News
US insurers in bail-out talks with Treasury
Three US insurers are understood to be in talks with the US Treasury about a possible state-cash injection.
Aegon in Dutch government talks
Giant European insurance group Aegon is in weekend talks with the Dutch government over the possibility of it joining a Euros 20bn state recapitalisation scheme, according to a report in the UK's Sunday Times newspaper.
Tax millstone for US reinsurers prompts legal call
Less than one in four insurance industry professionals polled by AM Best believe US insurers and reinsurers can compete with firms based in low-tax domiciles. The survey also shows that over half support tax law changes to address the issue.
Great Lakes Casualty upgraded in wake of acquisition
Ratings Agency AM Best has upgraded the financial strength rating to A (Excellent) from B- (Fair) and issuer credit rating (ICR) to “a” from “bb-” of Great Lakes Casualty Insurance Company.
Life - Reinsurance Group of America sees income drop
Life reinsurer, Reinsurance Group of America has reported net income for the third quarter of $25.2m compared to $76.5m for the same quarter last year. However operating income increased by about 25% to $118.5m from $95.65m in the same period last year.
Towergate appoints new board member
Towergate Partnership has appointed Darryl Clark to the main board of Towergate as company secretary and group risk management director.
Founder steps down as regulator hits Quinn with £2.56m fine
Sean Quinn senior, the founder and chairman of Quinn Insurance, has been fined £2.56m (€3.25m) by the Irish financial regulator.
Arch Capital sees income dip in 2008
Bermudian insurance group Arch Capital saw its third quarter net income fall to $26.4m, compared to $199.7 m in 2007. For the first nine months of 2008 Arch Capital's net income fell to $408.1m, from $597.7m last year.
RMS: Ike the third largest hurricane loss ever after estimate update
Risk Management Solutions has updated its estimate for US onshore and offshore insured losses from Hurricane Ike to $13-21 bn, of which $10-15bn is estimated for wind and storm surge in Texas and Louisiana.
Scor completes deal
Scor has completed the acquisition of 100% of the share capital and voting rights of Prévoyance et Réassurance and its life and health reinsurance subsidiary Prévoyance Ré from the Malakoff Médéric group.
Jubilee adds to team in strategy move
Jubilee Managing Agency has appointed Norman Topche as its new director of reinsurance, to support the company’s plans for strategic expansion, it announced today.
Barbon appoints new head of broking and client services
Commercial property insurance broker Cadogan Keelan Westall - part of the Property and Commercial Division of Barbon Insurance Group - has promoted Michelle Richards to head of broking and client services.
Aon redomiciles one of its companies
White Rock has announced it has redomiciled to Malta.
Montepelier gets thumbs up for Lloyd's managing agency
Montpelier Re has confirmed it has received approval from the Financial Services Authority and Lloyd's to establish a wholly-owned Lloyd’s Managing Agent subsidiary, Montpelier Underwriting Agencies which will assume the management of Montpelier…
Montepelier Re sees $55m operating loss
Montpelier Re has recorded an operating loss of $55m for the third quarter of this year. The company said the loss reflected a combined net financial impact from Hurricanes Gustav and Ike of $130m.
Novae boosts marine team
Novae has appointed Ian Smith to Syndicate 2007 as marine underwriter.
Aon hires chief risk officer
Insurance broker and risk adviser Aon has appointed Pauline Colvin as chief risk officer.
Property and liability premiums still tumbling say risk managers
The latest RIMS Benchmark Survey of policy renewal prices shows that premiums continue to fall. According to north American corporate risk managers there was an 8.5% fall in average property premium in the third quarter. General liability fell 9.6% - the…
Argent expands into Scotland
Specialist liability adjuster Argent, part of the Parabis Group, has opened a new office in Glasgow.
Lockton unveils new northern office
Lockton has moved to a new office at 19 Spring Gardens in Manchester.
Transatlantic records third quarter loss - no sale news
Transatlantic Holdings has recorded a net loss for the third quarter of 2008 of $107.5m, compared to net income of $141.7m in the same quarter last year. Net income for the first nine months of 2008 totalled $97.9m compared to $374.6m in the first nine…
DAS CEO given presidency role
The chief executive of DAS Legal Expenses Insurance, Paul Asplin, has been appointed as the new vice president of RIAD, the International Association of Legal Expenses Insurers.
FSA bans Lancashire broker
The Financial Services Authority (FSA) has banned Lancashire broker Neil McKay after finding that he cancelled contracts of insurance without customers’ knowledge or approval and failed to pass premium payments taken from customers on to other…
Allstate hit by operating loss of $190m
Giant US insurer Allstate has recorded an operating loss of $190m on the back of $1.8bn in disaster losses inlcuding losses from hurricanes Ike and Gustav and falling investments. The company's shares slipped by up to 11% in the wake of the results,…