News
Insurers cannot underestimate work needed to comply with Solvency II
PwC has commented on today's launch by EIOPA of a public consultation on its revised proposals for reporting under Solvency II.
Groupama mulls possible sales option
Groupama is believed to be investigating the option of selling a stake in the company or assets to outside investors in an attempt to strengthen its capital and restore its solvency margin.
Proposal seeks to lift China's foreign motor insurer ban
China may be set to lift the exclusion on foreign insurers selling compulsory motor insurance in the region.
EIOPA launches public consultation on Solvency II
In order to facilitate the preparatory work of insurance and reinsurance undertakings for Solvency II, the European Insurance and Occupational Pensions Authority has opened a public consultation with regards to supervisory reporting & public disclosure…
Markel appoints chief representative for China
Markel has appointed Steven Zhang as chief representative for Markel China.
Howden acquires Accette’s Asian operations
Broker Howden has acquired the insurance operations of Accette Insurance Group in Hong Kong, Singapore, Thailand, Malaysia, and the Philippines.
Thai floods could cost $10bn
In an earnings conference call this morning to analysts Aspen predicted that the market loss as a result of the recent floods in Thailand could reach as high as US$10bn.
Coface achieves 'AA-' rating and stable outlook
The major insurance entities of the Coface group has all received insurer financial strength ratings at 'AA-'.
Markel's combined ratio hits 105% due to nat cat losses
Markel Corporation’s combined ratio increased to 105% in the first nine months of 2011 due to heavy natural catastrophe losses.
BWise and LiBi to join forces in Israel
BWise, governance, risk and compliancemanagement software solutions specialist, has entered into a partnership agreement with business intelligence firm LiBi Software Technology in Israel.
XL launches D&O cover for 21st Century
XL Group has introduced new policy wording designed to protect directors and officer from 21st Century risks.
European conditions challenging for JLT
Jardine Lloyd Thompson Group has reported it remains on track to achieve its objectives and deliver year-on-year financial progress.
Car premiums need cross-ministry view
A group of MPs has called on the government to establish a cross-ministry committee to tackle rising motor insurance premiums.
China set for auto insurance market thaw
A possible thaw is set for China's lucrative compulsory auto insurance market for foreign insurers.
FSA fines Coutts £6.3m
The Financial Services Authority has fined Royal Bank of Scotland-owned Coutts for failings in connection with the sale of an AIG fund.
Markel reports 105% COR on nat cats
Markel said its combined ratio was 100% for the third quarter of 2011 compared to 93% for the third quarter of 2010 and was 105% for the nine months ended September 30, 2011 compared with 99% for the same period of 2010.
FSA to work with insurers to avoid costs from Solvency II delay
Commenting on the announcement yesterday that the Financial Services Authority plans to work with insurers to help them avoid costs from a 12 month delay to the introduction of Solvency II, Steven McEwan, of counsel in Hogan Lovells Financial…
Profits nosedive at Munich Re
Munich Re announced its third quarter operating profit was down 88% to €402m (2010: €3.4bn) and its consolidated profit was down 96% to €80m (2010: €2bn).
Hyperion completes acquisition
Howden Broking Group, the broking subsidiary of Hyperion Insurance Group, has completed the acquisition of the insurance operations of Accette Insurance Group in Hong Kong, Singapore, Thailand, Malaysia, and the Philippines.
JLT struggles in European markets
Broker JLT said its overall trading performance is in line with expectations but warned that European markets had been challenging and rate remained weak.
Crawford’s nine-month income up 203%
Crawford has announced net income in its third quarter grew 18% to $15.3m (2010: $12,9m), taking the year to date’s net income to $40.9m, up more than 200% on the previous year’s $13.5m.
ABI to collate members' views on Solvency II consultation
The Association of British Insurers has begun the task of compiling the views of its members following the European Insurance and Occupational Pensions Authority’s decision to launch a Solvency II consultation.
Oxygen sells assets
Oxygen Holdings is to sell its subsidiary Robertson Taylor to Entertainment Insurance Partners for an undisclosed sum.
XL Insurance launches Bermuda professional lines department
XL Insurance Bermuda has today announced that it has created a new department within its Professional Lines unit to handle unique, complex insurance risks.