Arthur J. Gallagher & Co. yesterday reported the acquisition of Oxygen Insurance Managers (OIM) Ltd.
Gallagher acquired the London-based underwriting agency from its parent company, Oxygen Holdings for an undisclosed sum.
OIM is a specialist in international classes of insurance such as property, extended warranty, liability, accident, and travel.
Authorised by the Financial Services Authority (FSA), it represents […]

Munich Re, one of the largest reinsurers in the world, has announced that its exposure to the collapsed Lehman Brothers bank totals ?350 million.
Lehman filed for bankruptcy on Monday, prompting its insurer AIG to request assistance from the U.S. Federal Reserve and the state of New York.
A spokesperson for Munich Re confirmed that its exposure […]

American International Group (AIG) has been rescued from the brink of collapse by the US Federal Reserve.
As investment bank, Lehman Brothers, began bankruptcy proceedings on Monday, it emerged that the biggest insurer in US had approached the central bank for a $40 billion loan.
The Fed redirected the group to Goldman Sachs and JPMorgan Chase to […]

Insurance Services Office (ISO), which specialises in personal injury claims services and solutions, has teamed up with medico-legal software provider, WARP Technologies.
The company has integrated its Claims Outcome Advisor system with WARP’s medical reporting software and says it has created the first solution to entirely digitise the medical reporting process between doctors and insurers.
ISO’s […]

JML Insurance is now collaborating with Questor Insurance, by operating as introducers offering car hire and My Driving Licence online.
The car hire insurance policy is available on a daily or annual basis, and has been created specifically to cater to those renting cars without wanting to take on the policies, frequently sold by car rental […]

Landmark Information Group, which specialises in property and environmental risk intelligence, is advising homeowners to become proactive in protecting their properties form flooding.
According to the group, 55,000 homes and businesses were flooded in summer 2007 and two-thirds of residents hit by last year’s events believe they are likely to see further flooding on the same […]

The Association of British Insurers (ABI) has joined leading banks in urging the Government to reconsider plans for its Special Resolution Regime (SRR).
The development of the SRR is a direct response to the collapse of Northern Rock and one aim of the new measures is to simplify the process of nationalising a stricken lender.
The regime […]

Reports that American International Group Inc. (AIG) had approached the Federal Reserve for a $40 billion loan have been followed by the news that the insurer is now seeking up to $75 billion of support from investment banks, Goldman Sachs and JPMorgan.
According to Bloomberg, the Federal Reserve has urged AIG to seek private capital to […]