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Over $170bn of damages could be sought in Madoff case - report
The US government is seeking more than $170bn in damages from disgraced fund manager Bernard Madoff, reports have said.
QBE to open Dubai office
Australian insurance giant QBE Insurance said it has received a licence from the Dubai Financial Services Authority to open an office in the Dubai International Financial Centre.
Hannover Re stumbles to net loss
Hannover Re stumbled to a full-year loss for 2008, hampered by heavy equity writedowns and heavy risk losses.
AM Best downgrades Hong Kong insurer
Ratings agency AM Best has downgraded the financial strength rating to B++ (Good) from A- (Excellent) and the issuer credit rating to "bbb+" from "a-" of Hong Kong insurer Wing Lung Insurance Company Limited (WLI) (Hong Kong). The outlook for both…
Beazley appoints new reinsurance team leader
Beazley Group has promoted Patrick Hartigan to lead its reinsurance division with effect from August 1, reporting to the chairman of the group's underwriting committee, Neil Maidment.
Aon strikes Abnormal deal
Abnormal Load Engineering has appointed Aon to manage its insurance programme and provide strategic advice on risk matters.
L&G publishes CI claims statistics
L&G paid out £146m in critical illness (CI) claims throughout 2008.
Berkshire Hathaway said to be setting up new Lloyd's Syndicate
Berkshire Hathaway is set to start up a new Lloyd's Syndicate according to a number of Reinsurance Magazine's high level reinsurance industry sources.
Xchanging wins Aon Benfield UK outsourcing contract
Xchanging has won the contract to outsource claims for Aon Benfield.
Xchanging wins Aon Benfield UK outsourcing contract - sources
Xchanging has won the contract to outsource claims for Aon Benfield, Reinsurance understands.
Aon Benfield execs leave for Towers Perrin
Global professional services firm Towers Perrin has expanded its London-based reinsurance broker team with the appointment of former Aon Benfield executives.
Everest Re grabs Bermuda veteran to lead new business
Everest Re, the Bermudian (re)insurer, has said Mark Herman has been appointed President of the newly-created Everest Specialty Underwriters, effective immediately.
Max Capital's alternative investment returns rise
Max Capital, the Bermudian (re)insurer, said the return on its alternative investments for the two months ended February 28, 2009 is expected to be approximately 2%, or an increase in value of approximately $18m.
Omega's active underwriter to stand down
John Robinson, the active underwriter of Omega's Lloyd's Syndicate 958, has said that he will stand down from the position at the end of the year to focus on "group responsibilities".
Omega claims it is still on track for full London listing by Summer 2009
Lloyd's insurer Omega has reported a profit before tax US $28.2m (2007: US$59.5m) on net written premiums of US$224.6m (2007: US$196.3 million).
Oxygen swoops for broking pair and business
Oxygen Insurance Brokers has created a facilities broking team. Headed up by new hires Donald Alcorn and Jonathan Woods, the team will place bespoke binding authorities for UK/European cover-holders into the Lloyd's and company markets.
Uswitch launches van and bike insurance price comparison service
Uswitch is expanding its range of insurance services with the launch of a new van and bike insurance comparison channel.
Travelers appoints new positions to its syndicate
Travelers Syndicate 5000 has appointed Steve Lloyd as head of property underwriting and John Curtis as underwriter - binder and open market within global property.
Bupa UK looks to strengthen relationship with NHS
Bupa's UK insurance arm has reported a 3.6% increase in revenues to £1.97bn in 2008, and an organic rise in customer numbers to 2%.
Employers are turning a blind eye to theft, says RSA
Over half of employees admit to pilfering from their employer but nine in ten businesses do not protect against staff theft, according to RSA research.
AIG launches HealthChoice
AIG Direct has launched HealthChoice which the insurer says will mark a new era in private medical insurance (PMI).
Bupa releases 2008 financial results
The private medical insurance (PMI) provider reported that its revenues from continuing operations increased by 39% last year to £5.87bn.
Brit CEO says AIG might 'wither' if parts of businesses aren't sold
AIG might "wither" if it does not sell its non-core businesses, a Lloyd's market chief executive has said.
Chaucer has no plans to redomicle in 2009 - CEO
Chaucer has no plans to move its tax domicile to another location, Chaucer's chief executive said today.