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AXA UK Insurance announces £4 million rebranding

In a move which is both brave and bold it has been announced that AXA UK Insurance is set to launch a £4 million rebranding program which will see the company’s name broadcast to everyone in the UK. Coming at a time when confidence in both the insurance and financial sectors as a whole could not be lower, it could turn out to be a master stroke or a huge waste of money!

AXA Insurance in £4 million rebranding »»

Rescue plan fails to strengthen AIG’s credit rating

While the much publicised US bailout of AIG is almost complete, to the delight of the investment markets, it has been noted that the credit rating agencies are yet to respond with an increase in the group’s credit rating. Just prior to the fall in the AIG share price many of the more prominent credit agencies in the US reduced the group’s credit rating by a significant amount. There had been hopes that this would bounce back after the bailout but it seems as though the agencies are in no rush.

AIG Group »»

Is insurance group AIG heading for financial meltdown?

News that American International Group (AIG) has been forced into a $20 billion asset sale to rebuild its balance sheet has not been well received by the stock market. Better known as the sponsors for Manchester United Football Club, AIG is one of the largest insurers in the world but times are hard and the core business is suffering.

AIG Insurance »»

Hurricane Ike set to batter the US

As the US awaits the arrival of hurricane Ike the insurance industry is already set to take losses estimated at some $15 billion on the chin. As Ike continues to gather pace, set to be upgraded from a category 2 to category 3 hurricane, it is set to hit landfall over the next few hours.

Hurricane insurance »»

Sub-prime litigation in the US hits record highs

As the credit crunch continues to take hold in all areas of the world there has been a worrying report from the US which suggests that litigation in relation to the credit crunch has topped the figure from the Savings and Loan fallout of the 1990s. Many had expected the Savings and Loan scandal to retain the record for litigation for some time but this has quickly been over taken by the current crisis.

Mortgage insurance »»

Economic slowdown affecting insurance take up

A report into the insurance industry has confirmed the worst fears of many, that people across the land are not renewing a variety of insurance premiums in order to save money. While there is no doubt that money is tight across the UK this is a ‘false economy’ which could see many hit with massive costs for a variety of reasons.

Insurance premium savings »»

One in fourteen people have lied to their insurer

Despite all the risks that it involves it has been revealed that one on fourteen people have lied to their insurance company when applying for cover. In the most blatant case of false economy it seems that many consumers feel happy to reduce their premiums in exchange for the risk of being caught and invalidating their insurance cover.

Invalid Insurance Cover »»

Aon Set To Snap Up Benfield Group In $1 Billion Deal

Aon is on the prowl again having agreed to acquire UK reinsurance outfit Benfield Group Ltd in a deal valued at $1.58 billion. Those familiar with the industry may remember that Benfield Group Ltd was the brainchild of former Chelsea Football Club director Matthew Harding who tragically died in a helicopter crash back in 1996.

The deal is seen as attractive for both parties although there is a suggestion that the price is more attractive to Aon who seem to have taken advantage of the current malaise in the financial markets as the credit crunch continues to hit home. However, when you consider that the 350p share takeout price offers a 29% premium to the price prior to the announcement of the deal, it does not look too bad for shareholders.

Benfield takeover »»