News
Iron ore ports close as Cyclone Rusty closes in on Australia
Cyclone Rusty is expected to bring a huge amount of rain to north west Australia and has already caused iron ore companies and ports to close.
AIA's profit hits $3bn
The Hong Kong listed insurer beat profit estimates of $2.7bn for the fiscal year ending 30 November 2012.
AIA to open office in Myanmar
Mark Tucker, the CEO of AIA, has confirmed the insurer is opening a representative office in Myanmar as AIA targets south east Asia.
QBE planning 700 job cuts: report
QBE will cut 700 jobs across its worldwide operations according to a report from a media briefing held by the insurer and reinsurer.
Top five Asian news stories
The top five Asian news stories from www.insuranceinsight.com over the past seven days.
RMS appoints former Apple marketing boss as chairman
Catastrophe modeller Risk Management Solutions has appointed a new chairman to replace Martin Morgan, chief executive of parent Daily Mail and General Trust.
Top five European news stories
The top five European news stories from www.insuranceinsight.com over the past seven days.
Kiln sees profit despite unprecedented levels of catastrophe
R J Kiln & Co, part of the Tokio Marine Group, has released the final results for its four non-aligned syndicates showing profits for the 2010 year of account.
Zurich places subordinated notes worth €788m
Zurich Insurance Group has successfully placed dated subordinated notes in an amount of €788m.
LV boss O'Roarke calls for "sanity" in 2013 motor market
LV general insurance managing director John O’Roarke is hopeful that "sanity" will be restored in the personal lines motor market in the year ahead and is predicting falling rates to pick up.
Guy Carpenter names head of European casualty strategy
Guy Carpenter has appointed Georg Fuelles head of European casualty strategy.
Mixed performance forecast for Kiln syndicates
Non-aligned Lloyd’s syndicates operated by Kiln have been hit by catastrophe losses as the insurer has updates forecasts for years of account from 2010 onwards.
QBE unveils cost-cutting plan as Burns takes group CFO role
QBE Europe chief executive Steven Burns is to relocate to Australia to take over from Neil Drabsch as group chief financial officer.
QBE European premium up 6% to £3.2bn
QBE has reported an 8% rise in net profit after tax to US$761m (2011: $704m) in 2012, while insurance profit was up 16% to $1.26bn (2011: $1.08bn) supported by a strong investment result.
Covéa expands Riskstop partnership
Covéa Insurance has renewed a deal for Riskstop to carry out site surveys and manage implementation of risk improvements.
Tokio Marine Europe strengthens underwriting capabilities
Tokio Marine Europe Insurance has appointed two underwriters to further strengthen its UK team.
Guy Carpenter appointment signals focus on European casualty market
Guy Carpenter & Company has appointed Georg Fuelles as head of European casualty strategy.
LV investment return soars as 2012 floods take toll on COR
LV underwriting profit suffered a £25m hit last year, as the firm’s combined operating ratio increased to 99.7% (FY 2011: 97.7%) as a result of adverse weather conditions during large parts of 2012.
Hong Kong considers more regulation of investment-linked products
The Securities and Futures Commission, government and regulators in Hong Kong want more protection for investors in investment-linked insurance products.
QBE's 2012 profit below forecast; 700 jobs to be offshored
Global insurer QBE had an 8% increase in profit last year, but this fell below expectations as natural catastrophes hit the bottom line.
Indian insurers want tax breaks for personal insurance
The insurance industry in India is calling for tax breaks on personal cover such as home, personal accident and travel to help increase access to the products across the country.
SSL Claims inks CIOB partnership deal
Northampton-based loss adjuster SSL Claims has become the first loss adjuster to become a member of the Chartered Institute of Building.
UIB recruits to bolster international property plans
United Insurance Brokers has swooped to recruit Thompson Heath & Bond’s Grant English as a London market broker.
PWC pair named De Vert provisional liquidators
Shuttered Gibraltan insurance company De Vert has today seen two PWC managers appointed as joint provisional liquidators.