News
Axa UK CEO "happy" with 9% commercial lines growth
The UK boss of Axa has admitted that he is “happy” with its performance in a “tricky” commercial market, although he stopped short at revealing its combined operating ratio for the 2012 financial year.
CILA takes IMD2 fears to Brussels
CILA boss Malcolm Hyde has taken his concerns on the Insurance Mediation Directive 2 to MEPs.
Ecclesiastical halts Gloucester relocation
Ecclesiastical has stopped its plans to relocate to Gloucester Docks following the termination of its agreement with Gloucester City Council to build a new headquarters in that location.
Zurich launches corporate accident and business travel product
Zurich has launched corporate accident a business travel policies available for business of all sizes, from SMEs to multinational corporations.
Cardif Pinnacle joins Protect
Cardif Pinnacle has joined the association for UK protection markets, Protect.
Analyst opinion divided on RSA dividend cut
News that RSA plans to cut its dividend has been met with a mixed reaction from the analyst community.
Swiss Re reports 2012 net income up 60%
Swiss Re has reported soaring net income alongside a special dividend for shareholders driven by P&C reinsurance business.
Indian watchdog hits SKS with Rs50 lakh fine
Shares in Indian finance firm SKS Microfinance fell 2.39% after it was fined Rs50 lakh by the Insurance Regulatory and Development Authority.
IAG to write off $260m following Equity sale to Aquiline Partners
Insurance Australia Group has announced that it recorded a loss of $182m in respect of its "discontinued" UK operations in the six months to 31 December 2012.
Giles recruits NIG Scotland boss to helm Glasgow branch
Independent broker Giles has swooped to recruit the leader of NIG’s Scottish operations.
Lancashire produces stable profit despite $44m Sandy loss
Lancashire Holdings saw an increase in gross written premium in 2012 to $724.3m (£475.8m) compared to $632.3m the year before. Its net operating profit slightly increased to $220.3m (2011: $219m) over 2012, and its combined operating ratio was reasonably…
Argo's head of aerospace to become underwriting director
Lloyd’s insurer Argo International has promoted Bruno Ritchie, pictured, to underwriting director.
Mitigating the ripple effect of disaster
Business interruption, natural catastrophes and fire represent the top three risks for corporates in 2013 and clients need to partner their insurers closely to develop risk management strategies says Dr Lutz Fullgraf.
Insurance internet searches down to 1.1m
Internet searches for insurance-related terms fell to 1.1m in January after peaking at 1.8m last October, a Greenlight report revealed.
KPMG criticises ‘disappointing’ lack of SII timetable
KPMG has branded the lack of a timetable for the implementation of Solvency II as ‘disappointing’, as the European Parliament vote to delay the vote of Omnibus II to 22 October 2013.
Solvency II compliance could move to 2016 following latest delay
The European Parliament plenary meeting to consider, and possibly approve, the Omnibus 2 amendments to the Solvency II directive has been moved back from 10 June to 22 October 2013.
Axa sees 3% drop in revenue from Southern Europe
Axa’s Southern European revenues have been hit by the difficult economic environment but mature market revenues continued to increase.
Swiss Re full year net income rises to $4.2bn
Swiss Re posted net income of $4.2bn for the full year 2012, driven by strong profitability in property and casualty reinsurance and strong investment result.
Argo International appoints underwriting director
Lloyd’s insurer Argo International has appointed Bruno Ritchie as director of underwriting, subject to regulatory approval.
Lancashire Holdings unveils capital management division
Lancashire Holdings has created a capital management division, which will be led by Simon Fascione.
Axa UK & I GI revenue rises 2% to £3.8bn
The cost of flooding and storm damage claims pushed Axa UK & Ireland's combined ratio to over 100% in 2012 - a deterioration of 0.8 points compared to 2011 - despite underlying earnings improving year-on-year by £62m to £134m.
IAG triples profit
Insurance Australia Group tripled its profit in the second half of 2012, the first half of its financial year.
Two day strike hits Indian economy
Hundreds of thousands of private sector and government employees are on strike in India protesting over government reforms.
Industry mulls Matras’ options after Ageas shake-up sees high profile exits
Past and present colleagues of Laurent Matras have paid tribute to the outgoing Groupama Insurances managing director, with one suggesting he could seek to further his career at a smaller firm in a bid for more dynamism.