News
Reinsurance key to mutual survival, says Willis Re president
Reinsurance can be crucial to ensure mutual insurers survive difficult periods, according to Willis Re president Paddy Jago.
Iran sanctions may force India and Greece to find alternative oil suppliers
The repercussions from US and EU sanctions on Iranian crude oil are being felt far beyond the Islamic Republic, according to a report by Exclusive Analysis.
MMA profits from motor turnaround
MMA Insurance has issued its 2011 annual results, the final numbers that will be issued before the business is merged with Provident Insurance to form Covéa Insurance in the final quarter of 2012.
RSA CEO Lee says Aviva-type deal would be "inherently risky"
RSA’s new CEO has insisted that it would shun major transformational deals because of the risk involved, while also insisting that it tends to walk away from bidding wars as these inflate acquisition prices.
Terrorism and political violence poll result
Risk downgrades were applied last week to the UK, France, Germany, Italy, Portugal and Spain.
MMA posts £12.1m profit in final results before merger
MMA Insurance recorded pre-tax operating profit of £12.1m in its 2011 annual results, up from £0.3m in the prior year period.
AMICE report charts rise of European mutuals
Mutual and cooperative insurers now have a 26% share of the European insurance market, according to a report by the Association of Mutual Insurers and Insurance Cooperatives in Europe.
Banking duo plan to launch Azerbaijan's first Islamic insurer
Azerbaijan-based Amrahbank is to establish the country's first Islamic insurer in conjunction with the Islamic Corporation for the Development of the Private Sector, according to local media reports.
Geddes eyes imminent job function separation as RBS divestment gathers momentum
Direct Line Group chief executive Paul Geddes remains confident that group separation will be achieved on schedule after announcing that job functions at the business will be operating on a standalone basis by the summer.
Yutree boss Leigh Smart warns broker commission is the 'next misselling scandal'
Leigh Smart, the former Davis Group boss who sold his business to Bluefin in 2007, has warned that brokers' undisclosed commission and fee income could be the next big misselling scandal.
'Benign catastrophe experience' helps Swiss Re to $1.1bn profit
Swiss Re reported first-quarter net income of $1.1bn for 2012, compared with a $665m loss in the prior year period.
AIG reports $3.2bn Q1 net income
American International Group reported net income attributable of $3.2bn for the quarter ended 31 March 2012, compared to net income attributable to AIG of $1.3bn for the first quarter of 2011.
Election grips Lloyd's Market Association
The Lloyd's Market Association is facing the most competitive election in its 11-year history for four new members of the governing body.
PPI problems continue to dog RBS
Bailed out bank RBS has confirmed that it was forced to set aside £125m in its Q1 accounts for additional payment protection insurance misselling payments.
Swiss Re nearly halves Q1 COR to 85%
Swiss Re has reported "strong underwriting, good investment performance and lower than-expected major natural catastrophe claims" for a "very strong first-quarter" net income of $1.1bn compared to a loss of $665m for Q1 2011.
RSA ties-up £375m worth of Gallagher subsidiary OIM deals
RSA has this morning confirmed the completion of two new five-year household deals and a commercial combined deal with Gallagher subsidiary OIM Underwriting.
Lancashire profits soar despite $34m Costa Concordia claims costs
Lancashire Holdings has reported Q1 gross written premiums up 36% to $234m (2011: $172m), and said that pre-tax profit was up more than fivefold to $46.5m (2011: $8.4m), despite Costa Concordia claims totalling $34.1m.
DLG records steady Q1 improvement as separation 'progresses well'
Direct Line Group has increased its Q1 operating profit by 25% on the same period last year to £84m, thanks to prior year reserve releases and higher investment income.
Aviva shareholder rebellion ranks alongside RBS as 54% say 'no'
Over half of Aviva's shareholders have voted against the remuneration of its top executives.
Adverse April conditions wreak havoc across the globe
Severe weather conditions across central and southern sections of the US last month have caused upwards of $1bn (£620m) in insured losses, according to Aon Benfield's Global Catastrophe Recap report.
Allianz Global Assistance posts record turnover for 2011
Allianz Global Assistance, of which Mondial Assistance UK is a member, achieved global turnover in excess of €2bn for the first time (€2.05bn) representing an increase of 8.5% over 2010.
Allianz sticking to targets for P&C profit plans
Allianz's attempt to more than double operating profit at its German property and casualty unit in the next three years is "on plan", according to Markus Riess.
Liberty Mutual names Martella senior VP for commercial markets
Liberty Mutual Insurance, the commercial lines division of Liberty Mutual Insurance Europe, has named Anthony Martella as senior vice president of its commercial markets unit.
Third insurance summit set for this autumn
A further insurance summit will take place in the autumn following yesterday's second meeting in Whitehall.