Europe
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.
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.
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.
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.
Post magazine – 18 April 2013
The latest edition of Post magazine is now available to subscribers as a digital and interactive e-book.
Tawa completes KX sale
Run-off specialist Tawa has completed the sale of 100% of its shares in KX Reinsurance Company to Catalina Holdings (Bermuda) following regulatory approval.
Insurers not yet in the clear over horsemeat scandal as claims emerge
Contaminated meat claims linked with the horsemeat scandal are now reaching insurers despite clauses that limit liability within product recall policies.
Balva’s UK ban raises questions over SRA list of qualifying PI insurers
A move by the Latvian regulator to suspend the passporting rights of Riga-based insurer Balva has reignited broker concerns about the presence of unrated insurance companies operating in the UK market.
Willis secures twelve month extention in Gras Savoye deal
Willis Group has extended the exercise date of its call option to acquire full ownership of French insurance broker Gras Savoye by one year.
Ace appoints environmental head for Germanic region
Ace Group has appointed of Udo Wegerhoff as environmental insurance manager for its Germanic region as it grows its environmental offering across Continental Europe.
Chubb Europe reshuffles financial lines team
Chubb Insurance Company of Europe unveiled two senior finanical lines appointments today.
Latvian watchdog suspends all Balva licences
Latvia‘s Financial and Capital Market Commission has temporarily suspended all licenses issued to AAS Balva.
Regulation: A heavy crown
The downfall of the Financial Services Authority was met with resounding support. However, as its successors take over sceptics ask whether the twin peak model might create more discontent in the industry.
Solvency II: worth the wait?
After many delays, Solvency II implementation is still far from certain. While some insurers have grown disillusioned by the process, others remain keen to see the directive’s benefits come to fruition.
Gallagher criticises SRA over Balva
Gallagher London has described the ban on Latvian insurer Balva underwriting new business in the UK as "another embarrassment for the Solicitors Regulation Authority" due to the insurer's inclusion on the body's approved list of qualifying professional…
Insurance Europe lobbies US over foreign reinsurer tax
Trade body Insurance Europe has written the US Congress regarding proposals to disallow a tax reduction for some foreign affiliated reinsurance premiums.
Consolidation in Polish market likely
Further consolidation in Central and Eastern Europe’s largest insurance market is likely as Poland’s “big five” look to increase their market share, according to analysts.
Supply Chain Council launches model and first risk report
The Supply Chain Risk Leadership Council has published its first emerging risks report, designed to help organisations identify the risks that may have a major impact on their business.
Mutuals can capitalise on changing reinsurance framework
Savvy mutual insurers stand to benefit from changes in the traditional reinsurance market, according to Willis Re.
Balva banned from writing UK business
The Solicitors Regulation Authority is writing to legal firms holding professional indemnity policies with Latvian insurer Balva after it was barred from writing new business in the UK.
Balva banned from writing UK business
The Solicitors Regulation Authority is writing to legal firms holding professional indemnity policies with Latvian insurer Balva after it was barred from writing new business in the UK.
Lack of confidence in financial institutions noted by EU watchdogs in joint report
The Joint Committee of the European Supervisory Authorities today published its first report on Risks and Vulnerabilities in the European Union’s Financial System.
Brokerslink launches employee benefits practice group
International broking network Brokerslink launched a a Global Employee Benefits Practice Group on Thursday.
Blog: Is the client always right?
Barely three months into my new job, I have immersed myself in the challenges it has to offer and am enjoying every step of the journey with my customary “bring it on” attitude to life.