News
Election grips Lloyd's Market Association
The Lloyd's Market Association is facing the most competitive election in its 11-year history for four new members of the governing body.
PPI problems continue to dog RBS
Bailed out bank RBS has confirmed that it was forced to set aside £125m in its Q1 accounts for additional payment protection insurance misselling payments.
Swiss Re nearly halves Q1 COR to 85%
Swiss Re has reported "strong underwriting, good investment performance and lower than-expected major natural catastrophe claims" for a "very strong first-quarter" net income of $1.1bn compared to a loss of $665m for Q1 2011.
RSA ties-up £375m worth of Gallagher subsidiary OIM deals
RSA has this morning confirmed the completion of two new five-year household deals and a commercial combined deal with Gallagher subsidiary OIM Underwriting.
Lancashire profits soar despite $34m Costa Concordia claims costs
Lancashire Holdings has reported Q1 gross written premiums up 36% to $234m (2011: $172m), and said that pre-tax profit was up more than fivefold to $46.5m (2011: $8.4m), despite Costa Concordia claims totalling $34.1m.
DLG records steady Q1 improvement as separation 'progresses well'
Direct Line Group has increased its Q1 operating profit by 25% on the same period last year to £84m, thanks to prior year reserve releases and higher investment income.
Aviva shareholder rebellion ranks alongside RBS as 54% say 'no'
Over half of Aviva's shareholders have voted against the remuneration of its top executives.
Adverse April conditions wreak havoc across the globe
Severe weather conditions across central and southern sections of the US last month have caused upwards of $1bn (£620m) in insured losses, according to Aon Benfield's Global Catastrophe Recap report.
Allianz Global Assistance posts record turnover for 2011
Allianz Global Assistance, of which Mondial Assistance UK is a member, achieved global turnover in excess of €2bn for the first time (€2.05bn) representing an increase of 8.5% over 2010.
Allianz sticking to targets for P&C profit plans
Allianz's attempt to more than double operating profit at its German property and casualty unit in the next three years is "on plan", according to Markus Riess.
Liberty Mutual names Martella senior VP for commercial markets
Liberty Mutual Insurance, the commercial lines division of Liberty Mutual Insurance Europe, has named Anthony Martella as senior vice president of its commercial markets unit.
Third insurance summit set for this autumn
A further insurance summit will take place in the autumn following yesterday's second meeting in Whitehall.
Aviva shareholders reject executive pay package at AGM
Insurer Aviva has lost the vote on executive pay at its annual shareholders meeting.
Compare the Market makes double addition to car insurance panel
Compare the Market has announced the addition of Sabre-underwritten Insure2drive and Good Girl to its car insurance panel.
Bennetts revs-up marketing campaign with new 'biker babes' line-up
Motorcycle insurance specialist Bennetts has unveiled its 2012 'Babes Squad', which is "back by popular demand" and will be led by Hollyoaks actress Jorgie Porter.
Two non-execs join Miller partnership board
Broker Miller Insurance Services has appointed Clare Thompson, pictured, and Ian Buckley as independent non-executives on the partnership board.
Axa launches broker talent training initiative
Axa Commercial Lines has launched its new broker talent training initiative with the successful completion of its first week-long management course in Bordeaux.
Allianz Global Assistance turnover hits €2bn
Allianz Global Assistance has reported a global turnover of €2.1bn, suggesting that it is on target to reach €3bn by 2015.
Diversification key to favourable ratings for mutuals
The unique characteristics of mutual insurers mean that some are being encouraged towards diversification by regulators and rating agencies, according to a report by Willis Re.
Fitch affirms Coface's 'AA-' IFS rating
Credit insurer Coface's major group insurance entities have had their 'AA-' IFS rating and 'A+' IDR ratings affirmed by Fitch.
Argo recruits space risks specialist from AGCS
Argo International has appointed Antoine Bavandi as space risks underwriter for Argo Assurances, the group's Paris-based underwriting platform for speciality products including aviation and space.
Zurich's 'A+' IFS rating affirmed
Zurich Insurance Company's 'A+' insurer financial strength rating and 'A' long-term issuer default rating have been affirmed by Fitch, which cited the insurer's strong capital position and "resilience in the challenging operating environment".
RSA expects sub 95% COR for 2012 after Q1 results
RSA recorded a 5% increase in net written premiums to £2.2bn for the first quarter, prompting group CEO Simon Lee to predict a full year combined operating ratio below 95%.
RBS set to bolster PPI fund by £125m
Royal Bank of Scotland is to announce on Friday that it will set aside a further £125m to cover compensation for mis-sold payment protection insurance, according to Reuters.