United States of America (USA)
Regulatory convergence not necessarily 'better' for insurance industry
Attempts to harmonise global insurance regulations are “more aspirational than realistic”, according to DLA Piper’s Bill Marcoux.
Overseas buyers behind surge in transactional risk insurance
Demand for transactional risk insurance grew by 41% globally in 2012 as firms increasingly turned to the insurance market to protect large deals and cross-border acquisitions or sales.
Cross-border acquisitions drive demand for transactional risk insurance
Global demand for transactional risk insurance grew by 41% last year as firms turned to insurance to protect large deals and cross-border acquisitions and sales, according to Marsh.
McManus charged with driving forward business as Giles takes up US role
Giles Insurance executive chairman Chris Giles is to become non-executive directive of Expectrum, the holding company of Giles Insurance and Ink Underwriting.
AIG shareholders win class-action status in lawsuit against the government
An American judge granted class-action status to two groups of AIG shareholders in a $25bn (£16.7bn) lawsuit by former chief executive Maurice “Hank” Greenberg over alleged losses arising from the bailout the insurer received from the US government,…
Day joins Global Options advisory board
Global Options has appointed former Ace vice president Roger Day to its advisory board.
Aviva hit by £3bn post-tax loss
Aviva has announced a full year total loss of £3bn (2011: £60m profit), alongside a 44% cut in its final dividend.
JLT increases revenue by 7% and unveils new transformation programme
JLT increased revenue to £880.1m in 2012 with 7% coming from organic growth and 1% through acquisitions. This was offset by 1% foreign exchange movements compared to 2011.
CGSC reveals US management changes
Shaun Hooper has succeeded Neal Abernathy as president and chief executive of Cooper Gay Swett & Crawford's wholesale, reinsurance broking and underwriting operations in North America.
US Risk targeting Lloyd’s brokers for marine, energy growth
US Risk chief executive Randall Goss has told Post he currently in talks to buy three Lloyd’s brokers.
QBE European premium up 6% to £3.2bn
QBE has reported an 8% rise in net profit after tax to US$761m (2011: $704m) in 2012, while insurance profit was up 16% to $1.26bn (2011: $1.08bn) supported by a strong investment result.
Hiscox profit soars to £217m
Hiscox has reported a pre-tax profit of £217.1m for the full-year 2012, dwarfing the 2011 result of £17.3m, and improving its group combined ratio by 14 percentage points to 85.5%. Gross written premium increased to £1.57bn (2011: £1.45bn).
AIG income falls to $3.4bn in 2012
AIG's net income fell to $3.4bn (£2.23bn), or $2.04 per diluted share, in 2012 compared with $20.6bn, or $11.01 per diluted share, the year earlier.
Sandy hit AIG reports $4bn Q4 loss
American International Group reported a net loss of $3.4bn for the full year 2012, following a net loss of $4bn for the fourth quarter.
BP heads for two-step Deepwater Horizon civil trial
BP is to face a civil trial over the 2010 Deepwater Horizon oil disaster, after talks on a settlement with US authorities collapsed.
Marsh restructures to better serve large corporates
Marsh said today that plans to merge several business units “to further focus on meeting the evolving needs of its largest clients worldwide”.
Financing the growing costs of disasters
Reto Schnarwiler, head of global partnerships for Swiss Re, Americas and EMEA says that a lack of insurance and the growing costs of disasters are hitting individuals and governments hard. He explores how government partnerships with insurers can help…
UK court confirms 9/11 was double reinsurance event
The Commercial Court's move to uphold an earlier legal decision that the 9/11 World Trade Center attacks arose out of two events rather than one is "of considerable interest to the insurance and reinsurance market", according to law firm Herbert Smith…
Zurich GI profit falls after Sandy and German 'system error'
Operating profit in Zurich's general insurance business dropped by $150m to $2.1bn year-on-year in 2012 after above average catastrophe and weather-related losses offset gains made through tighter underwriting discipline and expense management.
Willis reveals $446m net loss
Global broker Willis recorded a net loss of $446m for the 2012 financial year, in stark contrast to the previous year’s $203m profits.
Patrick Gallagher to quit UK business
Gallagher Heath head of retail Patrick Gallagher is returning to his native US next month to take up a new retail role, Post has learnt.
Steady growth at Marsh and Guy Carpenter
Marsh and Guy Carpenter have both seen revenues increase for the year ending 31 December.
Aviva "delivering on promise" to strengthen cost base
Aviva should be viewed as a "strong restructuring story" given most of the "heavy lifting" to improve its cost base has been completed through the disposal of underperforming business units, according to equity analysts Panmure Gordon.
Blizzard alerts raised on US East Coast
The US National Weather Service has sent out text message alerts to US East Coast residents warning of a blizzard due to hit the region over the weekend.