News
Società Reale Mutua di Assicurazioni's outlook negative due to weaknesses
Italian insurer Società Reale Mutua di Assicurazioni and its Spanish subsidiary Reale Seguros Generales have been issued with insurer financial strength ratings at 'BBB+' with negative outlooks.
Swiss Re's Q2 results hit by sale of Admin Re at a loss
Swiss Re has reported net profit of $83m for the second quarter of 2012 as the result of the sale of the Admin Re US business at a loss of $1bn.
Munich Re posts €1.6bn profit for H1
Munich Re posted consolidated profit of €1.6bn for the first six months of 2012, €812m of which derived from the second quarter.
Integro acquires broker Allan Chapman & James Insurance
Integro Insurance Brokers has acquired Colchester-based Allan Chapman & James Insurance Brokers for an undisclosed sum.
Aviva posts COR of 106% for H1 in Ireland
Aviva's general insurance and health business posted operating profit of £461m for the first six months of 2012, up from £455m in the first half of 2011, driven by strong UK performance.
Japanese insurance groups vulnerable to catastrophe and stock losses
Japanese non-life insurers are likely to come under rating pressure if insured catastrophe losses rise unexpectedly, or the domestic stock market falls sharply before they are able to restore their capitalisation, according to Fitch Ratings.
Philippine Stock Exchange closes as country sees 11 days of monsoonal rains
The Philippines has seen 11 consecutive days of monsoonal rains, exacerbated by passing tropical cyclones, which has led to flooding in the capital of Manila and surrounding provinces of the island of Luzon.
Markel International returns to underwriting profitability and COR of 84%
Markel Corporation has reported gross written premiums of $514m for the six months ended 30 June 2012, compared with $483m for the first half of 2011, and a combined ratio of 93% for the six months compared with 107% for the same period in 2011.
Brit lead underwriter heads to Dual with speciality liability team
Departing lead underwriter John Murphy has thanked his former employers at Brit Global Specialty after revealing his decision to join Dual, taking his entire underwriting team with him.
Markel International COR drops to 84% in H1
Markel International has posted a combined operating of 84% for the first six months of 2012, a 46% improvement on the figure of 130% in 2011.
Charles Taylor acquires Saudi loss adjusting business
Charles Taylor has made a strategic move to grow its loss adjusting business across the Middle East by acquiring a majority stake in Noble Inspection and Loss Adjustment Company, a licensed loss adjuster based in Saudi Arabia.
Aviva grows UK profit despite restructure hitting group operating profit
Aviva has reported a 10% fall in operating profit including restructuring costs to £935m in the first half of the year (H1 2011: £1.04bn).
Swiss Re posts 91% drop in net income for Q2
Swiss Re's net income attributable to common shareholders fell by $877m to $83m (2011: $960m) in the second quarter of 2012 owing to a $1bn loss from the sale of the US business Admin Re.
Charles Taylor buys majority stake in Saudi Arabian loss adjuster
Charles Taylor has acquired a majority stake in the Noble Inspection and Loss Adjustment Company in a bid to develop its Middle East footprint.
Allianz launches healthcare plans in China
Allianz Worldwide Care is launching international healthcare plans for China that it hopes will appeal to international and local companies.
Indian power failure highlights supply chain exposures
The widespread power failures in northern India in July highlighted the potential exposure for businesses relying on offshore outsourcing to deliver key services to customers worldwide, according to Zurich.
Merlin Claims goes into administration
Merlin Claims has gone into administration today just two months after denying that it was in trouble.
South Korea poised to resume loading Iranian crude
South Korea and the National Iranian Tanker Company are rumoured to be close to a deal that could see the Asian nation resume the loading of Iranian crude before the end of September.
Consumers warned against cancelling policies to save cash
The rising number of people cancelling insurance policies have been warned that the supposed cash-saving practice could ultimately end up costing more.
Sluggish economy stifles rebuilding costs
The annual rise in the UK's index of house rebuilding costs is continuing to decline.
Towergate nabs Bupa chief risk officer Jackson
Bupa chief risk officer Keith Jackson will quit his role to take on an identical position at Towergate when he joins the firm on 8 October.
Typhoon Haikui hits Chinese coast
The third typhoon in a week struck China on Wednesday, with winds of up to 110km per hour, prompting the evacuation of nearly two million people and grounding hundreds of flights across the country.
Axa direct and affinity restructure looms
Axa is expected to reveal the new structure for its direct personal lines and affinity business next week, following previously announced plans to merge the two operations.
Wunelli launches driving simulator app
Telematics insurance business Wunelli has launched a smartphone safe driving simulator app which allows young motorists to test their driving skills and determine whether they can save on car insurance.