Europe
General insurers protect finance raising in Spain
Raising finance during challenging times can be tough and many firms in Spain are increasingly looking to the Alternative Stock Market or MAB. As the possibility of claims has risen dramatically these firms face increased risks but Fernando Claro…
General insurers protect finance raising in Spain
This week broker Marsh’s Fernando Claro discusses the risks faced by Spanish firms wanting to do an initial public offering.
Deloitte urges insurers to begin IFRS planning
Deloitte has called on insurers to begin working on the International Accounting Standards Board proposals for a single International Financial Reporting Standard for insurance contracts.
Marsh Germany hires D&O expert
The German operation of insurance broker Marsh has hired directors' and officers' specialist Stefan Steinkühler.
Italian insurance regulator to act on high motor premiums
The Italian insurance regulator ISVAP has promised that it will take action to reduce the higher than European average motor premiums in the country this year.
PwC predicts “mixed reaction” to IASB draft
Accounting firm PricewaterhouseCoopers has predicted that the insurance industry will be divided on International Accounting Standards Board plans for a single International Financial Reporting Standard.
IASB proposes single insurance financial reporting standards
The International Accounting Standards Board has recommended a single International Financial Reporting Standard for all insurers in all jurisdictions.
Broker JLT boss Dominic Burke hails Australasia arm as revenue and profits rise
Jardine Lloyd Thompson this morning reported a 21% rise in revenue to £377.8 (H1 2009: £313.0) and an underlying trading profit of £70.7 (H1 2009 £57.8m) up 22%.
FSA manager joins KPMG
KPMG in the UK has recruited Paul Brenchley from the FSA as a director in its insurance risk team within the risk and compliance advisory practice.
Scor reports Q2 surge in net income but first half results down
Scor records a net half-year income of EUR 156m, compared to EUR 184m in 2009. Net income of EUR 120m in Q2 compared to EUR 91m in the second quarter 2009.
Aon Benfield boss joins GC France
Philippe Renault will join Guy Carpenter as president and chief executive of its Paris operations,
Torus expands European operation
Torus has appointed Esther Fittinghoff as professional lines manager and Kurt Fleischmann as senior casualty underwriter.
Zurich reshapes global life business
Zurich has appointed four regional chief executives within global life, Europe, Asia Pacific & Middle East, North America and Latin America.
RSA acquires 123 Money
RSA has completed the purchase of Irish personal lines broker 123 Money for a sum in excess of £54m.
Anglo Irish to submit Quinn takeover plan by mid-August
Anglo Irish Bank is "within weeks" of presenting the Financial Regulator with a firm plan for its takeover of Quinn Insurance, the Irish Independent reports today.
Markel swoops for French broker
Markel International has agreed to acquire Le Centaure, a French equine insurance broker and cover holder based near Deauville, Normandy.
Ace CEO sees opportunities despite slow economic recovery
Ace today reported net income for the first six months of 2010 was $1.432bn (2009: $ 1.102bn) and increase of 30%.
Brit cuts UK private motor book by 60% as it reports £72.8m profit
Brit Insurance this morning reported that profit before tax excluding the effect of foreign exchange on non-monetary items increased by 12.2% to £72.8m for the first six months of 2010 (30 June 2009: £64.9m). It recorded a profit before tax of £77.5m (30…
Brit opens books to PE house as Apollo ups bid to £10.75 a share
Brit Insurance today confirmed that private equity house Apollo has submitted a revised indicative proposal to acquire the entire issued and to be issued ordinary share capital of the company at a price of £10.75 per share in cash.
BIS countdown - Sean McGovern interview: Getting to grips with government
Lloyd's general counsel Sean McGovern talks to Jonathan Swift about the incoming Solvency II directive and his role building relationships with the new government.
Aegon downgraded by Fitch
Ratings agency Fitch has downgraded Aegon’s long term issuer default rating from A+ to A.
Marsh appoints new claims leader
Marsh has appointed Martin Clark as its global energy practice claims leader. Based in London, Mr Clark will have overall responsibility for managing the claims of Marsh’s energy clients worldwide.
CEA voices concerns over Neal Bill
The CEA has submitted a written statement to the US House of Representatives Subcommittee to express its concerns over proposals to change the US tax treatment of reinsurance between affiliated entities
Autoglass names new MD
Autoglass has appointed Matthew Mycock as its new managing director.