News
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.
MMA posts £12.1m profit in final results before merger
MMA Insurance recorded pre-tax operating profit of £12.1m in its 2011 annual results, up from £0.3m in the prior year period.
AMICE report charts rise of European mutuals
Mutual and cooperative insurers now have a 26% share of the European insurance market, according to a report by the Association of Mutual Insurers and Insurance Cooperatives in Europe.
Banking duo plan to launch Azerbaijan's first Islamic insurer
Azerbaijan-based Amrahbank is to establish the country's first Islamic insurer in conjunction with the Islamic Corporation for the Development of the Private Sector, according to local media reports.
Geddes eyes imminent job function separation as RBS divestment gathers momentum
Direct Line Group chief executive Paul Geddes remains confident that group separation will be achieved on schedule after announcing that job functions at the business will be operating on a standalone basis by the summer.
Yutree boss Leigh Smart warns broker commission is the 'next misselling scandal'
Leigh Smart, the former Davis Group boss who sold his business to Bluefin in 2007, has warned that brokers' undisclosed commission and fee income could be the next big misselling scandal.
'Benign catastrophe experience' helps Swiss Re to $1.1bn profit
Swiss Re reported first-quarter net income of $1.1bn for 2012, compared with a $665m loss in the prior year period.
AIG reports $3.2bn Q1 net income
American International Group reported net income attributable of $3.2bn for the quarter ended 31 March 2012, compared to net income attributable to AIG of $1.3bn for the first quarter of 2011.
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.