Europe
Industry puzzled by EC Block Exemption changes
A seminar held at law firm Clyde and Co found that many insurers and brokers are unclear about what constitutes anti-competitive behaviour, following the recent changes to the EC’s Insurance Block Exemption Regulation, according to attendees at a seminar…
Munich Re Q1 profits rise
Munich Re has reported a quarterly profit of €485m up from €437m in Q1 2009 due to large gains from the disposal of investments but natural catastrophe costs “unusually high.”
Crawford appoints EMEA legal chief
Crawford & Company has named Christopher Pinney head of legal for its Europe, Middle East and Africa and Asia-Pacific regions.
Catlin confident Deepwater and Chile quake will have positive impact on pricing
Catlin this morning reported gross premiums written increased by 9% to US$1.3bn during the three month period ended 31 March 2010. Using constant exchange rates, gross premiums written rose by 5%.
Mapfre and Banco Do Brasil agree link-up
Spanish insurer Mapfre has formed a strategic alliance with financial institution Banco Do Brasil to form one of the largest insurance groups in the South American country.
Axa appoints new procurement boss
Régine Lucas has been appointed executive vice-president, procurement for the Axa Group.
Marsh warns European financial firms over insurance cuts
Broking giant Marsh has warned financial institutions against cutting back on their insurance despite the economic climate.
Axa UK motor book grows 31%
Axa has reported that property & casualty revenues were stable at $9.24bn (£7.83bn) compared to the first quarter of 2009 ($9.1bn).
Swiss Re profits up 22%
Profits at reinsurance giant, Swiss Re have risen, but figures show total premiums have fallen and property casualty unit income has dropped 69% on heavy cat losses.
RSA reports premium rise of 5%
RSA has reported that net written premiums rose 5% to £1.9bn in the first quarter of 2010.
Amlin retains AM Best rating
AM Best has commented that the ratings of Amlin and its operating subsidiaries are unchanged.
Amlin set to establish Swiss reinsurer
Amlin is to establish a reinsurance company in Switzerland to provide European reinsurance buyers with Amlin`s first-class security and service delivery.
XL reports 100.5% combined ratio
XL Capital's property & casualty business has reported a 100.5% (Q1 2009: 92.1%)combined ratio in the first quarter of 2010.
EC to delay Solvency II implementation to coincide with financial years
The European Commission is set to delay the implementation of the Solvency II directive by two months for accounting purposes.
CEA boss outlines concerns to Commission public hearing
The CEA, the European insurance and reinsurance federation, today reiterated its support for the EU’s new Solvency II regulatory regime but called for more work to be done on the Level 2 measures that will put the flesh on the bones of the Framework…
Hannover Re non-life book hit by major losses
Hannover Re has reported what it described as "vigorous premium growth" in the first quarter of 2010.
Torus set to complete Glacier acquisition
Property and casualty insurer and reinsurer Torus has acquired Glacier Group subsidiary Glacier Insurance subject to regulatory approval.
XL shareholders approve Ireland move and renaming to "Group"
XL Capital has received ordinary shareholder approval changing the parent holding company’s place of incorporation from the Cayman Islands to Ireland.
Quinn CEO admits insurance arm would be best served by new owner
The boss of Quinn has admitted that Quinn Insurance could be best served by a trade sale.
McIntyre and Ageas name change given Fortis green light
Fortis has received overwhelming support from its shareholders for its proposed name change to Ageas.
Mapfre profits dip 4.8% as it takes €80.8m.earthquake hit
Mapfre has reported a 8.9% rise in revenues in the first quarter of 2010 to €5892.4m, and a net attributable result of €273.1m.
Mapfre Q1 results decline
Mapfre achieved in the first quarter of the year a net attributable result of €273.1m, 4.8% less than in the same period of the previous year, “as the extraordinary results obtained in 2009 by the group’s parent holding company were not repeated.”
Bowring Marsh names global business development boss
International placement broker Bowring Marsh has named George Jones as its first ever global head of business development.
Quinn UK motor volumes slashed
Quinn Insurance has acknowledged its re-entry into the UK motor market will see it writing much lower volumes of business.