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Insurance Insight’s weekly update is now live with a look at anticompetitive practices in the Ukraine insurance market, as well as a View from the Top opinion on how Spanish SMEs are waking up to the need for D&O cover.
Anticompetitive practices in Ukraine
Insurance companies in Ukraine generate 40% of their profits through bank products, leaving many at the mercy of the banks restrictive accreditation procedures. Oleksander Dyakulych and Mykhailo Pergamenshchyk report on how an investigation by the…
View from the Top: The impact of the financial crisis on the Spanish D&O insurance sector
The financial crisis and the resulting economic complications in Spain have caused a sharp increase in the number of directors’ and officers’ liability insurance policies taken out.
Axa unveils Chinese tie-up
Axa, Industrial and Commercial Bank of China and China Minmetals Corporation have reached agreement on the equity transfer of Axa-Minmetals Assurance Co.
Allianz: by 2020 a fifth of our customers will be on "very low income"
By 2020 a fifth of the people insured by Allianz will come from a very low income.
Ace CEO Greenberg ups full year forecast after "positive" progress in 2010
Ace Insurance Group has reported $14.9bn gross written premium for the nine months ended 30 September 2010 compared with $14.7bn last year.
PwC: ECJ ruling throws a spanner in the works for outsourcing plans
Pricewaterhouse Coopers has warned outsourcing costs for insurers could jump by 20% following what it described as "unexpected decision".
Moody's outlook on the German insurance sector remains negative
The outlook for the German insurance market remains negative due to the continued rate pressure in property & casualty lines, particularly in motor insurance, and the low interest-rate environment pressurising the profitability of life products with…
Axa third quarter GI result boosted by 35% increase in UK motor reveune
Axa group this morning reported that property & casualty revenues increased by 0.7% to €21.4 bn (£18.7bn) largely as a result of a 3.9% growth in individual lines (largely driven by a 3.4% average price increase).
Aspen hit by reserve strengthening in financial and professional lines
Aspen has announced that its insurance segment recoirded an underwriting loss for the third quarter, which excludes investment income, of $13.4m £8.5m) compared with an underwriting profit of $20.9m in the third quarter of 2009.
Willis Group nine month profit remains static at $357m
Willis Group has reported net income from continuing operations for the nine months ended September 30, 2010 was $357m ($226.4m), compared with $357m, in the same period a year ago.
MIB to appeal to the Supreme Court over Spanish unisured driving case
The Motor Insurers' Bureau is to challenge a Court of Appeal ruling that Russell Jones & Walker claims now asserts that a person resident in the UK, but wrongfully injured in another EEA state, will recover damages on the same basis as a person resident…
KPMG welcomes Solvency II equivalence transitional measures
KPMG today welcomed the announcement by Karel van Hulle, head of insurance and pensions unit at the European Commission, of transitional measures under Solvency II’s equivalence, claiming the arrangements will be welcome news to insurance groups.
Mapfre revenues up 9.2% as net result drops 5.2%
Mapfre has revealed its revenues have increased by 9.2% in the first 9 months of 2010 - however its net attributable result has fallen in the same period.
Supply chain failure: new report
Supply chain failure is increasingly common according to a new survey from the Business Continuity Institute. The research from 35 countries shows that over 70% of organisations recorded at least one supply chain disruption in 2010.
JLT Insurance Management Malta welcomes new shareholder
JLT Insurance Management Malta a joint venture between JLT Insurance Management Limited (JLTIMG) and Elmo Insurance Limited, a Maltese domestic insurer, has confirmed that Risk and Reinsurance Solutions SA (2RS) will become a 33% shareholder in JLTIMM…
APC unveils fast food insurance product
Underwriting agency APC has launched a bespoke take-away fast food franchise insurance product for Irish businesses.
QBE given green light for Belgian acquisition
QBE has received approval from the Belgian regulator for the acquisition of reinsurer Secura NV.
Concerns raised over post-acquisition capital structure of Brit
AM Best Europe has placed the financial strength rating of A (Excellent) and issuer credit rating (ICR) of “a” of Brit Insurance and the ICR of “bbb” of Brit Insurance Holdings, the ultimate parent of the Brit Insurance group of companies, under review…
Munich Re acquires Windsor Group
German reinsurance firm Munich Re has agreed to acquire Windsor Health Group.
Brit reports 8.5% drop in GWP
Brit Insurance has reported an 8.5% reduction in gross written premium to £1.22bn for the nine-month period ended 30 September 2010 (3Q 2009: £1.33bn), a decrease of 9.0% at constant exchange rates.
Brit agrees cash offer with bidders
Brit Insurance has reached agreement with Apollo Management and CVC Capital Partners that will see the insurer’s shareholders receive up to £11 per Brit share.
AIG CEO Benmosche says he "feels fine" after chemotherapy
AIG has announced that its president and chief executive officer, Robert H. Benmosche, has been diagnosed with cancer and is undergoing aggressive chemotherapy.
Hannover Re subsidiary anticipates stable prices in Germany
E+S Rück, which bears responsibility for German business within the Hannover Re Group, is predicting a stable environment in Germany in 2011.