News
Open GI launches online pricing tool
Open GI has launched a new online pricing tool that enables brokers to apply real time rating flexibility on the web.
Burrows confirms Cobra announcement soon
Steve Burrows, chief executive of Cobra, has said there has been no "formal offer" for Cobra after confirming an approach on 4 July. He told Professional Broking that he is expecting to release a stock market announcement about the interested party…
Allied World Q2 net income off 35%
Allied World, the Bermudian (re)insurer, said that second quarter net income fell to $79.2m from $123.3m a year earlier. Net income in the first half of the year dropped to $210.2m, compared to net income of $237.2 m, for the first six months of 2007.
AIG CEO won't rule out capital raise as shares plummet
(BESTWIRE) As they announced a third consecutive quarterly loss, the leadership at AIG would not rule out the possibility of a capital raise during a conference call to discuss the company’s second-quarter earnings Reinsurance reports.
Talbot addition helps Validus H1 net income soar
Validus, the Bermudian reinsurer, said that second quarter net income rose to $75.9m, compared with $70.8m in the sme period of 2007. Net income for the first half of the year was $142.4m, compared with $127.5m for the corresponding period in 2007.
Erinaceous confirms name change to Barbon
Erinaceous Insurance Services has confirmed it has completed its rebranding exercise and from today (Friday) will operate as Barbon Insurance Group.
Argo Group H1 up net income up 30% despite $20m storm losses
First half net income at Bermudian reinsurer Argo Group jumped by 30% despite first half storm losses of $20.6m.
Fortis announces £43.3m pre-tax profits
Fortis Insurance UK has announced pre-tax profits of £43.3m (H1 2007: £19.0m) despite challenging market conditions.
Catlin sees 21% drop in profit before tax
Catlin has reported a 21% drop in profit before tax of $150m on a $2.1bn gross premiums written (up 4%) for the first half of 2008.
RBS CEO Goodwin quiet on insurance sale as bank reports £691m loss
Royal Bank of Scotland Insurance has reported £403m opertaing profit for the first half of 2008 (2007 H1 £258m).
Moody's gives A3 IFS rating to Validus Re
Moody's Investors Service has assigned an A3 insurance financial strength (IFS) rating to Bermuda-based reinsurer Validus Re.
PB Week: Where is our summer?
What do we have to do to get some sunshine these days? We spend all autumn, winter and spring waiting for a couple of weeks of unadulterated sunshine and so far in August we have been given humid, rainy, dark, damp days – perhaps one day an insurer will…
AEGON Individual Protection new business up 16%
AEGON Scottish Equitable Individual Protection new business has risen 16% to £26 million in the first half of 2008 compared with 2007.
Risk managers may have to adjust strategy after credit crunch havoc
Insurers and reinsurers may have to adjust their risk strategy in the coming months as investment gains are unlikely to provide the buffer on which some companies have relied on for their earnings, according to Guy Carpenter.
Marsh to cut 900 jobs; MMC first half results decline
(BESTWIRE) Marsh and McLennan, the owner of brokers Marsh and Guy Carpenter, said it will lay off 900 employees as the giant broker's second-quarter profit fell by 63.3%.
Experian launches insurance reports
Experian launches business information reports designed specifically for commercial insurance companies.
RMS upgrades flood model
Risk Management Solutions has upgraded its UK inland flood model and released new Europe earthquake models.
BLD announces exclusive deals with key accounts
Motorbike claims management company BLD Group has renewed its contracts with two key accounts to become their exclusive provider of credit hire services.
Pehrson joins Aon Re Global
As revealed by Reinsurance Magazine in early July , Christer Pehrson has left his post as managing director of Guy Carpenter in New York to join Aon Re Global as executive director.
Web Connectivity announces board appointment
Insurance messaging service provider Web Connectivity has appointed Sir Richard Heygate to its board.
Hannover Re's H1 operating profit down over 14% after €130m charge
Hannover Re, the Germany-based reinsurance giant, said that first half operating profit fell by over 14% to €400.2m, down from €467.7m after taking a €130.3m writedown on securities.
Cassidy Davis hires Sims to revamp accident and health division
Cassidy Davis, Jubilee Managing agency's specialist personal lines Lloyd’s insurer, said that its revamping its accident and health division and has hired Graham Sims to lead the underwriting on the unit.
Greenlight Capital Re says Q2 net income up 57%
Cayman Islands-based Greenlight Capital Re reported second quarter net income of $33.5m for the second quarter of 2008 up from net income of $21.3m for the same period in 2007.
Allianz sees GI profit drop slightly as premium growth stalls
Allianz has reported an operating profit of 2.1bn euros and net income of 1.5bn euros for the second quarter of 2008. For the half-year its operating profit was 4 bn euros and net income 2.7bn euros.