News
Far East 'cold spots' and nat-cats lead Canopius to report first loss
A string of natural catastrophe losses in 2011 drove Canopius Group to the first loss in the company's eight-year history.
Solvency II lobbying has "clearly paid off"
PwC has commented on the proposed last minute deal struck by Parliament to not drop the matching premium ahead of Wednesday's Solvency II Economics and Monetary Affairs Committee vote.
Lawyers respond to Sants' exit from the FSA
Mathew Rutter, regulatory partner at DAC Beachcroft, said that Hector Sants' departure from the Financial Services Authority at the end of June could not come "at a worse time" for regulated firms.
European insurers win ground in Solvency II debate
European Union insurers could be spared the full impact of solvency rules owing to a last-minute agreement on Thursday between senior lawmakers.
Sants set to quit FSA in June
The chief executive of the Financial Services Authority, Hector Sants, has announced his intention to leave the organisation at the end of June.
Groupama UK CEO eases sale concerns with "terrific" results
Groupama UK chief executive Francois-Xavier Boisseau has declared himself "delighted" with his firm's performance after recording a pre-tax profit increase of 84% to £43.5m last year across combined operations.
Asian states lobby EU in hope of Iran oil sanctions U-turn
European Union foreign ministers are expected to consider how the bloc's Iranian oil embargo will affect insurers at a meeting in Brussels next week, under mounting pressure from Asian states to change their stance.
Mitsui Sumitomo expands construction team with Burgess hire
Lloyd's insurer Mitsui Sumitomo said it has strengthened its commitment to the UK construction market by appointing Adrian Burgess as underwriter.
Mitsui Sumitomo strengthens construction arm with Burgess appointment
Mitsui Sumitomo at Lloyd's has strengthened its commitment to the UK construction market by appointing Adrian Burgess as underwriter.
Swiss Re seeks approval for dividend increase to €2.48
The Swiss Re board of directors has proposed the approval of a dividend for 2011 of CHF3.00 (€2.48) per share and the election of Robert Henrikson to the board.
Cobra to cut costs in holding company
Retail and wholesale insurance broking group Cobra is to continue to focus on core revenue areas while carrying out a cost reduction programme in relation to its holding company and overhead costs in order to reflect the smaller size of its operating…
Insurers still wary despite Solvency II deal ahead of vote next week
The European Parliament's two biggest parties have tentatively agreed to include measures related to Solvency II legislation that could save the industry billions and avoid a long delay to the rules' implementation, according to reports.
Groupama CEO reaffirms employees and policyholders despite £1.5bn net losses
Groupama chief executive Thierry Martel has blamed "adverse market conditions" on huge capital losses, attributing the group's net result of a loss of almost €1.8bn (£1.5bn) to the Greek debt crisis.
Groupama targets commercial e-trading push with trades launch
Groupama has revealed its intention to corner the commercial e-trading market with the launch of its 'miscellaneous trades' facility for Optima Business Plus.
Cat price rises inadequate, says Canopius
Canopius executive chairman Michael Watson has said that tenfold increases in premiums in Thailand have been exceptions, and complained that insurers have not done enough to raise rates across the board.
Apil issues justice warning despite Laspo bill exemptions
A decision by the House of Lords to exempt victims of industrial disease from the proposals for 'no-win, no-fee' in the Legal Aid, Sentencing and Punishment of Offenders Bill has been welcomed by the Association of Personal Injury Lawyers.
China loses out as Mapfre targets more 'liberal' Asian countries
China's hostile environment for foreign investors has led Spanish insurer Mapfre to seek acquisition targets elsewhere in Asia in order to expand within the region.
Solvency II unlikely to spark wave of relocations, says Fitch
Solvency II is unlikely to lead to a wave of European insurers moving their headquarters out of Europe as a result of concerns about third-country equivalence, particularly for the US, ratings agency Fitch has claimed.
Solvency II will not spark relocation, says Fitch
Solvency II is unlikely to lead to a wave of European insurers moving their headquarters out of Europe because of third-country equivalency concerns, Fitch Ratings has said.
Boards need to wake up to cyber threats
Company directors must wake up to cyber threats or risk litigation from all sides, according to Francis Kean of Willis Group Holdings.
Boards urged to wake up to cyber threats and liabilities
Company directors must wake up to cyber threats or they risk litigation from all sides, according to Willis.
Aon Risk Solutions appoints ex-JLT man Marshall as power leader
Aon Risk Solutions has confirmed the appointment of former JLT employee Darren Marshall as power construction leader.
Aon extends power team with recruit from RK Harrison
Aon Risk Solutions has appointed Darren Marshall as power construction leader.
Canopius tumbles to first ever loss
Lloyd's insurer Canopius has announced its first ever loss – of £64m before tax (2010: profit of £40m) with catastrophes adding 24 points to its combined ratio bringing it to 111%.