News
Framework for reducing reinsurance collateral advances at NAIC Fall Meeting
A long-debated new reinsurance framework that would reduce collateral obligations for non-US reinsurers moved a step closer to the US marketplace with approval by a key body at the National Association of Insurance Commissioners fall meeting.
Bruce Willis set to become the face of Aviva
Actors Bruce Willis, model Elle McPherson and actress Michelle Yeoh are expected to become the faces of Aviva.
AIG signs definitive agreement for $85bn Fed loan
AIG has signed a definitive agreement with the Federal Reserve Bank of New York for a two-year, $85bn revolving credit facility.
Allianz to close two offices in personal lines restructure
Allianz is to re-structure its retail division, which will see the closure of two offices and 170 potential redundancies.
FBI to investigate AIG
The Federal Bureau of Investigation is to look at whether AIG lied to shareholders before its bail out last week, according to reports this morning.
John Charcol signs sole-tie agreement with Legal & General
Legal & General has partnered with John Charcol for a sole-tie distribution agreement to provide Protection and MPPI products.
Hurricanes Ike and Gustav could cost Swiss Re $300m
Swiss Re has said that US hurricanes Ike and Gustav, which ravaged the Gulf of Mexico in early September, could cost it around $300m.
New technology system launched to enhance insurer/broker relationships
Insurance administration solutions provider RDT has launched Landscape.CRM, a technology solution that allows insurers to enhance relationships with their brokers.
Ace subsidiary Sovereign appoints new underwriter
Ace's political risk (re)insurance subsidiary Sovereign has appointed Sophie Demeyer as senior underwriting officer. She will replace Nila Davda, who is relocating to open Sovereign’s office in Dubai.
AIG boss says UK business is "core" to the group
AIG's UK managing director has moved to reassure staff, brokers and insureds that the business is not for sale.
Richard Neal's speech on overseas tax regulation
On September 18th, 2008 Democratic Congressman Richard Neal made this speech to the US House of Representatives, demanding proposing a change to existing tax regulation for overseas reinsurers:
Aon Consulting responds to European ruling on retirement
An Advocate-General at the European Court of Justice has rejected Age Concern's claim that forcing people to retire at or after 65 without compensation breaches European Union equality legislation.
Loss adjuster reports 33% rise in turnover
Merlin Professional Claims Services has reported a 33% increase in turnover and a similar increase in profits for the financial year ended 30 June 2008.
Flagstone Re to buy back 5m shares via share repurchase facility
Bermuda-based insurer Flagstone Re said it is going to buy back 5m shares.
Tawa H1 pretax profit more than halves
First half profits for run-off group Tawa fell to £11.7m from £39.4m a year ago.
Glacier appoints new chief administrative officer
(Re)insurer Glacier Group, said that it has given Michel Brunner the newly-created role of chief administrative officer.
Helphire reports 3.9% profit hike
Accident management company Helphire has unveiled an adjusted profit before tax of £46.8m (2007: £45.0m; +3.9%) for the 12 months ended 30 June 2008. It added it had reported a statutory profit before tax of £43.0m (2007: £40.3m; +6.9%) on revenue of …
NU warns of dangers of fronting
Managing directors and company owners are invalidating their business insurance policies, as well as putting their children at risk, by fronting, Norwich Union has warned.
Aegon calls on the Government to put financial advice on the policy agenda
The chief executive of Aegon UK has called for the government to make wider access to professional financial advice part of its policy response to the current economic crisis.
ABIR says anti-reinsurer legislation will 'drive up US insurance prices'
The Association of Bermuda Insurers and Reinsurers has said that any US legislation closing the tax loophole of overseas reinsuraers will drive up prices for US citizens.
Insurer defines the most important times to think about protection insurance
There are nine key life stages at which people need to review their protection needs, according to Legal & General.
ABI responds to FSA’s interim feedback statement on the RDR
The Association of British Insurers (ABI) has today published its response to the Financial Service Authority’s (FSA) interim feedback statement on the Retail Distribution Review. If the right outcome is reached, the ABI said the review should lead to a…
Berkshire Hathaway lead a coalition to close tax loophole for overseas insurers
Berkshire Hathaway is leading a lobby group to get US politicians to close a current loophole which allows foreign-based insurers to underwrite US risks.
AMII bangs drum for claims transparency
The Association of Medical Insurance Intermediaries will approach UK private medical insurers and the British Insurance Brokers Association to form a discussion panel to focus on the transparency of claims information in private medical insurance.