United Kingdom (UK)
AIRMIC 2012: Risk managers want outcomes-based policies
Risk managers want policies based on outcomes not perils, according to Prudential's group insurance risk manager Helen Hayden.
Executive chairman retires from Cooper Gay energy division
Tony Pickering is retiring as executive chairman of the energy division at insurance intermediary Cooper Gay & Co.
QBE appoints new non-executive director
Business specialist QBE has appointed Wai Au as non-executive director of its Lloyd's operation QBE Underwriting and its UK company market and European branch operations, QBE Insurance.
Marsh recruits new CEO from sister company
The board of Marsh today announced the appointment of Mark Weil as CEO in succession to Martin South, who was appointed CEO of Marsh Europe in January.
XL allows collateral trusts in place of letters of credit
XL Group is now accepting collateral trusts in lieu of letters of credit used as collateral for corporate deductible and captive insurance programmes in the UK.
QBE underwrites RMP's public sector business
QBE Europe will underwrite the public sector business of AJ Gallagher subsidiary Risk Management Partners from 1 July.
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.
McLoughlin returns to Sevitt as project director
Setanta Insurance's former Ireland general manager, Deirdre McLoughlin, has returned to Sevitt Group as project director.
Dalton appointed Cooper Gay head of risk
Lloyd's broker Cooper Gay has appointed Peter Dalton as head of risk management.
AIG to divest shares in AIA in September
American International Group will sell its shares in Asian insurer AIA Group after a lock-up period expires in early September, Reuters has reported.
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.
Charles Taylor cuts net debt to £32.6m in Q1
Insurance services provider Charles Taylor Consulting reduced its net debt from £34m to £32.6m in the first quarter.
Lloyd's reveals ambitious 2025 vision
Lloyd's of London aims to be the major global hub for specialist insurance and reinsurance by 2025.
EC could force mandatory commission disclosure, warns Biba
The British Insurance Brokers' Association has said that the revision of the Insurance Mediation Directive could result in mandatory disclosure of commission for the insurance industry by 2019 along with an increase in the regulatory cost burden.
Taiwan regulator lambasts fickleness of foreign insurers
Taiwan's Financial Supervisory Commission has criticised foreign insurers for exiting the market at the first sign of trouble, and urged them to honour their commitments in Taiwan.
Markel makes senior appointment to cargo team
Markel International has appointed Richard Burnett as senior underwriter for cargo, part of the company's marine and energy division.
Markel promotes Leach to senior contingency underwriter
Specialist insurer Markel International has promoted James Leach to the position of senior contingency underwriter in its speciality division.
Aviva's Moss resigns following pay vote furore
Beleaguered Aviva boss Andrew Moss has bowed to pressure for his resignation following the embarrassment of last week’s shareholder revolt over executive remuneration.
MMA posts £12.1m profit in final results before merger
MMA Insurance recorded pre-tax operating profit of £12.1m in its 2011 annual results, up from £0.3m in the prior year period.
Allianz Global Assistance posts record turnover for 2011
Allianz Global Assistance, of which Mondial Assistance UK is a member, achieved global turnover in excess of €2bn for the first time (€2.05bn) representing an increase of 8.5% over 2010.
Aviva shareholders reject executive pay package at AGM
Insurer Aviva has lost the vote on executive pay at its annual shareholders meeting.
RSA expects sub 95% COR for 2012 after Q1 results
RSA recorded a 5% increase in net written premiums to £2.2bn for the first quarter, prompting group CEO Simon Lee to predict a full year combined operating ratio below 95%.
Generali UK launches policy administration system
Assicurazioni Generali's UK branch has gone live with a new non-life policy administration system from Agencyport Software.