Articles by Francesca Nyman
Tough conditions for EMEA commercial markets, Marsh warns
Insurance rates for businesses with exposure to natural catastrophe and supply chain risks are expected to keep increasing in 2012 across Europe, the Middle East and Africa, according to a report published today by Marsh.
Mercer to become sole shareholder of French broker
March and McLennan subsidiary, Mercer, is to become sole shareholder of French health and benefits broker, Repca, in order to strengthen its position in the French market place.
Reinsurers reluctant to cover Thai cat fund
Global reinsurers may be reluctant to cover the recently announced Thai catastrophe fund if asked to by the nation’s government, according to market analysts.
Aon acquires 80% of Spanish broker GDS
Aon Corporation has agreed to acquire 80% of Spanish insurance broker GDS from banks La Caixa and Banca March.
Vienna Group expects €560m profit for 2011
Vienna Insurance Group estimates that it will have profit before taxes of €560m in 2011, the best result in the group’s corporate history.
Solvency II run-off concerns still not met
The Solvency II exemption for run-off companies fails to meet the expectations of many in the industry, according to run-off specialist Ruxley Ventures.
Ace recruits communications head from HSBC
Global reinsurer Ace has appointed Darragh Gray as director of communications and marketing for its Europe, Middle East and North Africa operations.
Hannover Re expects double-digit million euro loss from Concordia
Hannover Re’s total loss from the stricken Costa Concordia could be in the mid-double-digit million euro range, according to the firm.
McCammon is Liberty Mutual's new COO
Liberty Mutual Insurance Europe has appointed John McCammon, pictured, as its new chief operating officer.
Axa to use BAE systems fraud detector
Global insurer Axa has signed up to use BAE Systems claims fraud prevention service which it says will increase its efficiency and prevent honest customers from paying for fraudulent claims.
Governments should act like companies, says Geneva Association
Governments of risk-prone countries must make progress in understanding the risks their countries are exposed to and learn to manage them properly, according to the Geneva Association.
Fairfax takes 25% Thai Re stake
Financial services company Fairfax is to acquire approximately 25% of the issued and outstanding shares of Thai Re in a deal worth approximately $70m.
Ace heads to Kiev
Global (re)insurer Ace has opened an office in the Ukrainian capital Kiev in order to foster relations with the local market and capitalise on the region’s growing economy.
Haymarket expands marine security in face of piracy threat
Haymarket Risk Management is expanding its maritime security division in response to the growing threat of piracy.
Arab Orient Insurance and Scor in medical insurance deal
Arab Orient Insurance Company has signed an agreement with French insurer Scor for the biggest medical reinsurance portfolio in Jordan.
Cost of Eurozone split is strong incentive to stay together
The disintegration of the Eurozone would be highly damaging both for countries that left and countries that remained in the union, according to an Altradius report.
Romanian protest damage not covered by most policies
The damage from violent street protests in Bucharest on Sunday (January 15) could amount to between €300 000 and €450 000, most of which are not thought to be insured.
Swiss Re appoints new CEO to replace Lippe
Swiss Re's board of directors has appointed Michel Liès as the new group chief executive officer as of 1 February 2012.
Dual Ireland appoints Marsh commercial broker
Specialist underwriting agency Dual Ireland has expanded its Dublin-based team with the appointment of Martha Gorman as development underwriter for financial lines.
Thai cat fund given green light by regulator
The Office of Insurance Commision, Thailand’s insurance regulator, has passed a resolution to establish a 50bn baht (€1.2bn) catastrophe fund for floods, windstorms and earthquakes.
Hannover Re could face €10m Costa Concordia claim
Hannover Re expects a damage claim of at least €10m from the Costa Concordia wreck, according to reports.
Solvency II capital proposals bad for captives, says Fitch
The latest QIS5 Solvency II regulatory capital proposals could significantly increase the capital and compliance burden of the European captive market, according to a report by ratings agency Fitch.
Mapfre, Generali and CCR downgraded following sovereigns
A raft of European insurers including Italy-based Generali and Spanish insurer Mapfre were downgraded by Standard and Poor’s yesterday.
Guernsey still top European domicile with 50% captive rise
The number of insurance licenses issued in Guernsey last year rose more than 50% compared to the previous 12 months.