United States of America (USA)
New analysis: Rates decline at July renewals
Prices fell for most peak lines at the 1 July 2010 renewals, with moderate pressure on property rates in regions with catastrophe activity, writes Katherine Blackler
Mapfre H1 revenues rise 9.2%
Increased international business and the recovery of sales in Spain has helped boost growth revenues at Mapfre.
Mapfre H1 revenues rise 9.2%
Increased international business and the recovery of sales in Spain has helped boost growth revenues at Mapfre.
Ironshore enters space market
Ironshore's aviation division has entered into a treaty reinsurance program with the Starr Group to provide protection against commercial satellite risk.
Rims attacks Aon stance on contingent commissions
The Risk and Insurance Management Society has criticised Aon's decision to accept contingent commissions and reiterated its opposition to the practice.
German government voices opposition to Neal Bill
The German ambassador to the United States Klaus Scharioth has written to house ways and means committee chairman Sandy Levin registering the opposition of the German government to the Neal Bill.
AIG names ex-Pru chief head of AIA ahead of listing
AIG has named former Prudential chief executive Mark Tucker as head of its Asia life insurance business, AIA, and said it would seek to list AIA on the Hong Kong stock exchange.
Lloyd's welcomes US bill as step towards Solvency II harmonisation
Lloyd's welcomed the passage of the Dodd-Frank financial reform bill through the Senate yesterday.
Euro bounces back after four year low
The euro has today gained over 10 cents against the USD, taking it to 1.2986. The rise follows the euro hitting a 4 year low in June.
KPMG unsurprised by US omission in Solvency II project
KPMG has welcomed Ceiops draft advice (Consultation Paper 81), published yesterday, on which jurisdictions’ regulatory regimes are to be considered within the first wave of Solvency II equivalence assessments.
Neal bill debated by lawmakers but a vote is still far away
The controversial reinsurance bill targeting the 'Bermuda loophole' is advancing slowly but Congress is unlikely to move quickly on the controversial tax legislation.
Outgoing AIG chair: It is easier to replace me than CEO Benmosche
Harvey Golub has resigned as chairman of the AIG board after it emerged that he had had a difficult working relationship with CEO Bob Benmosche.
Outgoing AIG chair: It is easier to replace me than CEO Benmosche
Harvey Golub has resigned as chairman of the AIG board after it emerged that he had had a difficult working relationship with CEO Bob Benmosche.
RIMS fights foreign insurer tax hike
The Risk and Insurance Management Society has pledged to continue its opposition to legislation that would increase taxes on foreign-based insurance companies.
Terrorists capable of causing major insured losses
Terror cells are still capable of causing major losses to Western insurers despite the infrequency of successful attacks, Risk Management Solutions has claimed.
New broking powerhouse CEO outlines strategy
The long-winded title of the holding company formed following the merger between Cooper Gay and US broker Swett & Crawford will not be adopted by its subsidiaries, according to chief executive Toby Esser.
Cooper Gay completes US merger
Cooper Gay has completed a deal to merge with US-based wholesale broker Swett & Crawford.
New snag for US financial regulations bill
West Virginia Governor Joe Manchin on Wednesday put off naming a successor to the late Senator Robert Byrd, which could further complicate passage of financial reform legislation in the US Senate.
Nat cat losses more than double average in first half 2010
Insurers’ losses from natural catastrophes, including the February earthquake in Chile, totaled $22 billion in the first half of the year, more than double the average for the period since 2000, according to Munich Re.
Haiti and Mozambique most vulnerable to economic losses from natural disasters
Italy, Japan, China, USA, Spain and France also rated “high risk” on The Natural Disasters Economic Loss Index (NDELI), released by risk intelligence and ratings company, Maplecroft.
Tokio Marine to restructure to expand reinsurance and commercial property book
Tokio Marine, the global insurance group, has announced plans to expand its international reinsurance and large commercial property operations. It is also announcing the opening of new offices for reinsurance business in Switzerland and Australia.
Homeserve USA boss joins UK board
Homeserve has appointed Jonathan King, the chief executive of Homeserve USA, to the board as an executive director.
DAS opens up shop in Canada
DAS UK Group has confirmed that its new Canadian subsidiary, DAS Legal Protection Insurance Company, will start writing business in Ontario on 5 July.
Post script – 10 years ago: Garwyn in limbo as QBE goes to Limit
Looking through Post’s back catalogue paints a unique picture of more than 150 years of insurance news, as this highlight from 10 years ago reveals.