News
EA reduces flood alerts despite weekend of heavy rain
The Environment Agency has halved the number of UK flood alerts this morning after a weekend of heavy rain led to flooding and disruption in parts of south-west England and the Scottish borders.
Paul Summers appointed global CEO of Aon Benfield Fac
Paul Summers is to become global chief executive of Aon Benfield Fac with immediate effect.
Allianz suffers £23m weather claims loss but retail and commercial GWP grow
Allianz UK has posted bad weather claims costs of £23m for the first six months of 2012.
Indian insurers stop competing for group health business
Indian state-owned non-life insurance companies have stopped competing with each other in group health insurance policies in line with a directive issued by the ministry of finance in May.
Ageas posts 86% rise in non-life profit after strong Q2
Belgian insurer Ageas improved across all segments to post net insurance profit of €303m in the first six months of 2012, up from €111m in the first half of 2011.
Catlin registers H1 boom in net underwriting contribution
The Catlin Group has chalked up a record $443m (£284m) in net underwriting contribution for the first half of the year, with results also showing the Bermuda-based firm maintaining a combined ratio of 86%.
Lloyd's launches underwriting review
The Lloyd's Market Association is reviewing the way contingent business interruption cover is written in the Lloyd's market following a string of major catastrophes last year.
D&O may fall short of covering directors for cyber risks
The expanding online universe has introduced new financial risks that may not be covered under general and professional liability insurance, including standard directors' and officers' policies, Willis Group Holdings has warned.
German Mutual Insurance downgraded after wind strom hits results
German Mutual Insurance Company has had its financial strength rating downgraded to B+ (Good) from B++ (Good) and issuer credit rating to 'bbb-' from 'bbb'. The outlook for both ratings is negative.
Cyber crime risks on the rise
Willis has warned that "ignorance is no defence" when it comes to ensuring that companies are protected against data breaches as the risk of cyber incidents increases.
APC launches professional indemnity offering
Commercial insurance underwriting agency APC has moved into the professional indemnity market, launching its first product to protect mortgage and finance intermediaries.
Online providers: Losing their lustre?
Why are some online providers proving to be a turn-off for potential consumers? Rebecca Jennings, principal consultant at Global Reviews, explains.
JLT sells 20% stake in South African unit to investment management company
JLT has sold a 20% stake in its JLT South Africa subsidiary to Thebe Investment Corporation for £164 842 as part of a strategic long-term agreement between the businesses.
Tesco helps Ageas profit grow 81%
Ageas UK has increased profit and income in the first half of the year in the face of tough market conditions and severe weather events.
Tenth of Brits cancel insurance to save money
One in 10 Britons have cancelled insurance policies in the past 12 months to save money.
LV Broker revamps motor fleet policy with extended offering
LV Broker has launched an enhanced motor fleet policy which includes full European cover and uninsured loss recovery as standard, plus cover for attached or detached trailers.
Chartis International returns to profit in H1 2012 with 16 point COR swing
Chartis International has reported an operating income before net realised gains of $802m for the first six months of 2012 (2011 H1 $480m loss) on net premiums written of $9.33bn (2011 H1: $9.25bn).
Axa CEO Evans hits back at U-turn criticism as he reveals telematics delay
Axa UK and Ireland CEO Paul Evans has hit back at criticism that he has performed a U-turn by bringing the personal and commercial broker businesses back together again under Amanda Blanc.
Sidley Austin advises Munich Re on £300m longevity risk deal
Law firm Sidley Austin has advised Munich Re on its assumption through reinsurance of £300m of longevity risk from Pension Insurance Corporation.
Canopius promotes Bradley to UK retail COO
Canopius has promoted Richard Bradley, pictured, to chief operating officer for its UK retail business unit.
Novae calls time on engineering and motor reinsurance
Novae is to replace 12 of the 17 Zurich-based reinsurance underwriters who exited the business earlier this year, conceding that the Swiss operation was "overstaffed".
Milliman launches Solvency II reporting tool for insurers
Global consulting firm Milliman is launching a suite of Solvency II analysis and reporting tools designed to meet the demands of European insurers and reinsurers.
Axa posts fall in net income in H1
French insurance group Axa saw net income fall to €2.6bn from €4.0bn in the first half of 2012 owing to a non-repeat of the exceptional gains on disposals in 2011.
Allianz UK continues upwards trend, despite fractional COR rise
Allianz UK has chalked up an operating profit of €92m (£72.4m) for the first half of 2012, alongside a marginal combined ratio rise to 96.8%.