Europe
QBE unveils cost-cutting plan as Burns takes group CFO role
QBE Europe chief executive Steven Burns is to relocate to Australia to take over from Neil Drabsch as group chief financial officer.
QBE European premium up 6% to £3.2bn
QBE has reported an 8% rise in net profit after tax to US$761m (2011: $704m) in 2012, while insurance profit was up 16% to $1.26bn (2011: $1.08bn) supported by a strong investment result.
Guy Carpenter appointment signals focus on European casualty market
Guy Carpenter & Company has appointed Georg Fuelles as head of European casualty strategy.
Hiscox profit soars to £217m
Hiscox has reported a pre-tax profit of £217.1m for the full-year 2012, dwarfing the 2011 result of £17.3m, and improving its group combined ratio by 14 percentage points to 85.5%. Gross written premium increased to £1.57bn (2011: £1.45bn).
Fonseca reveals three-step plan to becoming a broking powerhouse
Treating clients as partners, investing in the future and joining forces with peers from around the world are key to independent brokers becoming powerhouses of the global insurance industry.
Aggregator influence grows as disposable income shrinks
The importance of aggregators as a distribution channel for European insurers is increasing as strapped consumers search for better deals, according to research by CP Consulting.
Sandy hit AIG reports $4bn Q4 loss
American International Group reported a net loss of $3.4bn for the full year 2012, following a net loss of $4bn for the fourth quarter.
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.
Argo's head of aerospace to become underwriting director
Lloyd’s insurer Argo International has promoted Bruno Ritchie, pictured, to underwriting director.
Europe View from the Top: Testing times for European real estate
It goes without saying that the financial crisis has had an adverse and enduring effect on the global economy.
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.
Kidnap and Ransom: A growing threat?
Kidnap and ransom risk is not traditionally a threat associated with Europe but recent incidents have bought the issue to the fore. Sam Barrett investigates the problem and the response of the insurance industry.
RSA's UK profit falls 37% as commercial losses take toll
RSA blamed adverse weather in the first half of 2012 and a weak marine and commercial liability performance on UK underwriting profit tumbling to £39m (2011: £62m) while the combined ratio was 98.2% (2011: 97.3%).
RSA increases premium by 5% and cuts dividend
RSA Group has reported operating profit of £684m (2011: £727m) for 2012 including an entirely flat underwriting result of £375m.
Top five European news stories
The top five European news stories from www.insuranceinsight.com over the past seven days.
Aviva to sell Turkish unit say market sources
British insurer Aviva has tasked Barclays with selling its Turkish unit Aviva Sigorta, according to Reuters.
Marsh restructures to better serve large corporates
Marsh said today that plans to merge several business units “to further focus on meeting the evolving needs of its largest clients worldwide”.
Clements grows European footprint with Italsure acquisition
Insurance service provider Clements Worldwide has acquired UK-based expat insurer Italsure.
'Fully-valued' RSA on course for 95% COR
A poor claims experience on RSA's Motability book will see the insurer pushing for "significant rate increases" as it renegotiates the three-year contract this year.
Zurich and Generali linked with Spain's "bad bank"
Italy’s Generali and Switzerland’s Zurich will invest in a Spanish bank set up by the government to manage toxic property assets, according to Reuters.
AIG hires EMEA large limits exec
AIG has appointed Sami Sayegh as large limits executive, property for Europe, Middle East and Africa.
Ace's Clabby to deliver keynote at ISE 2013
Insurance Insight has confirmed the first speakers for its 2013 Insurance Strategy Europe conference.
Bahrain a "gateway" to Gulf region
A failure to aggressively market itself has hindered Bahrain’s growth as a global insurance sector, according to Kamal bin Ahmed Mohammed, head of the country’s economic development board.
Insurance Europe slams financial transaction tax
The draft directive for a financial transaction tax in eleven EU states will have a negative effect on insurers, their customers and the EU economy, according to trade body Insurance Europe.