News
Mitsui hit with £3.5m FSA fine
The Financial Services Authority has fined Mitsui Sumitomo Insurance Company (Europe) £3.5m for serious corporate governance failings, and imposed a ban and fine of £119 303 on its former executive chairman, Yohichi Kumagai.
Uncertainty over Solvency II start date affects firms' preparations
Over 75% of insurance companies believe Solvency II implementation will be delayed beyond the intended start date of 1 January 2014, according to research by UK firm Barnett Waddingham.
Buffett targets Asia for reinsurance expansion
Warren Buffett, chairman of Berkshire Hathaway, is aiming to pursue more opportunities in Asia after boosting reinsurance sales in the region.
Miller hires Asian reinsurance specialist
UK broker Miller has enhanced its North Asia reinsurance broking capabilities with the appointment of Gao Zu Biao, who will be based in its Hong Kong office.
Insurers expect further Solvency II delays
More than three quarters of insurance companies believe that the Solvency II implementation date will be delayed beyond 1 January 2014, according to research conducted by actuary Barnett Waddingham.
Vietnam premiums to reach $2.2bn in 2012
The Vietnam insurance market could reach VND46 trn (US$2.2bn) in premiums in 2012, according to AM Best.
Swiss Re secures nat-cat buffer of $400m via bond market
Swiss Re has obtained an extra $400m in natural-catastrophe protection via a catastrophe bond through newly formed issuer Mythen Ltd.
Atradius warns of pitfalls of exporting to China
Credit insurer highlights potential dangers of doing business with China.
DLA Piper appoints Asian specialist Chen
DLA Piper has appointed Paul Chen as a partner in its corporate and securities practice.
Aviva shareholders 'happy' with Moss resignation
Aviva shareholders have expressed their relief that chief executive Andrew Moss has stepped down, and have suggested that Towergate boss Mark Hodges or ex-RSA CEO Andy Haste could replace him.
UAE wins solvency reprieve
United Arab Emirates' insurance companies have won a three-year reprieve on solvency issues.
China Life sells accident policies via convenience stores
The Shanghai branch of China Life Insurance will sell accident insurance through Shanghai Nonggongshang convenience stores Kedi and Alldays.
S&P puts five MENA countries on negative watch
Standard & Poor's has put Bahrain, Egypt, Jordan, Oman, and Tunisia on negative outlook, indicating a one-in-three chance it will lower their soverign ratings.
Jelf reports growth in insurance business
Broker Jelf has reported almost static half year revenues of £35.2m (2011: £35.0m) but said revenues in the insurance business were up 4% to £23.3m (2011: £22.3m) and new business insurance sales were up by 14%.
Swiss Re issues $400m flexible cat bonds
Swiss Re has established a $400m cat bond vehicle that will enable it to issue multiple bonds over an extended period to cover European and US wind storms.
Munich Re posts €782m profit after Q1 loss last year
Munich Re has reported a consolidated profit of €782m in the first quarter compared to a loss of €948m during the same period last year.
EIOPA says regulators must overrule Solvency II confidentiality agreements
The European Insurance and Occupational Pensions Authority has ripped up confidentiality agreements between insurers and third-party Solvency II consultants selling validation models.
Hiscox April renewals beat expectations
Hiscox has said it withheld reinsurance capacity on the first quarter in anticipation of higher rates, adding that April renewals had beaten expectations. But it warned that the UK market is still "under pressure".
Aviva CEO Moss steps down as Regan assists in improving financial performance
Aviva chief executive Andrew Moss has stepped down from his post, effective immediately.
Reinsurance key to mutual survival, says Willis Re president
Reinsurance can be crucial to ensure mutual insurers survive difficult periods, according to Willis Re president Paddy Jago.
Iran sanctions may force India and Greece to find alternative oil suppliers
The repercussions from US and EU sanctions on Iranian crude oil are being felt far beyond the Islamic Republic, according to a report by Exclusive Analysis.
MMA profits from motor turnaround
MMA Insurance has issued its 2011 annual results, the final numbers that will be issued before the business is merged with Provident Insurance to form Covéa Insurance in the final quarter of 2012.
RSA CEO Lee says Aviva-type deal would be "inherently risky"
RSA’s new CEO has insisted that it would shun major transformational deals because of the risk involved, while also insisting that it tends to walk away from bidding wars as these inflate acquisition prices.
Terrorism and political violence poll result
Risk downgrades were applied last week to the UK, France, Germany, Italy, Portugal and Spain.