News
Peak Re makes first underwriting profit but overall profits fall 60%
In 2014 Hong Kong-based reinsurer Peak Re made a technical underwriting profit of $15m (£9.9m) despite its overall profits falling from $102.9m in 2013 to $41.6m last year.
Ace appoints general counsel for Australia and New Zealand
Ace has appointed Gabija Simmonds to the role of general counsel for Australia and New Zealand.
Sydney hailstorm costs rise above A$100m
The hailstorm which hit Sydney on 25 April has seen 19,000 claims and A$125m (£65m) in losses according to the Insurance Council of Australia.
Fosun acquires 100% of Ironshore
Chinese conglomerate Fosun has bought the remaining 80% of shares it did not already own in Bermuda-based Ironshore for a reported $1.8bn (£1.2bn).
ABI urges pet owners to take advantage of growing market
Insurers paid out record amounts in pet insurance feeds in 2014 but large swathes of animal owners are still failing to take advantage of the cover on offer, according to the Association of British Insurers.
AIG posts first quarter income rise
AIG has reported a rise in net income in first quarter results for the opening three months of 2015, compared to the same period in 2014.
Aon's risk division sees 5% Q1 revenue drop
Revenues in Aon's risk solutions division decreased by 5% in the three months ended 31 March 2015 to $1.9bn (£1.25bn).
XL Catlin company name to be launched as protracted takeover is concluded
The takeover of Catlin by XL will result in the combined entity being marketed as XL Catlin as part of a global advertising campaign to be launched next week.
JLT releases positive management statement ahead of AGM
Jardine Lloyd Thompson is confident in the business' growth momentum and says its trading performance is in line with expectations, according to an interim management statement.
Quiz of the week - 1 May 2015
How much do you know about insurance developments in the last seven days?
Insurers failing to deliver multi-channel customer service, study finds
UK insurers are failing to deliver multi-channel customer service and are answering just 40% of routine questions asked via the web, email and Twitter, according to the 2015 Eptica multichannel customer experience study.
Ex-LV employee among three arrested for suspected fraudulent
Three people across Bournemouth and Poole have been arrested following an Insurance Fraud Enforcement Department investigation into the suspected fraudulent sale of LV's confidential customer information.
David Perry departs from Towergate
Former Warren Hill managing director David Perry has left Towergate, where he was most recently migration programme director.
ABI tracker sees 2% dip in motor premiums
The average price paid for private comprehensive motor insurance fell 2% from Q4 2014 to £360 in the first quarter of 2015, according to the Association of British Insurers' quarterly premium tracker.
Scheme of arrangement for XL's takeover of Catlin becomes effective
The scheme of arrangement under section 99 of the Companies Act 1981 pursuant to which XL Group has acquired the entire issued and to be issued share capital of Catlin Group has become effective.
Stackhouse Poland surpasses £100m GWP with Cheam purchase
Independent broker Stackhouse Poland has edged over the £100m gross written premium marker with the acquisition of high-net-worth specialist Cheam Insurance Brokers.
MMC insurance division operating income grows 8%
Marsh & McLennan's risk and insurance services division has reported an 8% increase in operating income to $533m (£347m) for the first quarter of 2015.
Video: Willis GB Nicolas Aubert
Willis GB CEO Nicolas Aubert speaks to Post about what his first impressions of Willis were when he decided to move from carrier to broker.
Shariah-compliant commercial products present 'sizable' opportunity for London
The opportunity presented by Islamic insurance products could help offset the London market’s declining share of premium in developing markets according to Max Taylor, chairman of the Islamic Insurance Association of London.
Swiss Re hails ‘strong’ first quarter
Swiss Re has reported a 17% increase in net income for the first quarter of 2015 and noted that all business units contributed to profitability
Saga sees full-year motor COR improve to 77.9%
Saga has reported a 10.5 percentage point improvement in its motor underwriting combined operating ratio to 77.9%, for the year ended 31 January 2015.
Changing face of terrorism sparks launch of Hiscox threat policy
Hiscox claims it is responding to “the changing nature of terrorism” with the launch of a product designed to protect businesses against the loss of revenue suffered as a result of a threat or hoax.
Aviva silent on exposure to French arbitrage life insurance contracts
Aviva failed to disclose the extent of its potential exposure to fixed-price arbitrage life insurance contracts despite intense questioning at its annual general meeting yesterday (29 April).
Money Supermarket insurance division reports 12% growth
The Money Supermarket insurance division reported 12% year-on-year growth for the three months ended 31 March 2015 with revenues of £36.8m for the period.