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Insurance
The British Insurance Brokers’ Association (BIBA) has made Steve White, head of Compliance and Training at BIBA, its new chief executive, with effect from May 1, 2013. He replaces Eric Galbraith. Graeme Trudgill, BIBA’s head of corporate affairs, will also be promoted to the main board of BIBA. “We have a very demanding board and a clear strategic direction. My first responsibility will be to articulate that to our members and stakeholders and then get on with the job of implementation,” said White. 20 March 2013
Insurance
Towers Watson has appointed Andy Smith, a former underwriting director at RSA, has as a senior consultant in its underwriting consultancy operation. In his role at RSA, Smith held the position for the UK corporate business and, more recently, for its international division, covering Canada, Scandinavia, Ireland and Italy. 20 March 2013
Insurance
Demand for transactional risk insurance grew by 41 per cent globally in 2012 as firms increasingly turned to the insurance market to protect large deals and cross-border acquisitions or sales. 15 March 2013
Insurance
Following its recent acquisition of UK-based expat insurer, Clements Worldwide, a provider of international insurance solutions, has said it is now seeking further growth, both organic and through more acquisitions. The company has also opened an office in Dubai. 14 March 2013
Insurance
Canopius Group has posted strong full-year 2012 results achieving solid growth in both gross written premiums and its underwriting performance. 13 March 2013
Insurance
Bermuda-based MS Frontier Re has appointed a new president and CEO. Starting on April 1, Toshiya Naito will take over the role from Keiichi Nakajima who will return to Japan to take on new responsibilities within MS Frontier Re’s parent company. Naito is a 25-year veteran with Mitsui Sumitomo Insurance Company, the parent company and sole shareholder of MS Frontier Re. MS Frontier Group recently completed a reorganisation on January 1 which saw the closure of MS Frontier Re’s sister office in Dublin. 13 March 2013
News
Munich Re, the biggest reinsurer in the world, has posted healthy profits for the business in 2012 on the back of what it described as its good risk management and underwriting discipline. And Nikolaus von Bomhard, the company’s chief executive, said he is optimistic for the company’s prospects in 2013. 13 March 2013
Insurance
A strong set of results announced by the private equity backed Nexus Group could set it on course to become the largest independent managing general agency (MGA) in the London Market. The group has expanded quickly since its formation in March 2010 through a series of mergers and acquisitions. 13 March 2013
Insurance
Novae Group has posted its 2012 results. It made a pre-tax profit of £49.3 million compared with a loss of £6 million last year, its gross written premiums decreasing to £612 million from £624 million in 2011. Its combined ratio for the year was 90.5 per cent, a big improvement on the 101.5 per cent it posted in 2011. “Three years ago we set out our objectives for driving up the returns of the group by re-engineering our business mix and by rigorously managing capital and costs. Three years on, this strategy has delivered a steadily improving group performance particularly in 2012 delivering a return on equity of 17.6 per cent,” said Matthew Fosh, group chief executive. 13 March 2013
Insurance
A mixture of growing insurance penetration into what is a rapidly developing market and government initiatives to secure greater financial protection against natural disasters mean Turkey holds many opportunities for re/insurers, especially for non-life players. 8 March 2013
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