News
Axa full year profit drops over 80%
French insurer Axa Group said its 2008 net profit fell 83% on negative mark-to-market investment results and related losses.
Cunningham Lindsey launches apprenticeship scheme
Cunningham Lindsey UK is investing in the training and development of its staff with the launch of two apprenticeship schemes.
Australia fire claims mount
(BESTWIRE) - This month's Victoria bushfires and north Queensland flooding contributed heavily to mounting claims costs of Australian insurers, with estimated claims of A$500m (US$323.7m) for the bushfires and A$150m for the flooding.
Catastrophes send Advent to loss
A wave of natural catastrophes as well as two major US hurricanes sent Lloyd's reinsurer Advent diving to a net loss for the 2008 full year, the company said in a statement.
Winter storm Klaus losses upped to €500m- €1bn - AIR
Catastrophe risk modeling firm AIR Worldwide said that it has upped its insured loss estimates for insured property losses for winter storm Klaus across France, to €500m - 1bn.
Scor closes $200m Cat bond
French (re)insurer Scor said it has closed the three series of its "Atlas V" catastrophe bond, the first "cat bond" issued worldwide in six months.
Platinum Re's FY net income declines
Bermudian reinsurer Platinum Re said that full year net income dropped to $226.2m from $356.9m a year earier.
Swiss Re to cut bonus pool by 50%
Swiss Re is to cut its bonus pool by 50% after the Swiss reinsurer battled heavy investment and catastrophe losses during 2008, Reinsurance has learned.
NIG responds to downturn with motor trade product
A product for motor traders designed to support brokers operating in the medium-sized motor trade sector has been launched by NIG.
Groupama record pre-tax profits of £18.5m
Groupama Insurances said that although the policy count remained relatively static, revenues at the insurer lifted 6% to £432.6m (2007: £408.7m), reflecting an improving rating environment in personal lines during 2008 with prices rising consistently in…
Plum launches MNW product
Plum Underwriting has launched Plum Elite a mid net worth (MNW) product, exclusively for the UK broker market. It has also developed and re-launched its non-standard household product, Plum Flex.
Swiss Re says no current plans to conduct rights issue
Swiss Re, the embattled reinsurance giant, said that there were no plans at present to conduct a rights issue.
Beazley and Plum launch MNW product
Beazley is underwriting a new mid-net-worth home insurance product that has been launched by underwriting agency Plum Underwriting to target the UK broker market.
Bond Insurer MBIA splits
(BESTWIRE) Financial guaranty insurer MBIA Inc. will split itself into two entities, one covering U.S. public finance transactions while the other retains the company's more troubled book of structured finance guaranties.
Loss adjuster swoops for Zurich duo
Teceris Liability Services, the recently launched specialist liability arm of Teceris has appointed two new adjusters, Ian Pearson and Chris Ascough, both formerly of Zurich Insurance.
Axa UK reports 36% rise in GI profit to £244m
Axa UK has reported general and healthcare insurance revenues improved by 2% from £3.49bn in 2007 to £3.545bn in 2008. The insurance giant added that whilst there has been a hardening of premium rates in some sectors, competitive conditions in many…
Swiss Re FY net income tumbles on nearly 6bn CHF of investment losses
Swiss Re, the Swiss (re)insurer, fell to a full-year net loss of 864m CHF from 4.2bn CHF in 2007, driven by heavy investment losses.
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Charitable Open GI staff praised for record-breaking donation to hospice
Charitable staff at Open GI have been jumping out of planes, raffling and baking cakes to raise mone...
Lloyd's marks 20th year of community scheme
Twenty years after it was launched by the Prince of Wales, the Lloyd's Community Programme is celebr...
L&G award for Rainbow
Repair and restoration company Rainbow International has scooped a runners-up accolade at the Legal ...
Axa UK sees surge in protection
Axa has reported that its protection business skyrocketed in 2008.
Appointment at Brit Insurance
Brit Insurance has appointed Sean McGeary to the newly-created role of director of investments and...
Brokerbility plays down member's departure
Brokerbility has downplayed the departure of Yorkshire-based risk specialist Proaktive Risk Group fo...