News
EU may allow limited coverage for Iranian oil shipments
Intense lobbying by South Korea and Japan has led the EU to relax its ban on insuring Iranian oil shipments, according to Reuters.
IRDA scrutinises bank stakes in Indian insurers
Equity tie-ups between Indian insurers and their bancassurance partners are coming under scrutiny from India’s insurance regulator.
Brightside launches clarion call against fraud
Bristol-based broker Brightside has issued a stark warning about fraud as it announced its ninth consecutive record year, with revenue up 21.5% to £80.4m (2010: £66.2m) and pre-tax profit up 34.7% to £13.6m (2010: £10.1m).
Charles Taylor exits non-life run-off
Charles Taylor Consulting is to quit the non-life run-off business after making a loss and claiming the sector is too competitive.
Air looks to Zurich for development chief
Air Worldwide has appointed Zurich head of catastrophe modelling John Elbl to be vice president in its business development group.
Beachcroft and Andersons eye cross-border services in joint venture
International law firm DAC Beachcroft and Andersons Solicitors have agreed a joint venture - DAC Beachcroft Scotland – which will come into effect from 3 September.
Lloyd's delays Solvency II request to FSA
Lloyd's has delayed applying to the FSA for approval of the market's internal model from April to July.
Esure CEO Stuart Vann says broker businesses will grow this year
Esure boss Stuart Vann, pictured, pinned his firm's fourfold increase in profits on walking away from bad risks in 2010, raising prices by more than 20% and pocketing £16m of identified fraud savings with the insurer's 33-strong anti-fraud team.
Crawford & Company hands Allcroft senior global markets role
Crawford & Company has named former Zurich Global Corporate executive board member Neil Allcroft as senior vice president of its global markets team.
Esure reveals fourfold increase in profit
Insurer Esure has reported an operating profit up more than fourfold to £80.8m (2010: £18.6m) on a combined operating ratio down to 94.6% (2010: 114.5%).
ISE 2012: Agility is 'name of the game' for European insurers
European insurers will need to be agile to survive, according to Capgemini's group vice president.
Talanx 'thoroughly satisfied' after posting €1.2bn profit
German insurance giant Talanx was "thoroughly satisfied" after increasing operating profit 21% to €1.2bn for 2011, despite a turbulent year for the eurozone and high incidences of natural catastrophes.
RSA appoints Karen Myers as UK and western Europe HR director
RSA has confirmed the appointment of Karen Myers as HR director for the UK and western Europe, a role which will see her become a member of Adrian Brown's executive team.
Ex-NY insurance superintendent calls for Solvency II equivalency
The former New York superintendent of insurance has warned that the transatlantic market could be destabilised if the Solvency II equivalency issue is not resolved.
Fitch says insurer solvency rebound does not make them safer
Rating agency Fitch has claimed that a rebound in the solvency ratios of European insurers reflects the recovery in sovereign bond markets, rather than any underlying improvement to insurers' balance sheets.
Weightmans queries H&S law bonfire
Law firm Weightmans has claimed government plans to scrap 84% of health and safety regulation will mainly involve archaic and unused laws, having little impact on insurers.
ISE 2012: Interest in cyber insurance 'overwhelming' in Europe
Speaking at Insurance Insight's inaugural Insurance Strategy Europe event, Jacob Ingerslev, European underwriting director for technology and cyber risks at CNA, said that interest from Europe in cyber crime insurance is growing rapidly.
ISE 2012: Portugal to follow Greece but sovereign defaults won’t ‘cripple’ insurers
Kurt Karl, managing director, chief economist and head of economic research and consulting at Swiss Re, has predicted that Portugal will be the next nation to default but that it will not cripple the insurance industry.
ISE 2012: France to suffer extreme temperatures due to global warming
Andreas Sterl, senior researcher at the Royal Netherlands meteorological Institute, has warned that France will be particularly affected by global warming.
Chinese government tightens insurance supervision
Administrators at Chinese state-owned insurance companies have been brought under higher-level supervision owing to the promotion of senior industry figures.
ISE 2012: Luzzi says firms must think in global terms
Opening the inaugural Insurance Strategy Europe event, Jorge Luzzi, president of the Federation of European Risk Management Associations and director of group risk management at Pirelli, told delegates that a global view is essential going forward.
CII and AMII develop health and protection insurance broker designation
The Association of Medical Insurance Intermediaries and the Chartered Insurance Institute have agreed specific membership designation for health insurance and protection intermediaries - Cert CII (Health and Protection).
Talbot Syndicate 1183 makes reduced profit
Validus Holdings-owned Lloyd's insurer Talbot Underwriting has said its Syndicate 1183 made a profit 70% down at £19.5m (2010: £64.7m) on a combined ratio of 99% (2010: 90.1%).
RSA appoints new SME trading director
RSA has appointed a new SME trading director as part of what the company said is a renewed focus on the SME market.