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  • Reinsurance broker Benfield Group has warned that 2005 profits will be lower than last year because of an increasing cost base.
  • The FBI has placed insurance fraud high on its agenda because of the size of the industry, according to its 2005 Financial Crimes Report released last month.
  • FM Global announced last week its first involvement with catastrophe bonds after Goldman Sachs placed a $300mn bond covering earthquake activity in the Northwest region of North America.
  • Ratings agency AM Best has upgraded the financial strength rating of London (re)insurer QBE to "A" (Excellent) from "A-" (Excellent) and the company's issuer credit rating to "a+" from "a-", citing a stable outlook for both ratings.
  • MMC’s wholesale arms Price Forbes and Clump are likely to be the only significant units spun-out of the broking giant, the company confirmed last week.
  • Corporate Britain rates loss of reputation and business interruption as its biggest health risks in 2005, according to a survey by broker Aon ahead of the annual conference of The Association of Insurance and Risk Managers (AIRMIC) which kicks off in Brig
  • The Association of Lloyd’s Members welcomed the possible arrival of English Limited Liability Partnerships as an alternative investment vehicle for private Lloyd’s investors at its national conference last week.
  • Amlin plc confirmed last week that it is in discussions with fellow Lloyd’s insurer Chaucer plc about a possible takeover.
  • The European Parliament has approved the reinsurance directive which paves the way for a regulatory level playing field for companies operating in Europe.
  • A positive trading update from Lloyd’s (re)insurer Wellington was enough to give the company’s share price a small fillip to close up 4.61 percent at 107.75p Wednesday last week.