Industry News - January, 2009

Paragon has revealed it has made a "strategically important" purchase in its interim management statement.

The financial services firm has bought the remaining shares in the Business Mortgage Company (TBMC), which specialises as a buy-to-let mortgage broker.

Paragon had previously bought a third of the business in January 2007 for £15.7 million but has now bought the ... more...

Starr Specialty Lines has entered into an alliance with Zurich, the companies have announced.

Under the deal, Starr will offer extra capacity on primary, buffer and excess of loss layers for North American commercial property risks.

Starr president Richard Shaak welcomed the insurance services deal between the two firms.

"The current environment requires ex... more...

Small to medium sized-enterprises (SMEs) are looking for professional guidance in choosing insurance, a new survey has revealed.

The study was conducted by QBE and the Survey Shop, and found that SMEs were currently cautious about which insurance services to pick, but were finding ways to deal with this, Post Magazine reports.

Two thirds of respondents said that the insu... more...

Law firm Dentons has announced its intention to expand in the central Asian market by setting up an alliance in Turkmenistan.

The company will now be pooling its legal services with AK Counsel in the country, Legal Week reports.

AK Counsel is a four-partner firm, based in Ashgabat, the capital of Turkmenistan.

"Turkmenistan holds enormous energy potential an... more...

Cadogan Hanover Park has announced that its Performance scheme is to be expanded.

Performance is now set to offer insurance services for post-production indemnity, and claims it is the first company within the film and media insurance sector to offer this.

It will cover firms in the event that they need to reshoot or rerecord any video or audio because of damage to mater... more...

Insurance firm QBE has announced that it has completed a deal to buy USA-based underwriting firm Burnett & Co.

The purchase is one of a series of expansions the firm has been making, following an announcement in November last year that it was buying five companies, including Burnett and ZC Sterling Corporation.

However, insurance marketing for Burnett will continue t... more...

Law firm Eversheds has added to its presence in the Asian market by establishing an office in Singapore.

It will be the legal services firm's 41st location worldwide, with representation in 26 countries in Europe, Asia, Africa and the Middle East.

The Singapore office is the second Eversheds office to open in Asia, following the company's recent expansion into Shanghai, w... more...

Troubled insurer American International Group (AIG) has revealed that it is to sell part of its business.

The firm announced that it is looking for buyers for its fund management division, as it seeks to pay off a $60 billion loan from the US government.

This was part of a wider $150 billion rescue package for the country's financial services industry, as the credit crunch grew in s... more...