News
Global insurance markets competitive as ever - Axa
Global insurance markets in property and casualty lines are as competitive as ever amid the whiplash of the credit crisis, but leaders are warning that the potentially massive burden of natural catastrophe losses requires a halt to downward pressure on…
Moody's downgrades outlook on If P&C and Sampo
Moody's Investors Service said today that revised the outlook for the ratings of Swedish insurer If P&C and its Finnish owner company, Sampo to 'stable' from 'positive' and affirmed their ratings.
Willis hires Reynolds as new property advisor
Willis Group Holdings has appointed Philip Reynolds as an advisor to its property investors division.
Capita could axe up to 62 Assistance staff
Capita could cut up to 62 roles at its Colchester-based Assistance business and is also looking at the possibility of transferring all or part of the division to external third parties.
California wildfires could cause $500m of total property losses - GuyCarp
Three wildfires fanned by hurricane-force Santa Ana winds forced tens of thousands of people to evacuate their homes in parts of Southern California over the past week could cause a total property loss of over $500m, Guy Carpenter has reported.
Grant Thornton comments on QIS4
Grant Thornton said today that the fourth quantitative impact study into Solvency II shows that there will be no major impact on the balance sheets of insurance companies.
FSA bans two insurance brokers over client money failings
The Financial Services Authority has banned two directors of an insurance broker for failing to ensure that their firm complied with FSA client money rules.
Ascot increases capacity for 2009
Ascot Underwriting has increased its capacity for next year by £20m after the insurer's owner AIG lodged the funds at Lloyd's to support Ascot's 2009 business plan.
FSA bans another broker
The Financial Services Authority (FSA) has banned two directors of an insurance broker for failing to ensure that their firm complied with FSA client money rules.
THB appoints former GC Fac head as commercial director for Amsterdam office
Specialist broking group THB has announced the appointment of Ernst-Jan Henkelman as commercial director of its Amsterdam office.
Airline renewals up 12% so far in November - Aon
Airline renewal rates are up 12% in November compared to a 10% reduction this time last year, according to Aon.
Pricing challenges in D&O market seen pre-January renewals - Lockton
(BESTWIRE) Many publicly traded companies that have American International Group in their directors and officers liability programme are scrambling to obtain alternative quotes before their programs renew 1 January , an executive risk expert with broker…
Zurich launches adviser tool
Zurich has launched a planning tool aimed at helping advisers address their clients' business protection needs.
Texas approves 12.3% increase for Texas Windstorm Insurance Association
(BESTWIRE) - In an attempt to establish rates that are better suited to cover claims, the Texas insurance commissioner has exceeded a mandated cap on rate increases for the state's insurer of last resort for windstorm coverage.
AIG injects €1.1bn into Taiwanese life insurance unit
(BESTWIRE) American International Group has injected NT$45.11 billion (1.1 billion euros) into its Taiwan life insurance unit, Nan Shan Life Insurance Co. Ltd., in a bid to strengthen the subsidiary's capital base.
Aon executive makes recommendations to US Treasury
Aon's executive vice president and general counsel, D Cameron Findlay, has testified before the House Committee on Financial Services in Washington, DC.
Amlin's syndicate income falls 11.3%
Amlin has reported a fall of 7.5% in gross written premium (before deduction of brokerage) for the first 10 months of the year to £904.1m compared to the same period last year (2007: £977.2m).
Reinsurance rates set to soar, says Amlin
The reinsurance market is poised to see a strong rise in rate levels while added pressure on reinsurers due to less available capital is limiting their appetite for risk, according to Amlin.
Economic crisis may lead to growth in captives
Uncertainty caused by the current economic crisis may lead to an increase in captive formations, according to a survey of delegates at the Isle of Man Captive Conference in London last month.
Talbot grabs senior XL aviation exec to head up new aviation team
Talbot, the specialty insurance group which is a subsidiary of Validus Holdings, has appointed Peter Bilsby as head of global aerospace.
Zurich appoints new global corporate division CEO
Zurich has appointed Mario Vitale as chief executive officer of its global corporate business division.
Mapfre given local Brazilian reinsurance license
Mapfre Re has been authorised to establish as local reinsurer in Brazil, through its new subsidiary Mapfre Re Do Brasil Companhia de Reasseguros.
Willis broker for hijacked supertanker - source
Willis is thought to be one of the brokers for the hijacked Saudi Arabian supertanker, Reinsurance has learned.
Aflac CEO Amos forgoes $26m 'golden parachute'
BestWire) - US supplemental insurer Aflac said that chairman and chief executive officer Daniel Amos will give up about $26m in "golden parachute" provisions in his employment contract.