Europe
SII interim measures could bring costs without benefits, warns Insurance Europe
Insurance Europe has raised concerns about the impact of interim measures in the wake of Solvency II delays, in a letter to the head of the European Insurance and Occupational Pensions Authority.
Cross-border acquisitions drive demand for transactional risk insurance
Global demand for transactional risk insurance grew by 41% last year as firms turned to insurance to protect large deals and cross-border acquisitions and sales, according to Marsh.
Markel raids QBE for professional and financial risks MD
James Hastings has been appointed managing director of Markel’s professional and financial risks division.
Mapfre expects revenues to top €26bn in 2013
Spanish insurer Mapfre plans to pay a record dividend of €0.11 per share after posting revenues of €25,301.2m for the 2012 financial year.
S&P revises outlook on Ageas' Portuguese subsidiary
Standard and Poor’s has revised the outlook for insurer Millenniumbcp Ageas' core entities to stable following action on Portugal's sovereign rating.
RSA's sales and strategic relationship director to depart
RSA's sales and strategic relationships director for UK & Western Europe, Chris Sime, will be leaving the insurer at the end of June.
Aon launches scenario modeling tool based on past catastrophes
Impact Forecasting, Aon Benfield's catastrophe model developer, has launched scenario models to generate loss estimates for historic and hypothetical disasters.
K&R demand likely to increase following Chavez death
Interest in kidnap and ransom policies for Venezuela is expected to increase following Chavez' death, according to analysts.
Italy's political shift could spur ecommerce
While the uncertain outcome of Italy’s February election may herald a worrying time for Eurozone politicians, the success of Beppe Grillo’s Five Stars Movement it could have a positive impact on the insurance market.
Kilpatrick appointed global markets exec for Dual International
Dual, the underwriting arm of Hyperion Group, is entering the next phase of its restructure following a strategic review.
Day joins Global Options advisory board
Global Options has appointed former Ace vice president Roger Day to its advisory board.
Novae 'rebalances' book to deliver £49m profit
Novae has reported underlying profit before tax of £49.3m (2011: £6m loss) while the underlying pre-tax return on equity was 17.6% (2011: negative return of 2.1%).
Post magazine – 7 March 2013
In this week's Post, analysts have cast doubt on the Co-Operative Bank’s ability to offload its general insurance business. Sources have suggested any plans to sell its general insurance business could be challenging after a Financial Times report…
International: Are you protected?
A pan-European data protection regulation may enhance transparency and accountability, but could inadvertently hamper insurance activities, harming companies and policyholders.
Kennedys hires Clyde & Co energy and construction partner
Kennedys has grown its international energy team with the hire of Graeme Baird from Clyde & Co.
IUMI calls for greater access to inspection data
The International Union of Marine Insurance has written to the Paris Memorandum of Understanding on Port State Control to call for an increase in the level of inspection data available to underwriters.
Miller raids rivals to grow French reinsurance team
Miller has hired three senior reinsurance brokers in a bid to increase its foothold in the French market.
Turkish GI growth set to continue
Turkish non-life insurers are set to benefit from government initiatives and increasing demand from younger generations, according to a comment published today by Fitch.
Top five European news stories
The top five European news stories from www.insuranceinsight.com over the past seven days
JLT increases revenue by 7% and unveils new transformation programme
JLT increased revenue to £880.1m in 2012 with 7% coming from organic growth and 1% through acquisitions. This was offset by 1% foreign exchange movements compared to 2011.
Willis promotes Wemyss as Pickering exits
Tony Wemyss will become broker Willis's regional CEO of the group's Central and Eastern Europe, Middle East and Africa operations from 1 April.
Towers Watson adds two brokers to crisis management team
Towers Watson has added two brokers to its crisis management broking and consultancy operation.
Coface premiums up 3.1% after strong Apac and Latam growth
Credit insurer Coface posted a 6.6% rise in net profit (excluding restructuring costs) to €129m in the first full year results since its re-brand.
Marsh unveils UK and Ireland large corporate unit
Marsh has created a single division to serve mid-size and large corporates across the UK and Ireland, along with multinational clients in the region.