News
Reinsurance founder passes away
Roy Harris, one of the original founders of Reinsurance Magazine nearly forty years ago passed away in September aged 77, Reinsurance has learnt.
AIG Vietnam unit to offer new airline product
(BestWire) - American International Group's Vietnam subsidiary, AIG Vietnam General Insurance Co. Ltd., is teaming up with local budget airline Jetstar Pacific to offer the first online travel insurance product in Vietnam.
Florida Regulators Give Official Nod to Take Up to 110,000 Policies From Citizens
BestWire) - The Florida Office of Insurance Regulation said six companies have been approved to remove up to 110,000 policies from Citizens Property Insurance Corp. on Nov. 14 as part of the state's continued take-out program.
Glacier says expects to produce a net underwriting profit for 2008
Glacier, the European (re)insurer, said that it expects to generate a net underwriting profit, despite estimating that it will be hit by a total of $71m of claims stemming from US Hurricanes Gustav and Ike.
Hardy says outlook for business 'improving'
Hardy Underwriting, the Bermuda domiciled Lloyd's of London (re)insurer, said that the outlook for its business is improving.
Aon's Aberdeen branch expanding following "best year on record"
Aon says that recent wins for its Aberdeen branch has contributed to a 30% surge in 2008 revenues, as the company celebrates its 50th anniversary in the city.
Liberty International Underwriters sets up French claims operation
Liberty Mutual Insurance Europe, part of Liberty International Underwriters, has appointed Frédérique-Marine Bannes as claims manager of new operation for LMIE in its Paris office in France.
PMI Health Group sales hit record levels
PMI Health Group saw its best financial year with 9.5% growth for the year to June 2008, on an annual turnover of nearly £8 million.
Unum improves executive IP in response to welfare changes
Unum has increased the proportion of a client's income that can be covered using its Executive Income Replacement Plan.
AIG to terminate 14 voluntary deferred compensation plans
American International Group, Inc. said today that it is terminating 14 voluntary deferred compensation programs involving 5,600 employees and independent agents and representatives.
Fortis UK wins inaugral Gold Standard Award for Insurance
Fortis UK has won the inaugral Gold Standard for Insurance award which will be presented at a ceremony at the House of Commons on 25 November. The awards, which are run by Incisive Media, assess companies' performance across the five elements of trust,…
Holmans expands and moves
John Holman and Sons have announced the expansion and relocation of its City and head office to 22 Billiter Street, closer to Lloyd's. The firm said that this would enable Holman’s to continue their growth in the heart of London’s insurance community.
CBG directors purchase shares after securing an increase in funds
CBG Group directors Mike Askew and Laurie Turnbull have purchased shares in the company.
Assured Guaranty buys rival FSA Holdings for $722m
Assured Guaranty, the US credit insurer, said it has agreed to purchase Financial Security Assurance Holdings, the parent of financial guaranty insurance company, Financial Security Assurance from financial services group Dexia for $722m.
Arch Capital's Canadian chief moves over to new role
Arch Capital, the Bermudian (re)insurer, said that Michael Baxter will move from being head of the group's Canadian operations and become worldwide chief underwriting officer for Arch Insurance Group's onshore energy (technical risk) and CAR/EAR…
Brown & Brown in asset allocation of rival
US broker Brown & Brown, said it has bought the assets of smaller rival Agency Associates for an undisclosed sum.
Cooper Gay clarifies it has not acquired Benfield's entire areospace team
Cooper Gay has clarified that it has acquired 10 members of Benfield's London based wholesale and direct aviation team, but not its entire aerospace team.
Mammoth fire shuts down Durban oil refinery - Guy Carpenter
An oil refinery in the South African city of Durban has been shutdown for months after a large fire broke out on 13 November, Guy Carpenter has reported.
Tysers hires North American and international manager
International insurance broker Tysers has appointed Neil Hitchcock as production and marketing manager for its North American and International specialty division.
Scor Q3 third quarter net income drops 71%
Scor, the French (re)insurance giant, saw its third quarter net income drop by 71% after asset writedowns took their toll on the company.
Financial crisis will cause a 'secular change in rates' - Novae CEO
The financial crisis will cause a 'secular' change in rates, Novae chief executive Matthew Fosh said today.
AIG subsidiary American General Finance closes 178 branches
(BestWire) - American International Group, the stricken US insurance giant, has closed 178 branches and cut approximately 380 jobs at American General Finance Inc., a consumer finance unit, the company said.
Novae reports £45m hurricane losses in Q3
Novae has reported group gross written premium for the first three quarters of the year of £267.8m compared to £240.9m for the same period in 2007.
JLT calls for more focus on risk management
JLT has called for a greater focus on information and strategic relationships within the insurance and risk industry, particularly in the current challenging economic climate.