News
Greek debt swap manageable for European insurers
Insurers have written down Greek sovereign debt in line with falling market prices, according to Fitch.
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Direct Line Group reviews loss adjuster panels
Direct Line Group has asked loss adjusters on its current panels to submit new prices for work ahead of the existing contracts expiring in July.
Quindell recruits CGU/NU IT merger expert
Acquisitive Quindell Portfolio has appointed the man who oversaw the GA/CGU/Norwich union IT integration, Dave Peffer, to bring together its recent purchases into a single service.
CILA to launch internship programme
The Chartered Institute of Loss Adjusters is marking the 50th anniversary of its Royal Charter by launching a new internship scheme.
Repair costs for imported cars to drop in South Korea
Repair charges for imported cars are expected to come down as South Korean non-life insurers make a deal with foreign carmakers after their decision to reduce insurance premiums for drivers by 2%.
Asia-Pacific reaches 3.3 million HNW overtaking Europe
Asia is now second only to North America in the number of high net worth individuals, and this continues to rise by 10% year on year, according to a new report.
No rating impact on QBE after HSBC acquisitions
QBE Insurance Group's ratings will not be affected by the proposed acquisition of HSBC Holdings' general insurance businesses in Argentina and Hong Kong.
McNamee takes Chartis commercial role
Chartis has named Jacqueline McNamee as executive director, commercial lines UK, heading up the property, casualty, financial and speciality lines businesses, including aviation and marine.
Momentum to use RWA for compliance
Momentum, a newly appointed representative network for broker start-ups, has partnered with RWA Compliance Services to ensure regulatory compliance.
Geneva Association warns of 2011 repeat
More people will live in large urban areas and be hit by extreme events like those seen in 2011, the Geneva Association has warned.
County Insurance boss lines up early acquisition delivery
Ambitious north west broker County Insurance could be in line to deliver on its five-year plan of landing ten acquisition targets ahead of schedule, with two early purchases expected to be tied up within two months.
Aviva eyes commercial improvements by dropping underperforming lines of business
David McMillan, Aviva UK general insurance chief executive, remains confident his firm can recover from a "challenging" year in terms of commercial business, following the decision to drop a number of underperforming lines of motor business.
US targets global insurers with growing Iran sanctions
US lawmakers plan to introduce legislation that would extend the remit of sanctions on trading with Iran to global insurers, according to Reuters.
Generali sells 69.1% of Israeli Migdal for €835m
The Generali Group has agreed to sell its entire 69.1% holding in Migdal Insurance and Financial Holdings to Shlomo Eliahu, founder and controlling shareholder of the Israeli financial Group Eliahu.
XL Group recruits AGCS risk head
XL has appointed Roland Brandt as property underwriting manager for risk management, analytics and innovation for the international region.
Brogden set for Merlin departure
Merlin head of major and complex loss Mike Brogden is to leave the adjuster at the end of the month, Post can reveal.
Aviva Europe operating profits up 26%
Aviva Europe's general insurance and health operating profit increased by 26% to £137m for the full year 2011.
Scor 'resilient' in the face of nat cats
French reinsurer Scor absorbed natural catastrophe losses of €138m from the Thai floods to record net income of €330m for 2011.
'Sticking plaster' Statement of Principles distorts flood insurance market
The Statement of Principles was never designed to be anything more than a "sticking plaster", according to James Dalton, head of property insurance at the Association of British Insurers.
Government warned it cannot 'duck' issue of poor being priced out of flood insurance
People on lower incomes could be priced out of flood insurance following the end of the Statement of Principles.
Renewing Statement of Principles will not solve flood cover issue, says Defra
The issue that confronts the insurance sector and government today is not the ending of the Statement of Principles, as renewing it would not solve the problem, but that underwriters are changing their approach to pricing flood risk.
Lloyd's ECF claims pass 80% target
The percentage of insurance claims managed but Lloyd's Electronic Claims File system has reached 83%, an 8% year-on-year increase.
Aviva bemoans 'challenging' UK commercial sector as CEO Moss heralds 2011 progress
Aviva's UK general insurance continuing operations saw a decrease in operating profit and underwriting result in 2011 to £540m (2010: £567m) and £129m (2010: £184m) respectively. This was mostly as a result of the reduced contribution from Aviva Re.