News
FSA boss promises fairer deal for consumers with new regulatory approach
Financial Services Authority managing director Martin Wheatley has outlined an “orthodoxy and regulatory” approach for the future of conduct regulation – geared towards getting a fair deal for consumers.
Fitch: eurozone stress analysis concludes further rating actions unlikely
Fitch Ratings says that it does not expect to take any further rating actions on European insurers as a result of its most recently updated eurozone stress test analysis.
Japanese insurance giant plots merger
NKSJ Holdings, Japan's third-largest general insurer, is planning to merge its two main units, Sompo Japan and Nipponkoa Insurance, according to report.
Chubb’s profits fall as premiums rise
US insurer Chubb has reported rising premiums but falling income in the fourth quarter, echoing a year of reduced operating and net income on 5% higher net income.
Quinn administrators face 20% fee cut
The President of the High Court in Dublin has knocked 20% off the fees sought by the joint administrators of Quinn Insurance, saying the work they are doing now is routine, the Irish Examiner reports.
Europ Assistance UK completes MBO
Europ Assistance’s UK and Ireland arm has been the subject of a management buyout, Post has learned.
Fresh delay for Solvency II
Solvency II may not be implemented until 2015 – two years later than planned, according to a report in the Financial Times Deutschland.
Solvency II faces further delay
Solvency II may not be implemented until 2015 – two years later than planned, according to a report in the Financial Times Deutschland.
BMS opens in New York
Broker BMS has launched a new office in New York.
Eurozone woes dictate global credit outlook
The intensification of the Eurozone crisis in H211 triggered an overall rise in the proportion of negative rating outlooks assigned by the agency, according to Fitch Rating’s latest bi-annual global credit outlook report.
Flooding, fraud and asbestos: ABI outlines 2012 priorities
The Association of British Insurers has outlined the key priorities for 2012 to reduce insurance costs including seeking a free market flood model and dealing effectively with asbestos claims.
Japenese life insurers to provide 100 billion yen loan to Tokyo Electric
Four major Japanese life insurers including major shareholders Nippon Life Insurance Co and Dai-ichi Life Insurance Co are planning to provide a 100 billion yen ($1.30bn) syndicated loan to Tokyo Electric Power Co as early as April, according to Reuters.
VRS Vericlaim snaps up ex-Cunningham Lindsey director Burnett
Loss adjuster VRS Vericlaim has made what is expected to be the first of several 2012 recruitment coups with the appointment of former Cunningham Lindsey regional director Michael Burnett.
XL expands political risk and trade credit team
XL Group is expanding its global political risk and trade credit team with four new appointments based in London.
CCV completes first two deals of 2012
Lyon Insurance Services in Anglesey and Crown Insurance Brokers in Birmingham have been fully acquired and both will join existing CCV businesses.
Tawa, Skuld and Paraline complete Whittington deal
A consortium comprised of Tawa, Skuld, and Paraline Group has completed on the acquisition of Whittington Insurance Market.
Zurich's 2011 cat losses may trigger aggregate reinsurance
Zurich Financial Services expects the impact of the floods in Thailand and the increased cost of the earthquakes in New Zealand in the fourth quarter of 2011 to range between $200 and $250m (€189.9m).
Gcube increases offshore capacity to $100m
Renewables specialist Gcube has increased its underwriting capacity by $50m (€37.9m) for offshore renewable energy projects.
Power Place boss Ball departs
Chief executive of Power Place, Simon Ball, has departed after only eight months in the job.
Cunningham Lindsey merges loss adjusting and claims management services teams
Following a wide ranging review of the business, which resulted in a number of cutbacks at the end of last year, Cunningham Lindsey said it is now introducing some strategic changes, which will streamline and create more flexibility in the structure of…
Towergate explains Allianz deal
Towergate’s CEO of commercial underwriting has explained to Post why RSA, Aviva, Ageas and NIG who were previously on the panel, have been dropped.
Perils estimates €300m windstorm Joachim loss
Independent Zurich-based firm, Perils, today disclosed an initial loss estimate of €300m for windstorm Joachim, which occurred in Western Europe from 15-17 December 2011.
UK faces 100 climate change risks
A government report claims the UK is one of the best-prepared nations for the implications of climate change but lists the top 100 risks the country faces.
Whittington London market deal done
The consortium of Tawa, Skuld, and Paraline Group, has completed the acquisition of Whittington Insurance Markets, the London-market operations of Whittington Group.