News
India considers guarantees for Iranian oil
India's shipping secretary K Mohandas said on Tuesday that the country is considering sovereign guarantees for shipping and buying Iranian oil on a delivered basis, when EU sanctions on Iran come in to effect, according to Reuters India.
Arag relaunches online quote engine
Arag's online quotation system for commercial legal expenses insurance has received upgrades and was relaunched today as Quickquote.
Sri Lanka's GI market grew 21% in 2011
Sri Lanka's general insurance market grew by 21% in 2011, a record for the industry since its privitisation, according to Sri Lankan business paper the Daily News.
Travel insurance becomes compulsory in Malasyia
From 1 March, those travelling out of Malaysia will be required to buy travel insurance.
Munich Re transfers US hurricane and European windstorm risks to the capital markets
Munich Re has acquired coverage for US hurricane and European windstorm risks with a total volume of $75m from the special purpose insurer Queen Street V Re Limited, which in turn has placed a catastrophe bond for this amount in the capital markets.
Insurers may have to rethink Solvency II programmes
PwC has commented on the Financial Services Authority's Solvency II conference where the regulator announced new deliverables for insurers' Internal Model Application Process and commented on the ongoing impact of political uncertainties.
Financial strength rating becomes key for commercial brokers
High-grade insurance financial strength ratings have become much more essential to commercial brokers when they evaluate where to place risks, according to research from NIG.
Japan questions EU over impact of Iran sanctions
Japan's government is seeking clarification from the European Union about the implications of its sanctions against Iran for non-EU states, amid fears Japanese ship owners could see cover for voyages to Iran slashed.
RSA IFS and counterparty credit ratings upgraded to 'A+'
General insurer RSA's core operating entities have been upgraded to 'A+' in recognition of the group's strong capitalisation.
S&P upgrades RSA's credit rating to A+
Standard & Poor's has raised its long-term counterparty credit and financial strength rating on the core operating entities of RSA to A+ and said the outlook is stable.
Neal becomes group CEO for QBE as O'Halloran retires
QBE Insurance Group has confirmed John Neal will succeed Frank O'Halloran as group chief executive officer when he retires.
QBE's results hit by catastrophes
Australian insurer QBE reported gross written premium in Europe of $4,828m (2010: £4,156m) but a combined ratio up five points to 95.5%.
Direct Line tops complaints league table
Direct Line Group's UK Insurance had the most general insurance complaints to the Financial Ombudsman Service, according to figures out today.
Asian insurers warned to watch policy admin or repeat Europe's mistakes
Capgemini has warned insurers based in Asia Pacific that they should not rest on their laurels when it comes to policy administration or they will suffer the same issues European insurers are facing now.
XL appoints Gooding to board of directors
Ellen Thrower, who has served as an independent director of XL since 1995, will retire from the board effective immediately.
HSB Engineering Insurance promotes broker distribution boss James
HSB Engineering Insurance has promoted Tim James to the position of group sales manager, a role which involves responsibility for the firm's broker distribution strategy.
Eurozone crisis biggest challenge for life insurers
Continued eurozone crisis will affect insurers in 2012, but it is difficult to quantify how severely, according to Fitch senior director Federico Faccio.
Chester broking boss eases client fears following purchase of stricken rival
Chester-based broker Risk Services has forged the largest independent firm in the city following the purchase of former rival Astbury Wren, days after it went into administration.
Crawford handles Travis Perkins warehouse fire
Crawford Global Technical Services is handling the claim for fire damage to a two-storey building occupied by builders merchants Travis Perkins.
Hiscox wants FSA as tough as Lloyd's
Robert Hiscox has demanded that regulator the Financial Services Authority call in and question any insurers offering to beat other insurers' quotes.
LV results "even better than planned"
Speaking to Postonline following LV's full year results which showed trading profits more than double to £72m, managing director John O'Roarke said that the insurer is £10m ahead of plan.
Direct Line welcomes new credit ratings
Direct Line Group finance director John Reizenstein, has welcomed UK Insurance’s A credit rating from Standard & Poor’s and A2 from Moody’s.
Tysers snaps up Ropner team to head up North American D&F operation
International Lloyd's broker Tysers has snapped up a three-strong management team from Ropner Insurance Services to head up the firm's direct and facultative property operation in the North American international specialty division.
Moody's gives UKI an A2 rating
Rating agency Moody's has assigned a first-time A2 insurance financial strength rating to UK Insurance, the main (UK) operating subsidiary of Direct Line Insurance Group, which underwrites around 90% of DLG's business.