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"Amlin Underwriting Services has teamed up with Oslo-based underwriting firm Vega Insurance Management AS to provide the Nordic region with marine hull & machinery and offshore energy risks underwriting support.
Hans Terje Anonsen and Terje Adolfsen founded Vega three years ago, and the pair will utilise their extensive knowledge of the region to find marine risks [...]" (2009-5-20)
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"Hastings Direct insurance has announced it is to hire 150 new employees throughout the company, in departments including marketing, finance and call centre.
The news will come as a welcome bright spot in the very overcast economic skies which now see unemployment over 2 million and many believing it will be substantially worse by the year’s [...]" (2009-5-19)
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"Adventurous holidaymakers have required AXA to revise some of its travel insurance terms to include activities such as Zorbing and Octopush.
With the rise in popularity of experience-based holidays showing no signs of abating, the insurer is reminding holidaymakers that it is essential to have the right level of cover in place before undertaking adrenaline-rush activities.
For [...]" (2009-5-19)
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"Memorial Day is different this year because more people are planning to drive than last year. Here are a few tips on staying out of trouble..." (2009-5-14)
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"American International Group (AIG) is proposing to spin-off American International Assurance (AIA), its Asian life insurance business, earlier than expected.
The group, which is now majority owned by the US taxpayer, says it will seek a listing for the unit on an Asian stock exchange, having considered this to be in the best interests of all [...]" (2009-5-18)
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"Stocks in the U.S. saw losses accelerate approaching Friday's close following a government report showing inflation at the consumer level was higher than expected last month and comments from the chairman of the Federal Deposit Insurance Corp. that indicated management changes at financial firms may be coming.
" (2009-5-15)
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"Insurance stocks lead the way for the hottest action in the market.
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"Fortis Insurance has released its first quarter performance which show ongoing success for the firm.
By the end of Q1 Fortis’ non-life GWP rose by 11% to £197.4m compared to the previous quarter which recorded gross written premiums totalling £177.7m.
It also marked a 7% rise on the same period last year (Q1 2008) which had GWP [...]" (2009-5-15)
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"The number of uninsured motorists is on the rise. If you have questions or are facing a claim involving one of these drivers, here are the facts you need." (2009-5-14)
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"Six of America’s largest life insurance firms are set to receive bailout funds from the US Treasury.
Prudential, Lincoln National, Allstate, Principal Financial, Hartford Financial, and Ameriprise have all been granted preliminary approval to receive funds from the Troubled Asset Relief Program (TARP).
The share price of many insurers rose between 3% and 6% following the news [...]" (2009-5-15)
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"It seems like I'm the only one who finds it sadly ironic that the federal government is bailing out more insurers. Isn't the insurance business all about risk management?
" (2009-5-15)
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"Sterling Insurance Group has launched a no cost, no obligation pre-cover commercial survey service to help its brokers win new business.
For risks that fall within the company’s preferred risk profile, the commercial insurer is offering a full risk management survey by in-house commercial surveyors, free of charge.
The initiative allows brokers to control the branding [...]" (2009-5-14)
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"Insurance broker and risk adviser Marsh has announced the appointment of Nabil Khawaja to head up the offshore construction team within the Global Energy Practice.
He has previously worked for Marsh in the energy construction unit, leaving the company in 2005.
Khawaja leaves behind Benfield Corporate Risk to join Marsh, and brings to his new role over [...]" (2009-5-14)
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"How should the federal government oversee insurance is the subject of a hearing today before the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. The hearing comes as some form of federal regulation of insurance in the United States looks increasingly likely. As with many issues in our industry, this is one that [...]" (2009-5-14)
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"The real battle, over health care, is just beginningTHE first hundred days were busy, Barack Obama noted, but the pace would be just as hectic in the second hundred: they would be spent building “a library dedicated to my first hundred days”. The president delivered the joke at the White House press corps’ annual shindig, but it makes an apt metaphor for the past week. He and his officials have released a blizzard of tax and health-care proposals that largely repackage, or add detail to, the ambitious draft budget he released in February. That draft sought to extend health insurance to the millions of Americans who lack it, cut taxes for the majority of workers and spend more on education and energy research. To pay for it, Mr Obama would raise taxes on the rich and on corporations, cut wasteful programmes and auction off permits to emit carbon dioxide. ..." (2009-5-14)
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"The real battle, over health care, is just beginningTHE first hundred days were busy, Barack Obama noted, but the pace would be just as hectic in the second hundred: they would be spent building “a library dedicated to my first hundred days”. The president delivered the joke at the White House press corps’ annual shindig, but it makes an apt metaphor for the past week. He and his officials have released a blizzard of tax and health-care proposals that largely repackage, or add detail to, the ambitious draft budget he released in February. That draft sought to extend health insurance to the millions of Americans who lack it, cut taxes for the majority of workers and spend more on education and energy research. To pay for it, Mr Obama would raise taxes on the rich and on corporations, cut wasteful programmes and auction off permits to emit carbon dioxide. ..." (2009-5-14)
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"Heath Lambert is merging its core general insurance retail activities into one Heath Lambert Retail unit.
The move involves the integration of the following divisions: retail – major, financial and professional; retail – national, which includes art, jewellery and private client; treaty solutions and professional risks; commercial affinity and small business.
Two positions are being created within [...]" (2009-5-13)
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"The Association of British Insurers (ABI) has launched an initiative in response to the large number of households in the North West who lack home contents insurance.
The campaign comes shortly after the British Insurance Brokers’ Association (BIBA) published research showing that the recession is affecting home and car owner behaviour and reducing the number who [...]" (2009-5-12)
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"Marketform Group, which describes itself a leading provider for non-US medical malpractice and other specialty lines, is underwriting five new classes of business.
American Financial Group, owner of Great American Insurance, became the insurer’s majority shareholder in December of 2007 and the group’s chairman, Holly Bellingham, describes the expansion as “a natural progression following the Great [...]" (2009-5-12)
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"The British Insurance Brokers’ Association (BIBA) has published new research showing that consumers are reducing insurance cover as a result of the recession, with home and motor insurance taking the brunt.
In a survey of its members, the body found 23% of respondents had seen their personal lines customers reduce their level of insurance protection since [...]" (2009-5-12)
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"New research from the British Insurance Brokers’ Association (BIBA) shows the extent to which UK businesses are cutting back on insurance cover during the recession.
According to the body, more than half of BIBA brokers surveyed have seen commercial customers reduce their level of insurance protection during the economic downturn.
Of this group, 45% reported that clients [...]" (2009-5-12)
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"American International Group, Inc. (AIG) has announced it is selling a prime real estate holding in Tokyo for $1.2bn, in a deal expected to close in the next quarter.
The buyer is the Nippon Life Insurance Company, and the land itself is approximately an acre currently occupied by the AIG Otemachi Building.
The property’s value is enhanced [...]" (2009-5-11)
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"Berkshire Hathaway, the investment firm owned by US billionaire Warren Buffett, this week reported its first loss since 2001.
The company posted a first quarter loss of $1.53 billion (£1 billion), compared to profit of $940 million in the year ago period.
Revenues dropped 9.5% on year to $22.8 billion.
However, of its four key insurance businesses, only [...]" (2009-5-11)
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"A new study from the Chartered Insurance Institute (CII) proposes that large migrant groups are set to join the over fifties as a major market for insurance and other financial services products in the years ahead.
The body therefore suggests that more insurance and financial products that apply across Europe’s national boundaries must be developed over [...]" (2009-5-11)
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"Charles Taylor Consulting (CTC) has acquired Axiom, an independent insurance and reinsurance firm that provides support services to Lloyd’s and London insurance market businesses generally.
The purchase is being made for up to £7.85 million and is expected to be earnings enhancing this year.
CTC is a global provider of management and consultancy services to insurers and [...]" (2009-5-11)
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"The Financial Services Authority (FSA) has completed its investigation into the circumstances surrounding the £5 billion sale of closed life consolidator, Resolution, to Pearl.
When the deal was announced in November of 2007, Pearl was Resolution’s largest shareholder and the FSA has been examining the actions of insurance entrepreneur and majority owner of Resolution, Clive Cowdery, [...]" (2009-5-11)
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"Q: I purchased a condo in Florida in 1990. I lived there for 17 years, and then moved with the assumption that I would be able to rent it, as was the case at the time. After Hurricane Charlie, the board said that the insurance company was going to charge too...
" (2009-5-10)
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"American International Group, Inc. (AIG) has reported its financial results for the first quarter of 2009.
The troubled insurance giant posted a net loss of $4.35bn, or $1.98 per diluted share.
Although a substantial loss, it is a significant improvement on the firm’s performance in Q1 2008, when it incurred a net loss of $7.81bn, equivalent to [...]" (2009-5-8)
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"UK-based Beazley said underwriting conditions improved as expected in the first quarter, although investment markets remained challenging.
The specialist insurer and reinsurer saw gross written premiums increase 27% to £256.2 million in the first quarter, compared to £201.2 million in the same period last year.
The largest increase was in Beazley’s reinsurance account, which rose 52% to [...]" (2009-5-8)
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"Making a mistake when insuring your teenager for the first time can be very expensive. How do you avoid paying too much? Well..." (2009-5-7)
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"Comparethemarket.com has added seven new brands to its home insurance panel, as quote volumes for home cover rise sharply.
Kwik Fit, Endsleigh, Hiscox, Castle, Aim4agreatquote, Insureitall, and Policyshop now form part of the price comparison website’s resource.
The firm’s commercial director, Jeremy Moll, comments: “This year our home insurance quote volumes have increased by 300% and we [...]" (2009-5-8)
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"A growing number of insurers are providing low cost insurance to individuals in developing countries. For example just last week Munich Re announced a pilot project with Indonesian insurer Asuransi Wahana Tata and GTZ, the German government’s international development agency, to offer flood insurance coverage to low-income households in Jakarta. Instead of a lengthy policy [...]" (2009-5-7)
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"Helphire has hit out at insurance companies who delay paying their bills.
The accident management firm - which provides courtesy cars for no blame traffic accidents - said despite many insurers paying on time, a significant number are still paying too late.
According to the firm’s first quarter report, it received 106% of billed invoices during the [...]" (2009-5-6)
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"Hannover Re this week reported first quarter profits up 43%, aided by one-off gains from reinsurance contracts acquired in January from ING Groep NV.
Net income increased to €219 million, compared to €158 million in the first quarter of 2008.
Pre-tax profits grew 27% to €287 million, whilst premiums increased 17% to €2.66 billion.
Operating profit rose 25% [...]" (2009-5-6)
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"Visitors to Jersey can now enjoy a new Travel Insurance Policy courtesy of Jersey Tourism.
Recently the insurance arrangements for UK holidaymakers changed, with visitors being required to pay for medical treatment should they fall ill or suffer an injury.
In response to this change of affairs the island’s tourism board has collaborated with the States Insurers, [...]" (2009-5-6)
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"Online insurance exchange MarketScout said the average property/casualty rate decrease was 7 percent in April 2009, the same as in March 2009 and compared to a double-digit rate decrease of 12 percent a year ago. Rates were unchanged in all segments except the following: workers compensation rates decreased 8 percent, while D&O, EPLI, fiduciary and crime [...]" (2009-5-6)
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"If you own a boat, you should consider boat insurance. What is it and what do you need to know about it? We've got some information for you..." (2009-5-5)
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"Parliamentary Ombudsman, Ann Abraham, is keeping up the pressure on behalf of Equitable Life policyholders with a new report criticising the Government’s compensation proposals.
The UK’s oldest mutual insurance company came close to collapse in 2000 when it could not deliver the returns it had promised.
At the time, over one million savers lost up to 50% [...]" (2009-5-6)
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"Young Marmalade has received the endorsement of Business and Economics Minister, Ian Pearson MP, for a new initiative that could stimulate car sales and protect young drivers.
The firm operates a “safer car and insurance” scheme which it claims can reduce the likelihood of new drivers being injured in a serious accident.
The scheme works by combining [...]" (2009-5-6)
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"Hastings Direct has announced that it is acquiring Renew Insurance Services Limited, which specialises in a range of cover for the over 40s via its Renew brand and provides for younger customers with its Likewise brand.
According to Hastings chief executive officer, Edward Fitzmaurice: “The deal will bring together Hastings Direct’s strong brands and customer base [...]" (2009-5-6)
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"Global insurance broker and risk adviser Marsh has named Joe Grogan as the new leader of its Middle Market business in the UK and Ireland.
Grogan has been chief executive officer of Marsh’s operations in the Republic of Ireland since 2001, and will retain this position in addition to his new post.
He will divide his time [...]" (2009-5-5)
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"Willis Group Holdings has announced the appointment of Mathias Pahl as chief executive officer of its German operations.
Pahl replaces Ralf Geck, who is retiring, and will report directly to the CEO of Willis Continental Europe, Adam Garrard.
Pahl has worked for Willis over the last six years, and has 14 years of experience in the insurance [...]" (2009-5-5)
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"Insurance litigation firm Keoghs LLP has announced that Daryl Booth has been appointed as chief operating officer and joins the firm’s board.
Booth leaves behind Cheshire Building Society to join Keoghs, and has previously occupied senior posts with Deloitte, PricewaterhouseCoopers and Barclays Bank.
As chief operating officer he has been tasked with responsibility for operational and change [...]" (2009-5-5)
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"The British Insurance Brokers’ Association (BIBA) has negotiated special terms for the payment of regulatory fees and levies by its members.
Next year, BIBA subscribers will receive a discount of 0.5% on their dues to the Financial Services Authority, compared with non-trade association members.
The scheme is being provided in partnership with Premium Credit, which currently offers [...]" (2009-5-5)
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"Countdown to the official start of the 2009 Atlantic hurricane season is underway. We’re now just 27 days away, but as there’s a 30-day waiting period before a flood insurance policy takes effect, no time like the present to stress the importance of buying flood insurance. The National Flood Insurance Program (NFIP) Web site has [...]" (2009-5-4)
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"Motorcycle insurance is important if you have a bike. If you want to learn more about motorcycle insurance, we can give you a few tips..." (2009-5-1)
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"With the recession pounding the High Street, there is some welcome relief with the news that Hastings Direct is to invest in a string of new High Street shops.
The motor, home and travel insurance broker is taking on an innovative approach by offering its customers a broader choice of insurance options from new shops and [...]" (2009-5-1)
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"Kwik Fit Insurance is celebrating another award success having scooped the award for Customer Focus in recognition of its Smart Co department at the Contact Centre Innovation Awards.
Industry innovation is lauded at the awards ceremony, which took place in London as part of the 2009 Contact Centre Planning Conference and recognises firms who are substantially [...]" (2009-5-1)
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"Lloyds Banking Group has announced that it is merging its Scottish Widows and Clerical Medical units.
Lloyds TSB’s takeover of HBOS last year meant the new group included Lloyds TSB’s life insurance arm, Scottish Widows, plus HBOS’s Clerical Medical and Halifax Life.
Bearing in mind the need to make cost savings of over £1.5 billion by 2011, [...]" (2009-5-1)
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