News
AM Best warns of a reduction in ARIG's capital, but affirms rating
AM Best Europe has today affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+” of Arab Insurance Group. The outlook of both ratings remains stable.
Guernsey financial services body welcomes India tax agreement
Guernsey has signed a tax information exchange agreement with India.
KPMG boss predicts 'greater scrutiny' in 2012
Next year will see a return to underwriting disciplines for general insurers as their financial performance comes under greater scrutiny and they face increased regulatory interest.
Millwater leaves Willis group board
Willis has announced that Grahame Millwater, president of Willis Group Holdings and chairman & CEO of Willis Global, is to retire to pursue other interests.
Mapfre board praise outgoing chair following restructure
The restructuring process at Mapfre has been concluded with the election of Antonio Huertas Mejías to the position of chairman of the company and chief executive of the group.
Europe non-life growth beats life at 2.7%
European insurers saw a rise in total gross written premiums in both the life and non-life sectors in 2010, according to figures released today by the European insurance and reinsurance federation, CEA.
Treasury investigates rating agencies
The Treasury Committee is investigating whether the methodology used by ratings agencies sound and transparent.
Antonio Huertas Mejías to take over as chair of Mapfre
The board of directors of Mapfre has elected Mr Antonio Huertas Mejías as the new chairman of the company and chief executive of the group.
Ipswich broker celebrates achieving chartered status
Staff at Pound Gates are celebrating after being awarded the title of ‘chartered insurance broker’ by the Chartered Insurance Institute.
Insurers call for "serious" government action on flood risk plan
The Association of British Insurers and its members have called on government to “seriously consider” subsidised flood insurance for policyholders in high risk areas, replacing the Statement of Principles, which expires in 2013.
Aon pays fines upwards of $16m following bribery charges
Aon has responded to charges that its subsidiaries bribed international government officials by agreeing to pay more than $16m (£10.1m) in fines.
Global insurance premiums top pre-crisis levels at $4.3trn according to study
Global insurance premiums grew by 2.7% in inflation adjusted terms in 2010 to $4.3 trn, climbing above pre-crisis levels, according to a new study by The City UK.
Swiss Re rating upgraded due to "limited" exposure to eurozone debt
AM Best has upgraded the financial strength rating (FSR) to A+ (Superior) from A (Excellent) and issuer credit ratings (ICR) to “aa-” from “a+” of Swiss Re and its subsidiaries.
Total UK GI premiums rose 5% in 2010
UK general insurance premiums increased by 5% in 2010 to £46.4bn, according to the Insurance 2011 report by TheCityUK.
Catlin hires new admin officer
Insurer Catlin has announced that Swiss Re’s Adrian Spieler will join in February as group chief administrative officer.
Axa warns of Christmas motor fraud
Axa has claimed December prompts huge jumps in fire and theft motor claims as one in ten consider defrauding their insurer to ease the financial pressures of Christmas.
Beazley confirms interest in Hardy
Beazley has confirmed it is interested in buying fellow Lloyd’s insurer Hardy, put up for sale after large Thai flood claims.
21 December: Frosty reception
After a long hard day at work Mr Policyholder couldn’t wait to get back to spend the evening with his family at the home they shared in a fairly remote part of the country.
Equity Red Star names Dodd for fleet
Equity Red Star has appointed Andrew Dodd as its new motor fleet class underwriter, charged with growing key accounts.
Eiopa says insurers failed stress test
The European Insurance and Occupational Pensions Authority has warned that its low yield stress test showed that the insurance industry would be hurt if yields remain low for a prolonged period of time.
Mapfre placed on Rating Watch Negative
Mapfre’s ‘A’ Issuer Default Rating and its core operating subsidiaries’ ‘A+’ Insurer Financial Strength (IFS) rating have been placed on rating Watch Negative (RWN) by Fitch Ratings.
Tokio Marine Europe focuses on regional operations
Tokio Marine Europe Insurance has expanded its UK underwriting team with two new recruits.
Jubilee exit for former CEO Loucaides
Jubilee Group Holdings chief executive Johnny Rowell has this morning announced that Andreas Loucaides will be leaving the business with immediate effect.
Swiss Re reports on 'promising' future for emerging markets
Swiss Re’s latest sigma report claims insurance in emerging markets has experienced strong growth over the past decade and the outlook for the next decade remains promising.