News
Prudential fined £30m over failed AIA bid
The UK's Financial Service Authority has fined Prudential £30m for failing to report the AIA acquisition plans to the regulator.
Sandy topped 2012 losses while Italy saw record earthquake damage
A rare series of Italian earthquakes caused insured losses in excess of $1.6bn in 2012, the highest ever recorded in the country, according to Swiss Re.
Lloyd's profit hits £2.8bn after lower cat losses
Lloyd's has reported a 2012 pre-tax profit of £2.77bn following a loss of £516m in 2011.
FSA fines Prudential £30m and censures CEO over AIA deal
The Financial Service Authority is set to fine Prudential £30m and censure its chief executive Tidjane Thiam, for failing to report the AIA acquisition plans to the regulator.
Marsh calls for review of claims handling ahead of Laspo
A review of claims handling procedures is needed as legislatory changes coming into force next week will change liability requirements.
Willis Re rings the changes in Australia
Leadership team at Willis Re in Australia changes as Michael Harden steps up from CEO to become chairman.
Motor premiums soar in Indonesia
Record car sales spurred motor premium growth in the fast growing Indonesia in 2012.
Insurance complaints rise in Hong Kong
Complaints rose 18% last year in Hong Kong, but self-regulator says this reflects more sales.
Robert Hiscox awarded Lloyd’s Gold Medal
Former Hiscox chairman Robert Hiscox has been honoured by Lloyd’s for services to the London market.
Paterson refuses to 'rush through' flood risk solution, as SoP expiry looms
Environment secretary Owen Paterson has claimed there is “no point rushing through” a long-term flood risk solution, despite there being just three months until the Statement of Principles expires.
Top five Asian news stories
The top five stories from www.insuranceinsight.com over the past seven days.
Miller bolsters reinsurance and corporate teams with double hire
Miller has added further to its reinsurance team with the addition of brokers from JLT Re and Gibbs Hartley Cooper.
Ingenie slams ABI night curfew proposals for young drivers
Ingenie has said the Association of British Insurers proposals to introduce a night time ban for young drivers as a way of improving young driver safety.
Future Group to sell GI stake
Future Group today entered into a non-binding agreement to merge L&T General Insurance with Future Generali India Insurance, according to reports in the local media.
SunGard launches policy administration system for Apac insurers
SunGard has launched Compass Asia, an integrated policy administration system in response to increased focus on operational efficiency across the region.
Talanx enjoys results boost following IPO
Talanx showed strong underwriting performance in the first full year results since its initial public offering, but there is still room for improvement according to analysts.
ABI brands Marsh's Flood Mu model 'completely unacceptable'
The Association of British Insurers has issued a damning response to Marsh’s proposal for a mutulised solution to flooding, describing the ‘Flood Mu’ model as “completely unacceptable to insurers”.
E&Y welcomes long term financing consultation
Ernst & Young has joined Insurance Europe in welcoming the green paper on long-term investment issued by the European Commission yesterday.
Mutual growth outpaces traditional insurers since the crisis
European mutual insurers have managed to wrestle 10% of the general insurance market from their traditional counterparts since 2007, a new study has shown.
SRA issues PI referral fees ban guidelines
The Solicitors Regulation Authority has issued guidance and support for those in need of advice ahead of the introduction of the referral fees ban in personal injury cases.
RKH eyes further M&A activity following 13-years of growth
RK Harrison has recorded a 21% increase in turnover to £92.9m for the year ended 30 June 2012, in which the firm maintained a profit margin of 25%.
ProSight appoints technology underwriter
ProSight, which operated Syndicate 1110 at Lloyd’s, has appointed Dennis Huggins as technology underwriter with immediate effect.
Top five European news stories
The top five European stories from www.insurancensight.com over the past seven days.
Argenta recruits Hardy claims head for syndicate role
Argenta has recruited Hardy’s claims boss to serve as its own head of claims and reinsurance at its Lloyd’s syndicate from 2 April.