News
Insurers and government to thrash out overseas terrorism compensation scheme
MP Tessa Jowell is setting up a working party between the government and insurers to help decide how best to compensate UK victims of terrorism overseas.
Giles acquisition adds seventh southern base
Giles Insurance Brokers has completed the acquisition of Dickson Insurance Brokers.
Insurers up on early trading
The UK's two largest insurance groups Aviva and Prudential have reported steep share price rises this morning.
Increase in catastrophe losses to drive up premiums - PCIAA
(BestWire) — An increase in insured losses from a larger number of catastrophes in 2008 is just one factor of several that could be "squeezing the industry at once" to result in higher premiums.
Renaissance Re reports Q3 loss of $143.4m
Renaissance Re recorded an operating loss of $143.4m for the third quarter of 2008, compared to $167.8m for the same period last year, due to a $276m negative impact from hurricanes Gustav and Ike, and negative investment results of $93.3m.
Manchester broker heralded at awards
Bridge Insurance Brokers has been named general broker of the year at the first annual Manchester Insurance Awards.
Ace Q3 net income slips 92%; CEO Greenberg says soft market is 'over'
Ace's third quarter net income slipped 92% to $54m from $656m this time last year, but CEO Evan Greenberg was confident about the year ahead for the reinsurance industry.
Zurich estimates hurricane losses at $600m
Zurich Financial Services Group has said that based on preliminary estimates it expects aggregate claims payments related to hurricanes Gustav and Ike of approximately $600m before tax.
Swiss Re says not in talks with Swiss government about bailout
Swiss Re has denied it is in talks with the Swiss government about a possible bailout.
Cunninham Lindsey launches mediation service
Loss adjuster Cunningham Lindsey has launched a mediation service that will give disputing parties access to accredited mediators experienced in resolving civil and commercial claims.
Marsh launches new London binding authority service
Marsh has created a dedicated binding authority and consumer placement service in London to meet the needs of clients globally.
Third quarter results reveal £1.9m loss for Advent
Advent has reported a profit after tax of £26 000 for the first three quarters of 2008 compared to £7.8m in the same period last year.
RBSI commercial boss quits for Insurance Australia Group CEO role
Insurance Australia Group has appointed Royal Bank of Scotland Insurance commercial boss Andy Cornish as chief executive officer of its Australian direct insurance division, effective from late January 2009, reports Post Online .
Lloyd's selects new service to assess flood risks
Lloyd’s has selected Infoterra to implement a web-based flood risk assessment service for its managing agents.
WR Berkley forms Berkley Offshore Underwriting Managers
W. R. Berkley Corporation, the US (re)insurer, said it has formed Berkley Offshore Underwriting Managers.
Zurich hires senior casualty exec from AIG
Zurich said that Kevin Whitehead has been appointed head of its excess casualty unit.
S&P affirms Aviva rating
Standard & Poor's has affirmed its ratings of the main Aviva operating subsidiaries as AA/AA- ("very strong"). The group rating continues to be AA- with a stable outlook reflecting the continued robust performance of the Aviva group.
Novae says Gustav, Ike loss to reduce FY profits by £5-10m
Lloyd's insurer Novae has said that Hurricanes Gustav and Ike, net of reinsurance and reinstatement premiums, will reduce profit before tax for 2008 by £5-10m.
China Re reports 4.66% 9-month growth in revenues
(BestWire) — China Reinsurance Group Corp. reported a 4.66% growth in insurance revenues to 27.1 bn yuan (€3.17bn) in the first nine months of the year.
Bank of England raises insurer fears
The Bank of England has raised the prospect of insurance companies' investments falling below regulatory requirements or downgrades impacting their long term sustainability.
Baden Baden: Munich Re says market is hardening
(BestWire) During the Baden-Baden Rendez-Vous event, Munich Re said it believes the reinsurance market is hardening, thanks partly to the recent financial turmoil.
Insurance industry divided on US bailout talks
(BestWire) — As Treasury department officials continue to mull whether and how insurers might be included in the $700bn troubled asset relief program, sharp contrasts are being drawn between the life and property/casualty sectors on the topic of equity…
Axis Capital reports Q3 $249m loss
Axis Capital, the Bermudian (re)insurer, reported a loss of $249m in the third quarter of the year, down from a net income of $270m in the same period last year.
Hardy reveals hurricane exposure
Lloyd's insurer Hardy Underwriting has estimated that its combined claims exposure for hurricanes Ike and Gustav , after reinsurance and reinstatement premiums, is $23m.