.
With capital strength challenged by market volatility, the industry is finding it increasingly difficult to support high risk exposure and the group has reported a swift increase in demand for reinsurance, as primary [...]" (2008-11-25)
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"The Association of British Insurers (ABI) has reported a 59% increase in trade credit insurance claims during the third quarter.
Trade credit insurance protects businesses when customers fail to pay or enter administration.
Claims against trade insurance policies hit £97 million from 6,805 claims in the third quarter of this year. This is compared to £61.4 million [...]" (2008-11-25)
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"France-based insurer April Group has announced the launch of a new reinsurance business in Malta, Axeria Re Limited.
Axeria Re is a fully owned subsidiary of April Group and is licensed in Malta by the Malta Financial Services Authority (MFSA).
April Group, based in Lyon, France, has a turnover in excess of €600 million, and has 2,500 [...]" (2008-11-25)
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"International insurance broker Tysers has announced the launch of its new website at www.tysers.com which is to form the cornerstone of its marketing approach.
Chief operating officer Quintin Heaney explained that the firm was always looking for ways to improve communication with its business partners, including underwriters and clients.
The new website is to be a central [...]" (2008-11-25)
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"The increase in employment and legal disputes has led ABC Insurance to advise brokers to be sure they are ready to take advantage of the extra SME legal expenses over the winter season.
There is an opportunity to increase sales of legal expenses coverage afforded by the current turbulent economic conditions, as firms seek to ensure [...]" (2008-11-25)
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"Zurich Financial Services Group has completed its acquisition of Russia-based OOO NASTA Insurance Company.
Zurich, based in Switzerland, purchased a 66% stake in NASTA in February 2007, and agreed to purchase the rest of the company by 2010.
The remaining 34% of NASTA has now been purchased by Zurich for $205 million (£137 million), and has been [...]" (2008-11-24)
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"American Life Insurance Co (Alico), an international life insurance branch of American International Group (AIG), may be acquired in part by a group of China-based investors.
AIG is currently on an asset selling spree to raise funds to pay off a $152 billion bailout loan from the US Federal Reserve.
However, AIG wants to keep boardroom control [...]" (2008-11-24)
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"Mario Vitale, CEO of Zurich's North American Corporate division, explains how to save on insurance costs and make sure your insurer is financially sound.
" (2008-11-11)
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"LV= has written to hundreds of brokers engaged in work with ABC or Highway to offer them dual agency agreements.
The letter writing initiative comes after LV= acquired Highway Insurance and is intended to enhance value for brokers.
The acquisition was part of the insurer’s strategic drive to enter the top five in the UK by [...]" (2008-11-23)
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"If you’re looking for more information on the credit crisis and its impact on insurance, look no further than a new dedicated section on the Geneva Association Web site. The online section includes articles, papers and background materials from a variety of sources including insurers, trade associations and other partners. Geneva Association contributions include 10 [...]" (2008-11-21)
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"The stock market has been volatile of late due to fears of a global recession, however, today, the FTSE 100 has fallen today with well-known insurers suffering heavy falls.
The latest stock market fall slump has renewed fears about the solvency ratios of the big insurance companies, as they may be forced to sell stock into [...]" (2008-11-20)
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"Debra Borchardt figures if insurance companies can buy banks to get federal relief, why can't bonus-hungry executives?
" (2008-11-19)
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"Life insurance companies are snapping up small savings and loans in a bid to make themselves eligible for big government bailout dollars, but the effort is fraught with complications.
" (2008-11-18)
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"Jim Cramer sees the positive in insurance companies buying banks to access TARP funds.
" (2008-11-18)
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"As three major wildfires (known as the Triangle Complex fire, the Sayre fire and the Tea fire) continue to burn in Southern California, homeowners and businesses that need evacuation preparation or claims filing tips should check out information from the Insurance Information Network of California. I.I.I. research shows that most of the large fires with [...]" (2008-11-17)
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"Acumus Insurance Solutions is collaborating with a swathe of travel companies in a bid to meet the new regulations introduced by the Financial Services Authority (FSA) before the 15 November deadline.
Acumus, which specialises in travel insurance, is working with a number of well-known brands such as P&O Ferries, Jet2.com, Confetti, Debenhams Travel, Butlins, Haven Holiday [...]" (2008-11-17)
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"Following on from the involvement of Jardine Lloyd Thompson (JLT) in the Market Outlook Seminar organised by the Association of Insurance and Risk Managers (AIRMIC) in partnership with insurer AXA Corporate Solutions, JLT calls for a greater focus on information and strategic relationships within the insurance and risk industry, particularly in the current challenging economic [...]" (2008-11-17)
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"QuestGates has announced a range of personnel changes, in accordance with its drive to promote growth.
Environmental Division chief Alan Dobson has been appointed a director on the main board, with associate directorships going to former Motor Division managers Gary Woodhall and Steve Thompson.
Kathie Hinsley leaves behind RBS Insurance to join the Liability Division as service [...]" (2008-11-14)
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"Beazley Group plc has announced that Martin Bride has been appointed as the firm’s new group finance director.
He leaves behind Zurich Financial Services, where he worked as chief financial officer of the UK Life business.
Bride brings with him extensive experience of the insurance industry, having also held the post of chief financial officer with Aviva [...]" (2008-11-14)
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"The Financial Services Authority (FSA) has completed the second stage of its review of insurance comparison websites, in which it found that many sites have made significant improvements.
Following on from an initial review in May of this year, the regulator said that the 17 sites involved in its study were are consistently providing clear, fair [...]" (2008-11-14)
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"There are a couple of factors at work when it comes to this auto insurance question." (2008-11-14)
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"You're definitely not the only one! Talk to your mortgage lender about using an escrow account for your home insurance." (2008-11-14)
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"The Chubb Group of Insurance Companies has given Solomon Agency Corp. a personal insurance agency appointment to help enhance service provision for the Korean-American community in New York’s metropolitan area.
Over 2 million Koreans were living in the US five years ago (according to South Korean statistics), with US figures showing that Koreans average a higher [...]" (2008-11-14)
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"The Competition Commission is proposing a ban on the sale of Payment Protection Insurance (PPI) within 14 days of the sale of an associated loan or credit card facility.
The Commission has been investigating the sale of the insurance amid claims by consumer groups and others that it is often expensive and has been habitually mis-sold, [...]" (2008-11-13)
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"Moorhouse Group, the Caerphilly-based commercial broker, has expanded its online insurance comparison website, Constructaquote.com, to offer cover for small and medium sized enterprises (SMEs) across a range of sectors.
The website was launched in February last year, as a one-stop-shop facility for the construction industry and originally offered comparisons for liability, van, goods in transit, plant [...]" (2008-11-13)
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"The Chartered Insurance Institute (CII) is alerting the insurance industry to the plight of ex-offenders who are trying to reintegrate into society.
UNLOCK, the charity that works to achieve equality for ex-offenders, has published a paper that suggests the insurance sector is failing reformed criminals who want to attain basic financial security.
Spokesman, Chris Bath, is arguing [...]" (2008-11-13)
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"Economic concerns have tightened budgets, but these ideas can help you shop for less." (2008-11-12)
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"Health insurance provider, BCWA, has concluded that the insurance industry is failing to provide people with clear information about the benefits of private medical insurance (PMI).
Recent research by the firm found that 83% of people surveyed could see themselves using savings (44%) or borrowing money (39%) to pay for one-off private medical treatment, rather than [...]" (2008-11-12)
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"Vehicle data management company, Wunelli, is launching Coverbox, a new pay-as-you-drive car insurance, early next year.
Using technology supplied by vehicle security firm, Cobra, policyholders will have their driving habits monitored and their premium will be based on distance covered and the time of day or night when their vehicle is in use.
Account is taken of [...]" (2008-11-11)
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"The Government has set up two new industry groups to look at the UK insurance and investment sectors.
The bodies come under the co-chairmanship of Chancellor of the Exchequer Alistair Darling, who will be joined by Andrew Moss, chief executive of Aviva, as co-chair of the insurance group.
Representatives of Legal & General, Standard Life, Scottish Widows, [...]" (2008-11-11)
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"Stricken insurance company, American International Group (AIG), has called on the US Government for further help.
Last month the group warned that its $120 billion loan from the US Federal Reserve may not be enough to stabilise AIG’s finances as it undertakes a radical restructure and programme or disposals.
The company secured an $85 billion bail out [...]" (2008-11-10)
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"The non-life insurance sector as a whole appears to have remained relatively isolated from the direct impact of the credit crisis so far, but in the longer-term there are still several uncertainties. The latest outlook on the impact of the credit crisis on insurers comes in the first of a two-part report by Willis. In [...]" (2008-11-11)
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"As the consequences of the credit crunch and deepening economic difficulties mount, insurer Ecclesiastical has designed a new wedding insurance policy aimed at ensuring that the most important day of all is not ruined by financial concerns.
The policy is flexible, enabling couples to shape it to their particular needs.
Premiums begin at just £30, which offers [...]" (2008-11-10)
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"Cooper Gay & Co, the independent insurance and reinsurance broker, has acquired the London-based Aerospace team of Benfield.
The transaction means that 10 market practitioners, including John Howes and David Sales, are transferring to Cooper Gay’s London Aerospace division, along with their client portfolios.
They will be joining the team that transferred from Heath Lambert’s aviation division, [...]" (2008-11-10)
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"When setting up a household budget, you have to think about big-ticket items, such as how much you should spend on rent or mortgage payments, how much to budget for utilities, and what it will cost to buy homeowners or renters insurance to protect yourself in case of catastrophe.
" (2008-11-8)
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"A member of the EC Competition Directorate has urged the European Commission to ensure that a consistent review is given to the financial sector by rolling out insurance into broader cross-border banking and financial services regulation reforms.
Commission project leader Eithne McCarthy stated at a private insurers meeting in London that the Commission is still contemplating [...]" (2008-11-7)
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"The average property/casualty rate decrease hit single digits in October for the first time in more than 20 months according to online insurance exchange MarketScout. It put the average p/c rate decrease at 9 percent in October, compared to a decline of 15 percent a year ago. Not since January 2007 has the average p/c [...]" (2008-11-7)
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"Troubled insurance giant American International Group (AIG) is expected to start selling off units before the end of the year according to a report by the Reuters news agency.
A deal to sell off its US personal lines units, valued at $5-7 billion, is likely to be completed soon.
Its smaller energy equipment insurer, Hartford Steam Boiler [...]" (2008-11-7)
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"APC, the commercial insurance underwriting agency, has hired three initial business development managers (BDMs) as part of its strategic regional expansion plan.
The trio of experienced individuals joined the firm this week and will comprise the UK regional platform which APC intends will double revenue in three years and triple them within five.
The first of the [...]" (2008-11-6)
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"HCC Insurance Holdings Inc. has reported its third quarter results, with net earnings down 40% on year to $59.1 million, compared to net earnings of $97.9 million in the same period during 2007.
Net earnings per share for the quarter were $0.51, compared to $0.84 in the year ago period.
Total revenues fell 3% to $566.32 million, [...]" (2008-11-6)
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"Marshall Wooldridge has acquired HNH Insurance Brokers, an independent general insurance brokerage established in 1984 and formerly a member of Broker Network
Both HNH and its new owner are based in Leeds and the former will continue to trade from its current premises in the Garforth area of the city.
Details of the transaction have not [...]" (2008-11-6)
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"GMAC, the financial arm of General Motors, has sold its reinsurance business, GMAC Re, to Bermuda-based Maiden Holdings Limited.
Terms of the sale were not disclosed.
The acquired business will be renamed Maiden Re, and will be based in Mount Laurel, New Jersey.
Around 120 GMAC employees will join the Maiden team.
For the past quarter century GMAC Re [...]" (2008-11-6)
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"Before the election, both candidates proposed major changes to our nation's energy policy. Now that Barack Obama has won, what does it mean for hybrids and possible tax credits?" (2008-11-5)
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"The recent government decision to allow users of the NHS in England to pay for ‘top up’ treatment without losing their NHS treatment has been welcomed by private health firm Bupa.
Bupa UK Health Insurance’s managing director, Dr Natalie-Jane Macdonald, has warmly welcomed the announcement, which now entitles NHS patients to pay for private treatment without [...]" (2008-11-5)
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"In addition to deciding America’s next President, the 2008 election included several races at the state level of importance for the insurance industry. State insurance commissioner races were decided in five states – Delaware, Montana, North Carolina, North Dakota and Washington. Other decisions closely watched were the governors’ races in six states with appointed insurance [...]" (2008-11-5)
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"Giles Insurance Brokers has increased its presence in Wales with the acquisition of NG Insurance.
The Penarth-based broker, which began trading in 2002 specialises in commercial, financial risk protection and personal insurance.
Giles entered the Welsh market when it bought Hedges & Rose, based in Tonyrefail, late last year.
The group went on to acquire DS Howell, [...]" (2008-11-5)
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"Zurich has taken the lead in a new customer satisfaction survey introduced by CFI Group.
The US-based company has launched its first UK National Customer Satisfaction Index (NCSI-UK) for home and car insurance providers.
Zurich achieved a score of 79 on a 100 point scale, slightly above the average satisfaction level of 77.
Other notable performers were RBS’s [...]" (2008-11-5)
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"GoinGreen has launched the first insurance scheme dedicated towards the G-Wiz driving community of London.
GoinGreen, which sells the Reva G-Wiz electric vehicle, has collaborated with broker Heath Lambert to design the GoinGreen Insurance Services policy.
The policy has been tailored specifically to the G-Wiz electric vehicles, and is underwritten by Chaucer Insurance.
Because it has been designed [...]" (2008-11-4)
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"Switzerland-based Zurich Financial Services Group has established a joint Islamic insurance venture with Abu Dhabi National Takaful Company (ADNTC).
The joint venture, called Zurich Takaful Company Limited, will be based in Dubai at Dubai International Finance Centre (DIFC) and will deal with family takaful businesses across the Middle East.
It is 51% owned by Zurich and 49% [...]" (2008-11-4)
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"Venture Preference has acquired Northampton-based Newspace Insurance Services.
Newspace specialises in the small and medium sized enterprise sector (SME), for which it has developed two bespoke schemes.
The business employs 11 staff and has around 3,000 clients.
Venture has ambitious expansion plans and its chief executive, Stuart Reid, describes Newspace as an ideal fit in terms of the [...]" (2008-11-4)
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"Britons are being urged to review their Payment Protection insurance (PPI) and consolidate cover under one policy.
According to research by the Post Office, almost six million consumers could be paying over the odds for PPI because around 20% of adults with credit have more than one policy in place.
The Post Office estimates that by combining [...]" (2008-11-4)
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"LV= has named Peter Gallagher as the group claims director for the firm’s general insurance business.
He joins the organisation from Highway Insurance, which LV= has recently acquired.
He spent five years with Highway Insurance, and leaves behind his position as claims director to take up his new role.
Earlier in his career Gallagher worked for Munich [...]" (2008-11-3)
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"If you’re still undecided over which presidential candidate to vote for tomorrow, it may surprise you to learn that the party of the President has a marginal impact on the property/casualty insurance industry’s return on equity (ROE). In an analysis of the industry’s ROE by Presidential party affiliation from 1950 to 2008, the I.I.I. has [...]" (2008-11-3)
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"Reinsurance underwriter Odyssey Re Holdings has posted a net income of $121.5 million, or $1.96 per diluted share, for the three months ending 30th September 2008.
This is 8% higher than in the same third quarter period of 2007.
Last year Odyssey reported third quarter net income of $112.1 million, or $1.57 per diluted share.
The reported results [...]" (2008-11-3)
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"Bermuda-based Aspen Insurance Holdings has posted its third quarter results, with a net loss after tax of $116.7 million, equivalent to an operating loss of $1.02 per share.
This is compared to a net profit after tax of $117.2 million in the third quarter of 2007.
The loss is being blamed on catastrophe payouts from hurricanes Gustav [...]" (2008-11-3)
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"Chicago-based insurance broker Aon Corp reported its third quarter results on Friday, with net income down 43% on year to $117 million, or $0.40 per diluted share.
Despite the fall in income, the results beat Wall Street’s expectations, and the share price of the world’s largest insurance brokerage jumped 11% to $42.30 following the announcement.
Net income [...]" (2008-11-3)
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"AXA Insurance has broadened its product range for motor insurance with the addition of a newly launched personal lines intermediary (PLI) motor product: AXA Car.
AXA Car has been designed to cater to the needs of the low risk driver and provides coverage for Comprehensive and Third Party Fire and Theft.
Utilising a new, advanced ratings system, [...]" (2008-11-3)
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"The British Insurance Brokers’ Association (Biba) is making fresh calls for strong co-operation between the insurance industry and Government, to protect households and businesses from flooding.
The Department for Environment, Food and Rural Affairs (DEFRA) is setting up a £5 million fund that will be used to safeguard vulnerable homes and Biba is suggesting a number [...]" (2008-11-3)
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"Will we see a “Bernanke put”?THE “Greenspan put” was a term devised to describe the habit of the former Federal Reserve chairman, who would cut interest rates whenever the stockmarket seemed in crisis. The idea was that equity investors had insurance in the form of a put option, with Alan Greenspan agreeing to limit their losses.Now David Rosenberg, a well-respected economist at Merrill Lynch, thinks the current Fed chairman, Ben Bernanke, may introduce a “Bernanke put”, this time for the bond market. The topic arises because of the Fed’s recent cut in interest rates to 1%, posing the question of what the central bank can do if rates drop down to zero. ..." (2008-11-2)
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