News
Fitch backs new US government AIG bailout
Rating agency Fitch has voiced support for the restructuring of the US government’s financial rescue package for AIG .
AIG reports £15bn net loss
AIG has reported a net loss for the third quarter of 2008 of $24.47bn (£15.01bn) compared to a net income of $3.09bn in the same period of 2007.
Hopkins to leave Integro
Integro partner Marcus Hopkins is to leave the firm, Reinsurance Magazine can reveal.
New AIG bailout confirmed
A new bailout of AIG has been confirmed by the company and US regulators in a release today.
US government scraps AIG bailout and seals new deal
The US government reached a deal on Sunday night to scrap its original $123bn bailout of American International Group and replace it with a new $150bn package, according to a report by the Wall Street Journal, quoting sources.
Crawford acquires majority stake in Polish claims firm
Crawford and Company has acquired a majority stake in Claim Consulting for an undisclosed sum.
US government scraps AIG bailout and seals new deal
The US government reached a deal on Sunday night to scrap its original $123bn bailout of American International Group and replace it with a new $150bn package, the two groups confirmed today.
Cargo claims face non-payment says Aon
Some 10% of cargo insurance claims face non-payment due to insufficient cover, according to Aon.
Hiscox reports 14% rise in GWP in UK
Hiscox UK has reported a 14% rise in gross written premiums of £196m for the nine months to the end of September.
Cooper Gay buys Benfield's aerospace team
Cooper Gay has acquired Benfield’s London-based aerospace team for an undisclosed sum, it was announced today.
Ecclesiastical launches "crunch-proof" wedding product
Ecclesiastical has launched a flexible and tailor-made wedding insurance product, which it claims is a first for the market.
Ecclesiastical aims to ease wedding nerves
Ecclesiastical has launched the market’s first flexible wedding insurance product which allows couples to tailor their policy exactly to their wedding’s requirements.
Berkshire Hathaway Q3 net income drops 77%
Third quarter profits at financial services behemoth Berkshire Hathaway dropped 77% to $1.06bn, down from $4.55bn a year earlier.
Allianz Q3 reports €2bn net loss
Allianz, the German insurance giant, reported a third quarter net loss of over €2bn (£1.58bn), compared to a €1.9bn net gain in the same period last year.
Losses to D&O insurers forecast to be $5.9bn, says Advisen
Insurance research firm Advisen has revised its forecast to $5.9bn of losses to D&O insurers from the $5.6bn it had estimated in February.
Allied World reports third quarter net loss of $46.4m
Allied World, the Bermudian (re)insurer, reported a net third quarter loss of $46.4m, compared to net income of $109m, for the third quarter of 2007. Net income for the nine months ended September 30, 2008 was $163.8m, compared to net income of $346.2m,…
Validus says third quarter loss slides on US hurricane losses
Validus reported a third quarter loss of $126.3m, down from a net income of $136.5m this time last year. Net income for the nine months ended September 30, 2008 was $16.1m, compared with $264.0m, for the corresponding period in 2007.
Final dividends announced for insolvent UIC Insurance
UIC Insurance, which is currently in provisional liquidation, will offer a total dividend of 134%, its schemes officers reported today.
Heritage recruits ex-BMS CEO and Catlin leader
Former chief executive officer of reinsurance broker BMS, John Spencer, has been appointed non-exective director of Heritage Managing Agency.
Munich Re upbeat despite 99% drop in Q3 profit
Munich Re has remained upbeat about the prospects for the world reinsurance profit despite booking a 99% drop in third quarter profit.
Endurance results dragged down by Hurricanes Gustav and Ike
Endurance Specialty Holdings, the Bermudian (re)insurer reported a net loss of $99.4m for the third quarter of 2008, down from a net income of $131.4m that it recorded in the third quarter of 2007.
CBG raises £1.65m through share placing
Manchester-based insurance broker CBG Group has paved the way for organic growth by raising £1.65m through the placing of 1 375 000 new ordinary shares of 4p each at a price of 120 pence per share.
Underwriting must improve, says Keeling
Growing pressure on investment income means underwriting must "be king" for insurers to survive the economic downturn, Henry Keeling, former vice president and chief executive officer of XL Capital, told delegates at the Xchanging conference on Wednesday.
Aegon Scottish Equitable increases immediate cover limits for business protection
Aegon Scottish Equitable has improved its immediate cover facility for business protection by increasing its underwriting life cover limits to £2.5m.