News
Admiral unveils US launch plans as Confused profit drops in face of competition
Admiral Group today announced plans to launch into America on the back of reporting a profit before tax of £202.5m for the year to December 2008, an increase of 11% over the previous year. Turnover, comprising total premiums and other revenue, rose 13%…
JLT CEO expects further progress despite 3% dip in profits for 2008
Jardine Lloyd Thompson has reported a 3% drop in profit before tax to £92.8m for the 12 months ended 31 December 2008(2007: £95.2m) despite a 13% leap in turnover to £526.1m (2007: £473.2m).
JLT profits fall 3%
Jardine Lloyd Thompson said that pretax profits fell 3% to £92.8m from £95.2m in 2007.
Munich Re scraps outlook for 2009
Munich Re reported a drop in consolidated profits of more than 61% this year, and said that it is making no forecasts for the future because of the current financial climate.
D&O liability pricing skyrockets
Directors' and officers' liability insurance costs for the S&P Financials Sector increased 50% in the fourth quarter of 2008 compared to that of 2007 according to the Quarterly D&O Pricing Index released today by Aon Corporation's Financial Services…
Property claims fraud focus
Baden Smith, head of fraud management at insurer Legal & General will open this year's Post Property Claims conference on 23 April with an insight into the impact of the recession on property claims fraud and more importantly how claims handlers can put…
Max, IPC shares tumble on merger news
Shares in Bermudian (re)insurers Max Capital and IPC Holdings tumbled on the NASDAQ after companies said they had agreed on a merger.
Aon CEO in support of AIG
Aon's chief executive has said that his broker will continue to support stricken insurer AIG, which received another bailout from the Federal Reserve Bank on Monday.
Guy Carpenter acquires US reinsurance broking giant
Guy Carpenter has agreed to acquire John B Collins Associates (Collins), a privately-held company which claims to be the seventh largest reinsurance intermediary in the world for an undisclosed sum.
NU signs £700m outsource contract
Three hundred Norwich Union staff working at two of the insurer's data centres have transferred to a new employer after NU signed a 10-year £700m data centre services contract with HP-owned EDS.
Helpucover offers car value protection
Helpucover.co.uk has increased its portfolio of products with the launch of its Car Value Protection cover.
Ecclesiastical appoints regional director
Jonathan Harker has been appointed regional director for Ecclesiastical's southern region, based at their Gloucester head office.
US Government confirms new bail-out measures for AIG
The Federal Bank of New York has confirmed supportive measures for stricken US insurer AIG.
AIG reports $99.3bn annual loss
American International Group has reported a net loss of $99.3bn (£69.82bn) in 2008 compared to net income of $6.2bn for full year 2007.
AIG confirms placing of AIA and ALICO into trusts
AIG said that that it will put two of its biggest units in special purpose vehicles.
AIG forms new general insurance holding company
AIG said that it is intends to form a general insurance holding company, including its Commercial Insurance Group, Foreign General unit, and other property and casualty operations, to be called AIU Holdings, Inc., with a board of directors, management…
AIG reports $61bn fourth quarter net loss
AIG, the embattled US insurer, reported net losses of $61.7bn for the fourth quarter of the year.
Former Axa boss Hubbard returns
Law firm Keoghs has appointed Peter Hubbard as non-executive director.
Chubb looks to Ace for new senior underwriter
Chubb Insurance has appointed Neil Marking as senior accident and health underwriter for the London region at Chubb Insurance Europe, with immediate effect.
US government seen committing a further $30bn to AIG
The US government are stepping in one again to help stricken insurer AIG, CNBC has reported.
Swiss Re rights issue unlikely in 2009
It is unlikely that troubled Swiss reinsurer Swiss Re may raise money in a rights issue unless it absorbs over 9bn CHF of asset losses in 2009, said analysts at Deutsche Bank.
XL appoints new offshore energy underwriter
XL Insurance, the global insurance operations of XL Capital said it has appointed Elliot Lyes as offshore energy underwriter with global responsibility for XL Insurance's Offshore Operational account.
Marsh creates global claims role
Marsh has appointed Paul O'Keefe to the newly created role of global claims leader for its global energy practice.
AM Best upgrades RSA
AM Best has upgraded the financial strength ratings (FSR) to A (excellent) from A- (excellent) and the issuer credit ratings (ICR) to "a" from "a-" of the rated UK operating subsidiaries of RSA Insurance Group.