Lloyd’s/London
Solvency II action remains vital despite delay proposal
Firms have been urged to continue working towards the 1 January 2013 implementation deadline for Solvency II, despite the European Parliament announcement that the regime should be delayed until 2014.
Broking focus - Regulation: The new broom
The Financial Conduct Authority will assume responsibility for the regulation of brokers taking over from the Financial Services Authority at the end of 2012. The Institute of Insurance Brokers, the British Insurance Brokers' Association and the London &…
Editor's comment: The wheels of industry
The schools may be out for summer and European business fast grinding to a halt as workers decamp to the coast but it's good to see the wheels of British commerce continue to turn, albeit at a rather less than frenetic pace.
Post Magazine – 4 August 2011
This week the Post team reports on Lloyd’s decision to begin investigating Equity syndicate’s reserve deterioration. A Names protest group says the outcome should prove influential to its own campaign over Equity’s losses.
Marsh sees H1 growth in broking reveune and profit
Marsh has reported a 5% rise in the underlying reveune in its risk and insurance business to $3.3bn for the six months to 30 June 2011 (H1 2010: $2.95bn).
Lloyd’s pursues own probe into Equity syndicate losses – Insurance News Now
Post senior reporter Amy Ellis outlines this week's major general insurance stories including Lloyd’s decision to begin investigating Equity syndicate’s reserve deterioration. A Names protest group says the outcome should prove influential to its own…
RGL appoints new London-based director
RGL Forensics has appointed a new internal director at its London office.
XL boss hails Q2/H1 2011 performance as among the best of its peers
XL has announced a fall in net income for the first six months of 2011 to $80.1m (H1 2010: $392.3m) on gross written premiums of $3.8bn (H1 2010: $3.43bn).
Aon reports 3% organic growth in American and international broking arms
Aon today announced its revenue increased 48% to $2.8bn for the second quarter of 2011 compared to the prior year quarter, due to a 42% increase in commissions and fees resulting from acquisitions, primarily that of Hewitt.
Lloyd’s receives reduced collateral approval in NY
Lloyd’s has received approval from the New York Insurance Department to post reduced collateral on reinsurance contracts.
JLT transformation programme exceeds expectations as profits and revenues rise
JLT has recorded a 9% leap in total revenue for the first six months of 2011 to 411.3 (H1 2010: £377.8m) and 8% rise in underlying trading profit for the same period at £76.1m (H1 2010 £70.7m).
A-Plan founders reveal £4.2m THB stake
Former A Plan directors Tom Duggan and David Saville, alongside Ian Donald, have declared their 15.1% ownership in THB, according to a stock exchange announcement.
Validus spurned in bid for Transatlantic shareholding
Transatlantic Holdings today announced that its board of directors has unanimously determined to recommend that stockholders reject Validus' offer to acquire all the outstanding common shares in the business.
Gallaghers confident of exceeding $2bn in 2011 after Heath deal and strong H1
Arthur J Gallagher & Co today reported a 13% rise in brokerage revenues for the first six months of 2011 to $717.6m (£439m) (H1 2010 $635.2m).
Aspen records $128.7m operating loss at the half year
Aspen this morning reported a combined ratio of 105.0%, or 89.2% excluding catastrophe losses for the second quarter of 2011, compared with a combined ratio of 86.9% for the second quarter of 2010.
Irish underwriter targets UK market
The managing director of an independently owned Irish underwriting agency has set his sights on the UK after signing a deal with Axa Ireland to launch a new motor product for its local market.
Douetil praises discipline
Brit Insurance chief executive Dane Douetil this week credited disciplined underwriting as the reason the firm managed to stay in the black.
Business as usual after ex-Nilefern CEO jailed
Nilefern — the Lloyd's coverholder previously run by the now disgraced Martin Fisher —has declared that it is "business as usual" following the news its former chief executive has been jailed after pleading guilty to a string of child sex offences.
Post Magazine – 28 July 2011
This week the Post team reports on the confusion over reports in the Irish press that Quinn Insurance founder Sean Quinn has acquired a Malta-based insurance licence and as set to launch new company Q2 in competition with his former business which fell…
Swiss Re denies Quinn links as regulators probe claims – Insurance News Now
Post senior reporter Amy Ellis outlines this week's major general insurance stories.
US legislative changes offer opportunities for London Market
Legislative changes in the US could present “significant” business opportunities for London market companies, according to the International Underwriting Association.
Ace reports 40% fall in net income at the half year mark
Ace has recorded net income of $607m (£370) in the second quarter of 2011, a drop of 10% on Q2 2010.
Lancashire to redomicile from Bermuda to the UK
Lancashire Holdings today announced that it plans to move to UK tax residency.