Europe
Solvency II: Equivalence versus non-equivalence
Solvency II has had more than its fair share of headlines recently but, as Fiona Le Poidevin explains, countries outside European Union jurisdiction or 'third countries' have to think carefully when considering whether or not to seek equivalence to the…
Japan may provide cover for nation's Iran crude tankers
Japan's government may provide cover for tankers bringing in Iranian oil once a European Union ban on insurance takes effect in July, Reuters reported on Wednesday.
Combined profit of 'going concern' Provident and sister MMA reaches £4.5m
MMA and Provident's final sets of individual annual results published before their anticipated merger reveals a combined pre-tax profit of £4.53m for the year ending 31 December 2011.
Euler Hermes and Mapfre enter credit joint venture
Allianz-owned credit insurer Euler Hermes and Spanish insurer Mapfre have agreed a 50/50 joint venture to develop their credit insurance business in Spain and four Latin American countries.
Faraday to use Agencyport platform
Faraday Group has selected Agencyport Software to provide a centralised platform to track and manage its delegated underwriting authority business.
Solvency II setbacks taking toll on insurer budgets
Rising numbers of insurers believe the industry will miss the January 2012 compliance deadline for Solvency II, according to a survey conducted by the Economist Intelligence Unit on behalf of Deloitte.
Coface recruits former Euler Hermes credit underwriter
Coface UK & Ireland has appointed former Euler Hermes underwiter Dara Hanley as senior underwriter based in Dublin.
Ace promotes Homan to executive VP, casualty
Ace Group has appointed Mark Homan as executive vice president, casualty, for Ace's international insurance operations.
Xchanging appoints new global sales director for insurance
Business services provider Xchanging has named Mike Reynolds as global sales director of insurance with immediate effect.
Marsh forms public agency team for political and credit risks
Broker Marsh has formed a global public agency team comprised of senior specialists within its political risk and trade credit practice to assist clients in procuring public insurance coverage.
RSA reorganises speciality business
RSA has consolidated its global speciality business in a bid to link brokers and customers seeking global expertise and capacity.
Helvetia grows occupational benefits premium in 2011
Helvetia Switzerland increased premium income in its occupational benefits business by 18.7% to CHF2.48bn in 2011.
ALC increases Prima cover limits
Global medical insurer ALC Health has increased the annual limits of its Premier, Classic and Ibérica plans as part of a review of the Prima range of medical insurance plans.
Magnitude 6.0 earthquake strikes northern Italy
An earthquake that struck the Emilia-Romagna region of northern Italy in the early hours of 20 May was the strongest in the country since the magnitude 6.3 L'Aquila quake in 2009.
McLoughlin returns to Sevitt as project director
Setanta Insurance's former Ireland general manager, Deirdre McLoughlin, has returned to Sevitt Group as project director.
Italy quake: Low level of insurance claims expected
The insurance industry has avoided significant losses from the 6.0 magnitude earthquake that hit northern Italy on Sunday morning due to low take-up of personal property cover in the area.
Mitsui Sumitomo at Lloyd's opens in Dublin and creates 30 jobs
MSI Management UK and Ireland, the new service company of Mitsui Sumitomo at Lloyd's, is opening a Dublin headquarters.
Insurers urged to think differently to achieve European success
European insurers and brokers need to think differently about the EMEA region in today's low-growth economy if they are to unlock opportunities, according to Ace Europe chairman Andrew Kendrick.
MUM enters international market
Broker-only managing general agent Manchester Underwriting Management is entering the international market.
JLT responds to market demand with cyber product
JLT Specialty has launched an intangible and cyber exposure service in response to market demand.
Aviva posts COR of 96% in Q1
Aviva posted reduced operating profits for the first quarter of 2012, in a performance that executive deputy chairman John McFarlane described as "in line with targets".
EU considering impact on trade of Iranian oil insurance ban
Britain and France are studying a proposed European Union ban on insuring tankers carrying Iranian oil to see how severe an impact it would have on trade with non-EU countries, Reuters reported.
Online video: Commercial property - managing natural disaster risk
Globally, 2011 was a record year for natural catastrophe losses, highlighting flood risk as an issue of major concern for corporates, their brokers and insurers.
Allianz posts 57.9% increase in net income for Q1
Allianz recorded strong performance in the first three months of 2012, with quarterly revenues, operating profit and net income all exceeding first-quarter 2011 levels.