News
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%.
Allianz Group 'robust' despite lower operating profit in P&C
Allianz Group has posted revenues of €25.2bn in the second quarter of 2012, up 2.5%, or €24.6bn, on the same period in 2011.
Novae investors relieved as reinsurance team is rebuilt
Novae's swift move to rebuild its reinsurance underwriting team in Zurich following the resignation of chief executive Gunter Saacke, chief underwriting officer Will Schuerch and a number of underwriters suggests that the company remains committed to…
Two storms take aim at China after hitting Taiwan
Typhoon Saola, the ninth typhoon of the Northwest Pacific storm season, made its first landfall early on Thursday morning local time in Hualien, Taiwan.
Aviva COR to surpass 99% following floods, claims analyst
Aviva's general insurance result is predicted to fall 5% year on year as a result of recent unseasonable UK weather.
DLG's £40m summer flood loss offset by reserve releases
Direct Line Group has reported home weather claims costs of £40m, conceding that losses were worse than expected but offset by "signficant" releases from reserves held against prior year claims across the portfolio.
Novae back in profit at H1 2012 as new strategy remains 'on track'
Novae Group has this morning reported a profit before tax, foreign exchange losses on non-monetary items and non-recurring items for the first six months of 2012 of £19.6m (H1 2011: loss £30.1m).
Axa UK & Ireland COR rises above 100% in H1 after £36m flood hit
Axa UK & Ireland has reported that underlying earnings for the first six months of 2012 improved by 27% to £66m (H1 2011: £52m).
US tightens economic sanctions against Iran
The US Congress has passed a new package of economic sanctions against Iran, Reuters reported.
Vietnamese market poll
How attractive is the Vietnamese insurance market?
Chinese insurers pay out ¥900m in flood claims
Insurance companies in Beijing have paid out ¥900m ($142m) in compensation after the damage caused by the floods on 21 July, the China National Radio website reported.
LAS forms UK major loss team
LAS Claims is to create a UK-wide major loss team to spearhead business growth and enhance the range of services offered to insurer clients.
Indonesia's Asuransi Sinar Mas affirmed at 'AA+' by Fitch
Non-life insurer PT Asuransi Sinar Mas has had its national insurer financial strength rating affirmed at 'AA+'.
Credit insurance needed to boost Vietnam's exports
Two years after export credit was first introduced in Vietnam it is still underused by Vietnamese companies, according to the Vietnam Insurance Association.
Brown: flood risk solution needed to end market inequality
RSA's chief executive for UK & Western Europe has called on the government to act quickly in announcing a replacement for the Statement of Principles to avoid further uncertainty for householders in flood risk areas.
JLT and Aviva team up on professional indemnity service
JLT Specialty has launched a two to three partner professional indemnity insurance service through an exclusive new arrangement with Aviva.
EC drops anti-trust probe into marine insurance agreements
An anti-trust inquiry by the European Union into marine insurance agreements among groups of ship owners has been dropped owing to a lack of conclusive evidence.
Generali board officially appoints Greco as group CEO
The board of directors of Assicurazioni Generali co-opted Mario Greco, and appointed him to the posts of group CEO and general manager of the company, at a meeting chaired by Gabriele Galateri di Genola.
Randall & Quilter to launch Lloyd's Syndicate 1991
Randall & Quilter Investment Holding's managing agent RQMA has been given approval "in principle" by the Lloyd’s Franchise Board to form Syndicate 1991.
Kwik-Fit finds Midas touch with panel appointment
Kwik-Fit Insurance has appointed Midas Underwriting to its home insurance panel.
Junction to use brand loyalty to improve quote accuracy
Affinity provider Junction is rolling out a new project that will use customer data held by its partner brands to provide more accurate insurance quotes.