News
Discount rate proposals attack the 100% compensation principle
Calls for changes to the current approach for setting the discount rate are attacking the principle that injured people should receive 100% of their compensation, David Westcott QC has argued.
DAC Beachcroft acquires PI team in Newport
DAC Beachcroft has acquired a professional indemnity team in south Wales, led by partner Clare Hughes-Williams.
S&P affirms A- rating for Ecclesiastical
Ecclesiastical Insurance Office has had its A- rating affirmed by Standard and Poor’s. The insurer also maintained its stable outlook.
Aviva to slash global workforce by 6%
British insurer Aviva will cut its workforce by 6% over the next six months in a bid to reduce expenses.
Departing XCS chief adjuster Cook tipped to join Charles Taylor
Richard Cook, head of reinsurance and chief adjuster at Xchanging Claims Services, has tendered his resignation and is believed to be taking his entire team with him to Charles Taylor Insurance Services.
Aviva to cut 2000 jobs
Aviva is to cut more than 6% of its global workforce with 2000 roles across the UK, Europe and Asia being made redundant.
Italian criminal case against European Insurance Group directors closed
A Naples judge has officially closed the Italian criminal case against shareholders, directors and consultants of European Insurance Group.
Top five European news stories
The top five stories from www.insuranceinsight.com over the past seven days.
Ace promotes underwriter Knox to managerial role in Scotland
Ace has promoted senior casualty underwriter Gordon Knox to the position of casualty manager for Scotland.
Law firm and solicitor numbers drop in industry first
The number of law firms and private practitioners in England and Wales have both decreased for the first time ever, according to the latest Law Society’s Annual Statistical Report.
Talanx targets 10% increase in net income annually
German insurer Talanx is eying annual net income growth of 10% for the next three to five years, it's chairman Herbert Haas has said.
BMS boss Beardmore resigns as firm focuses on 'phase two'
BMS Group chief executive Carl Beardmore has resigned with immediate effect.
People missing and buildings still ablaze following Texas explosion
An unknown number of people are dead and dozens of homes and buildings have been destroyed following an explosion at a fertiliser plant near Waco in the US state of Texas.
Duo joins PHP board of directors
The Private Health Partnership has appointed two new board members.
ING to float US stake for $1.5bn
Dutch banking giant ING has filed a preliminary prospectus with the US Securities and Exchange Commission for the initial public offering of its US insurance and investment business.
Charles Taylor appoints director
Run-off specialist Richard Hayes has joined Charles Taylor Insurance Services as strategic business planning and development director and is charged with driving the firm's plans for growth in the insurance services market.
Quindell enters North America through acquisition
Quindell Portfolio has entered the North American insurance market through its acquisition of software as a service-based provider Iter8 in a deal worth £20.8m.
Ping An releases online bird flu cover
500 bird flu insurance policies have been sold since 12 April by Chinese insurer Ping An, as poultry industry losses hit 10bn yuan.
Global insurance rates climbed in first quarter, according to Marsh
Global insurance rates climbed 0.3% in the first quarter of 2013 bolstered by the US market, continuing an 18 month trend, according to Marsh’s latest global insurance market quarterly briefing.
Mystery over source of bird flu in China
Dr Zeng Guang, the chief of epidemiology at the Chinese Centre for Disease Control and Prevention has revealed that 40% of the 82 confirmed H7N9 bird flu victims have not had recent contact with poultry.
CIRC raises insurer share cap for domestic investors
The China Insurance Regulatory Commission has raised the limit for domestic investors in insurers to 51%.
Mutuals hit harder by some cat losses, says Willis Re director
While many of the claims issues arising from catastrophe losses are common to the insurance industry, some are more acutely felt by mutual insurers, Willis Re’s technical claims director has warned.
Boston bombs insured losses unlikely to breach $1m
Insured losses from a pair of explosions near the finish line of the Boston Marathon are unlikely to be significant, according to modeler Risk Management Solutions.
Towers Watson calls for executive pay to reflect ERM
A third of global risk executives are unhappy with links between risk management and their executive pay policies but have no plans to change their approach, according to a study by Towers Watson.