News
Hiscox UK falters while group profit soars
Hiscox returned an interim pre-tax profit of £125.8m (H1 2011: loss £85.6m), following a more benign catastrophe season compared with the previous 12 months.
Iran expands tanker insurance in face of sanctions
Iran has promised to insure shipments of its oil to include Iranian and foreign tankers in the latest bid to circumvent insurance sanctions, AFP reported on Saturday.
Markel promotes House in speciality division
Markel International has promoted Guy House to underwriter, covering property and open market in the firm's speciality division.
Indian government considers insurance reform
The Indian government is looking at financial reforms that will change the face of the insurance industry.
Pakistan takaful industry opens to general insurers
The Securities and Exchange Commission of Pakistan has issued revised takaful rules for 2012 allowing conventional insurance companies to open takaful window operations.
Childs to succeed Hiscox as chairman
Hiscox chief underwriting officer Robert Childs is to succeed Robert Hiscox as chairman of the Bermuda-headquartered insurer.
1350 jobs at risk as ERGO 'streamlines' sales
Munich Re-owned primary insurer ERGO said today it plans to cut up to 700 salaried sales posts as part of a "quality and efficiency plan" intended to streamline sales.
Trio jailed after attempting to defraud Havering Council
Three fraudsters who attempted to con Havering Council out of an estimated £100 000 have received combined custodial sentences totalling seven months.
FSA tightens grip on package deals offered by banks
The Financial Services Authority has published new rules today requiring banks and building societies to check whether customers are eligible to claim on insurance cover before selling them a packaged bank account.
Brit improves H1 COR to 93.3%
Brit Group posted a combined ratio of 93.3% for the first sixth months of 2012, down from 104.8% for the first half of 2011, reflecting benign cat activity during the period.
Ace boss heralds international pricing turnaround with 88.9% H1 COR
Ace has reported that income excluding net realised gains jumped to $1.44bn in the first half of 2012 (H1 2011: $932m).
Aon profits fall 4% at the half year to $503m
Aon has reported that total revenue for the six months ended 30 June 2012 grew 2% to $5.66bn (H1 2011: $5.57).
Harrison takes EMEA role at Towers Watson
Global professional services company Towers Watson has appointed Keith Harrison to head up its reinsurance brokerage business in the Europe, Middle East and Africa region, following the appointment of his predecessor, Ross Howard, as global leader of its…
Brit CEO vows to target growth while committing to Simply Business
Mark Cloutier has promised to go on the attack by targeting growth in key areas following a business restructure towards global specialty underwriting, which he describes as "99% complete".
Aviva tries to quit Taiwan again
Aviva has confirmed it is seeking regulatory approval to pull out of Taiwan.
AIA posts 28% rise in new business in H1
Pan-Asia life insurer AIA Group posted a 28% rise in the value of new business to $512m in the first half of 2012.
EIP extends affinity deal with Royal British Legion subsidiary
Equity Insurance Partnerships has agreed to extend its 10 year-old affinity partnership with Poppy Insure, the trading subsidiary of The Royal British Legion.
RBS denies speculation of affinity split with DLG
The Royal Bank of Scotland has denied suggestions that UK Insurance will be stripped of its position as personal insurance provider for banking customers following the upcoming separation.
Be Wiser targets college leavers following fourth office opening
Independent broker Be Wiser has marked continued growth in the business by opening the firm's fourth office in Andover.
Brit unveils positive 11.5 point COR swing as business takes new direction
The Brit Group has this morning recorded a combined operating ratio of 93.3% for the first six months of 2012 (30 June 2011: 104.8%), having completed a restructure into becoming a focused global specialty underwriter.
JLT buoyed by growth in Asia and Latin America as revenue jumps 7% to £441.7m
International broker Jardine Lloyd Thompson Group this morning reported total revenue was up 7% to £441.7m in the first six months of 2012 and an 11% rise in profit before tax to £85.1m. Underlying PBT increased 12% to £89.4m.
JLT profit grows 11% as UK economy woes stall Thistle growth
Revenue at Jardine Lloyd Thompson Group grew 7% in the first six months of 2012 to £441.7m, including a 6.3% increase in revenue generated from organic growth, compared with the same period in 2011.
Lloyd's Insurance Co China's 'A' rating affirmed
AM Best has affirmed the financial strength rating of A (Excellent) and issuer credit ratings of 'A+' of Lloyd's (UK) and Lloyd's Insurance Company (China) Limited.
Atradius advises global firms on pitfalls of Indian market
Credit insurer Atradius has released a guide on how to trade successfully with India, as part of a series of reports designed to help businesses trade profitably with the world's emerging markets.