Middle East
New US sanctions on Iran put the industry on high alert
The US bill to expand the Iran Sanctions Act is being watched keenly by the (re)insurance world, reports Katherine Blackler
Hardy records 78.1% combined ratio
Hardy Underwriting Bermuda has reported profit before tax and foreign exchange movements of £26.7m (2008: £4.4m).
Interview: Stephen May - Cultivating Kane
Katherine Blackler talks to Stephen May, chief executive officer at Kane, about the high points of his career and why the Middle East is still an attractive area for (re)insurers
Russia to support Iran sanctions
Russian president Dmitry Medvedev has said that he still hopes to avoid new punitive measures, but added Russia could not wait forever for cooperation by Tehran.
Middle East - qualifications: An emerged market
Five years after establishing a Middle East base, Mark Greenwood details how the Chartered Insurance Institute is developing and delivering relevant qualifications in the local markets.
Middle East - Market Overview: Room for growth
While most in the insurance industry will not be looking to expand in the current global economy, Jane Bernstein points to an area where there are substantial opportunities for those willing to take the plunge.
Allianz will not renew business in Iran
Hannover Re also says that it conducts reinsurance treaty business in the region but will only continue to do so if it complies strictly with United Nations and European Union sanctions
Allianz will not renew business in Iran
Hannover Re also says that it conducts reinsurance treaty business in the region but will only continue to do so if it complies strictly with United Nations and European Union sanctions
Munich Re pulls out of Iran
Munich Re is stopping business with all insurance companies in Iran due to the political situation in the country.
Ace raids RBSI for travel boss
Ace European Group has appointed Chris Price to its newly created role of regional director of travel for Europe, Middle East and Africa from RBS Insurance.
Arig reports $21.9m profit
Profit in sharp comparison to loss of $28.6m in 2008, driven by the improvement in Arig’s reinsurance book and investment income.
Marsh sees trade credit rates increase up to 50% across Europe
Increases in financial institutions' insurance ranged from more than 40% to 50% in Turkey, to 10% in Switzerland and South Africa. In the UK and Ireland, increases ranged from 10% to 30%.
Allianz in board shake up
It follows the announcement Dr Gerhard Rupprecht is to retire at the end of the year.
RSA strikes deal for £40m GWP insurance group
RSA Insurance has acquired Al Ahlia Insurance Company SAOC for OMR19m1 (£31m) from ONIC.
US wants UN sanctions resolution on Iran within weeks, including reinsurance
The United States wants the UN Security Council to approve a resolution within weeks, laying the ground for new sanctions against Iran over its nuclear programme, including a ban on (re)insurance.
Qatar General Insurance and Reinsurance results slide
The Qatar (re)insurer has reported that net underderwriting revenue for 2009 declined by QAR8.59m
Russia may support new round of sanctions on Iran
UN sanctions, including insurance and reinsurance sanctions, have come one step closer to agreement following Iran’s latest rocket test.
Gulf Insurance Group restructures reinsurance
The Gulf Insurance Group has restructured its reinsurance programme, broked through Guy Carpenter.
Insurer to branch out
International medical insurer ALC Health has revealed plans to open additional offices in the Far East and Eastern Europe over the next 12 to 18 months, after appointing a new head for Europe.
Piracy and Iran sanctions among challenges for marine insurers in 2010
Increased ransoms demanded by pirates and UN/US sanctions imposed on Iran were two potential areas for concern highlighted at a meeting of the International Union of Marine Insurance (IUMI) body on Tuesday.
Awal collapse could cost (re)insurers millions of dollars
Last year's collapse of Awal bank in Bahrain could cost the insurance industry hundreds of millions of dollars, Reinsurance...
Aon lead broker for Ethiopian Airlines crash
Aon was the lead broker for the Ethiopian Airlines plane which crashed on January 25th, Reinsurance can reveal...
Ace granted Saudi license
Ace Arabia Cooperative Insurance has been granted a license by the Saudi Arabian Monetary Agency