News
Collins hires senior Southeastern US broker from Aon Re Global
Collins, the US property-casualty, life, and accident & health (re)insurance broker, announced that it has hired senior vice-president Kevin Knudson from Aon Re Global.
Pick of the week
Reporter Louise Meeson and supplements and online editor Stephanie Denton look at the major stories from the general insurance market. This week: Insurance chiefs denounce commissions that top 30%; Aon suspends three staff pending investigations; IFB…
Polaris appoints Chris Hanks as chairman
Chris Hanks, general manager of Allianz Commercial, has been appointed chairman of technology provider Polaris.
$540m goodwill charge sends MMC to $145m net loss in H2
Marsh and McLennan, the financial services company that owns Marsh and reinsurance broker Guy Carpenter, said a goodwill charge of $540m sent it into a net loss of $145m in the first six months of the year, compared with net income of $445m last year.
The 2008 Reinsurance Magazine Power List
Below are the rankings for Reinsurance Magazine's 2008 power list. 2007 rankings are in brackets. The list details who - in Reinsurance's opinion - are the top 20 movers and shakers in the (re)insurance market (from brokers to underwriters to buyers),…
Sales on the rise for Standard Life Healthcare
Standard Life has reported a 27% increase in healthcare sales, worth £14m, for Q2, according to its market 2008 Interim results, released this morning.
Markel investments hit by market turbulence
Markel has reported that net income has fallen to $116.2m in the first half of the year from $219.9m in 2007.
Munich Re first half profits off nearly 35%, but bright on outlook
Munich Re reported a drop of first half profits of nearly 35%, impacted by decreasing insurance prices, the high amount of catastrophe losses, and over €2bn of subprime writedowns.
HCC net earnings drop to $173.4m
HCC Insurance Holdings has reported net earnings for the first six months of 2008 were $173.4m (£88.8m), versus $197.9m for the first half of the previous year.
600 sign up for Positive Learning Solutions Academy
600 IFAs have registered online for The Positive Learning Solutions Academy since Friday.
Aon places three on leave of absence pending illegal payment investigation
Aon has placed three employees in its aviation team on a leave of absence pending an investigation that improper payments were given to parties in Indonesia, according to a senior market source.
Advent rejects Fairfax's £67m offer
Lloyd’s (re)insurer Advent has rejected a £67m offer from Canadian financial services company Fairfax.
XL to offer environmental pollution insurance
XL Insurance, the global insurance operation of Bermuda-based (re)insurer XL Capital, is offering a specialised environmental insurance program that addresses pollution liability and clean-up expenses for US warehouses, storage and distribution…
Confused adds new insurer to its home panel
Confused has added Click Insurance to its list of insurers for home insurance.
Close buys Kaupthing's premium finance arm
Kaupthing Bank’s subsidiary, Kaupthing Singer and Friedlander has sold its insurance premium finance business to Close Brothers at a small premium to net asset value.
Max Capital income halves in H1
Max Capital Group has reported net income for the second quarter of 2008 of $74.2m, compared to net income of $94.1m for the second quarter of 2007. Net operating income was $76.1m, compared to net operating income of $94.4m for the same quarter in 2007.
Tower to acquire Castlepoint for $490m
US insurer Tower Group said that it will acquire Bermudian firm CastlePoint -- which it had helped to set up -- in a deal valued at around $490m.
UK P&I Club issues $100m of hybrid capital
The UK Protection and Indemnity Club, the largest mutual marine insurer in the world, has issued $100m of capital securities.
PruHealth alters gym offering
PruHealth is in the process of writing to 175 000 customers to inform them that they will be forced to pay for gym memberships that previously had been free under their private medical insurance policies.
Heath Lambert reshuffles Group structure
Following the sale of its general wholesale and reinsurance operations, Heath Lambert has established its UK retail and speciality position and has simplified its structure and reporting lines, as follows:
Tokio Millennium licenses AIR model
AIR Worldwide has announced that Tokio Millennium Re has licensed the AIR Multiple Peril Crop Insurance model.
Flagstone premiums jump 20% in H1
Flagstone Reinsurance Holdings has announced net income of $41.9m for the second quarter of 2008, compared to $14.7m for the quarter ended 30 June 2007. Net income for the six months was $74.8m, compared to $50.3m for the six months ended 30 June 2007.
Crawford sees profit increase in second quarter
Crawford has announced strong second quarter profits from its international business, due partially to a weakened US dollar.
Axis Q2 net income drops 8%
Axis Capital, the Bermudian (re)insure, said that second quarter net income fell to $231m, down from $252m in the second quarter of 2007.