News
Hannover Re CEO Zeller confirms retirement; CFO out too
Hannover Re's chief executive Wilhelm Zeller has confirmed that he is to step down at the end of June. He will be replaced by Ulrich Wallin.
Catlin to start new US casualty facultative reinsurance business
Catlin, the international specialty property/casualty (re)insurer, has established a US casualty facultative reinsurance business.
Transatlantic Re downgraded by S&P
US reinsurer Transatlantic Holdings has had its counterparty credit ratings downgraded to BBB+ from A- by ratings agency Standard & Poors.
Zurich snags AIG senior exec to lead Dubai office
(Bestwire) Zurich Financial Services Group has appointed Saad Mered as its chief executive officer for the Middle East. His appointment is effective immediately.
Marsh Hong Kong appoints new chairman
Marsh, the broking arm of US financial services giant Marsh & McLennan, has appointed insurance industry veteran Kenneth Kwok as chairman of its Hong Kong business. He will report to Paul Wilkins, CEO for Greater China and he will work alongside Marsh…
Outlook for Chinese P&C market stable - Moody's
The outlook for the Chinese property & casualty (P&C) insurance industry is stable, but challenges remain from growing price competition, declining capitalization and significant catastrophe risk amidst the weak economy, says a new report from Moody's…
Validus ups Ike loss estimates
Validus Holdings, the Bermudian (re)insurer, said that it has raised its loss estimates from Hurricane Ike by approximately $70.1m to a current total estimate of approximately $235.1m.
Aon creates 80 affinity jobs
Aon is creating 80 jobs within its affinity team based in Leicester.
RSA improves risk model
RSA has improved its geographical risk assessment model to include more than 100 updated features and take into account newly constructed flood defence schemes.
Groupama, Fortis and Axa could be impacted by CFS-Britannia merger plan
A raft of insurers could be impacted by the decision of Britannia and Co-operative Financial Services to merge to create what has been described a "new super-mutual" and an "ethical alternative to shareholder-owned banks".
Indian firm courted as AIG ends Manchester United sponsorship
AIG is to end its sponsorship deal with Manchester United according to reports.
Environmental Liability Directive 'weeks aways' from being introduced in the UK
From March, UK industry will face more onerous duties to protect the environment and the cost of notifying pollution incidents and remedying them is expected to increase "significantly".
Pick of the week
Post senior reporter Sarah Hills rounds up the top stories from the general insurance sector. This we...
AIG replaces chief investment officer
American International Group, the troubled US insurer, has replaced its chief investment office Win Neuger. Monike Machon will take his place.
Brit Insurance unveils new adviser
Brit Insurance has announced a change of adviser.
Claims firm to double size after deal
Autodex has negotiated a new 15 year lease to double the size of the operation at its Uxbridge site.
Cobra agrees loan arrangement to bolster working capital and reduce borrowing
The board of broking consolidator Cobra has entered into a financing agreement with Wainford Holdings whereby Wainford has agreed to subscribe for convertible loan notes in the business.
AA boss calls for sympathetic approach in uninsured crackdown
AA Insurance Services has welcomed the government's latest crackdown on un insured driving, but warned that the industry needs to work with relevant authorities to ensure the Motor Insurance Database holds the right information at the right time and that…
Barack Obama sworn in as US president
Barack Obama has been sworn is as the 44th president of the United States at a ceremony in Washington DC just after 5pm today.
Biba calls for the outlawing of "bad value" product
British Insurance Brokers' Association has heralded the announcement by a series of banks today to stop selling single premium payment protection.
Fourth Quarter RIMS Benchmark Survey shows soft market losing steam
Insurance premiums for businesses continued a five-year trend of falling rates during the fourth quarter of 2008, but recent data suggest a reversal of this trend may soon be underway. Rates for property, general liability, and directors' and officers' …
2008 highest year for US insured losses since 2005 - ISO
US property/casualty insurers are expected to pay homeowners and businesses $25.2 billion for 2008 property losses from 37 catastrophes - the fourth highest cost in a decade and the highest frequency in a decade, according to preliminary analysis by ISO…
ABI urges the government to act on latest insured driving plans
The Association of British Insurers has welcolmed today's announcement by the government of the introduction of an offence to make it illegal to keep an uninsured vehicle, rather than just to drive when uninsured,
Replacement goods firms goes into administration
Replacment goods supplier Empire Direct has gone into administration.