News
Profits nosedive at Munich Re
Munich Re announced its third quarter operating profit was down 88% to €402m (2010: €3.4bn) and its consolidated profit was down 96% to €80m (2010: €2bn).
Hyperion completes acquisition
Howden Broking Group, the broking subsidiary of Hyperion Insurance Group, has completed the acquisition of the insurance operations of Accette Insurance Group in Hong Kong, Singapore, Thailand, Malaysia, and the Philippines.
JLT struggles in European markets
Broker JLT said its overall trading performance is in line with expectations but warned that European markets had been challenging and rate remained weak.
Crawford’s nine-month income up 203%
Crawford has announced net income in its third quarter grew 18% to $15.3m (2010: $12,9m), taking the year to date’s net income to $40.9m, up more than 200% on the previous year’s $13.5m.
ABI to collate members' views on Solvency II consultation
The Association of British Insurers has begun the task of compiling the views of its members following the European Insurance and Occupational Pensions Authority’s decision to launch a Solvency II consultation.
Oxygen sells assets
Oxygen Holdings is to sell its subsidiary Robertson Taylor to Entertainment Insurance Partners for an undisclosed sum.
XL Insurance launches Bermuda professional lines department
XL Insurance Bermuda has today announced that it has created a new department within its Professional Lines unit to handle unique, complex insurance risks.
AIR releases inland flood model for Germany
AIR Worldwide has released an inland flood model for Germany that is said to offer a fully probabilistic approach for determining the likelihood of flood losses from all types of storms.
Telematics insurer secures 50 000th policyholder
Telematics-based insurer Insurethebox has today chalked up its 50 000th motor policyholder, just 16 months after the business was launched.
AIR releases German flood catastrophe model
Catastrophe risk modelling firm AIR Worldwide has released an inland flood model for Germany that is said to offer a fully probabilistic approach for determining the likelihood of flood losses from all types of storms.
Towers Watson hires five to make telematics programme global
Towers Watson has made five senior appointments to help roll out a programme that aims to support insurers in creating products priced according to the driver’s behaviour.
MMA to build on regional success with key appointments
MMA Insurance has moved to further bolster its regional offering with the appointment of five senior figures, following the news of a 50% growth in the sector.
Bowler is top City insurance woman
DWF partner Claire Bowler has beaten off the competition to win the Insurance category for the 2011 Women in the City Woman of Achievement Award.
QBE Canada names underwriting boss
Commercial lines insurer QBE has named Valerie Jobson as director of underwriting in its Canadian branch.
CED expands its network in Wallonia with the takeover of Bureau Farcy et Cie
Loss adjuster in the Benelux and Spainish regions, CED has expanded its presence in Belgium with the takeover of Bureau Farcy et Cie sprl.
Arista promotes Wormald in Leeds
Commercial lines underwriter Arista Insurance has promoted Neil Wormald to the position of branch manager for the North East of England in its Leeds office.
Now Health introduces currency flexibility for Europe
Private medical insurance provider Now Health International, has introduced a flexible currency facility for customers in Europe, the Americas, Africa and Asia Pacific.
Quinn relaunch delayed
The planned relaunch of Quinn Insurance as Liberty Direct has been postponed, according to the Irish Independent.
MSL opts for Financial & Legal’s LEI
MSL Legal Expenses has signed a three-year deal to sell Financial and Legal Insurance’s personal and commercial lines legal expenses insurance products to its broker networks and individual clients.
JLT buy-in overcomes next hurdle
Jardine Matheson's bid for an extra 10% of broker JLT has received nearly 60% shareholder approval and has been declared unconditional.
Hiscox cuts GWP in favour of profit
Hiscox has said its gross written premiums year on year reduced in the first nine months of the year by 3.0% to £1,169.5m (2010: £1,205.3m) as the group maintained underwriting discipline and walked away from poorly rated risks.
Helvetia Insurance Switzerland finally integrates Alba and Phenix
One year after takeover, Helvetia Switzerland is finalising the legal merger with its subsidiaries Alba and Phenix as announced on 1 November 2010.
Q3 market movements take toll on insurers' capital adequacy, S&P says
Recent financial developments, combined with marking-to-market of insurers' investments, has depleted European insurers' balance sheets, according to a report by Standard and Poor's.
CII launches initiative to boost young professionals
The Chartered Insurance Institute is hoping to bridge the generation gap between today’s industry leaders and tomorrow’s insurance professionals by launching broking, claims and underwriting focus groups.