United States of America (USA)
Direct Group eyes US expansion following sale to Ryan Specialty Group
Direct Group chief executive Derek Coles intends to take advantage of new opportunities to enter international territories following the completion of the firm's sale to Ryan Specialty Group.
Increasing threat posed by solar flares
Power and utility underwriters may be unaware of the extent of the threat of major solar flares to the world's electrical generation infrastructure, space weather specialists told the London Power Forum last week.
Chaucer launches political risk initiative in New York
Lloyd's insurer Chaucer has developed a new political risk and trade credit initiative in New York.
QBE scales back profit margin estimates as Sandy losses swell
Global insurer QBE has estimated its insured losses from super storm Sandy will be between £220.4m ($350m) and £283m ($450m).
AIG brand is back, declares Benmosche
American International Group, has declared that AIG is once again the “go-to-market brand” of its global property casualty business, which had been rebranded as Chartis in the wake of its near-collapse in 2008.
Catlin GWP grows 11% as Sandy-hit New York office remains closed
Catlin reported an 11% increase in gross written premium to $4.08bn in the nine months to 30 September 2012 compared with the same period in 2011 (9m 2011: $3.68bn).
LMA launches new wording for power and utility property risks
A new standard wording for power and utility property risks placed in the Lloyd's market has been unveiled.
First Central unveils motor breakdown product
First Central has launched a new breakdown cover product to help motorists with day-to-day problems.
New Yorkers to fall victim to second storm in less than two weeks
New York residents could be told to evacuate the city for a second time this month as winter storm Athena makes its way to the same areas battered by Sandy last week.
Munich Re expects "mid three-digit million euro" Sandy hit
Munich Re expects its share of the losses from superstorm Sandy to be in the "mid three-digit million" euro range, based on primary estimates, but remains optimistic of achieving a €3bn profit for the 2012 financial year.
Munich Re: Sandy to drive up property insurance prices
Munich Re's reinsurance operation produced a Q3 operating result of €1.2bn (Q3 2011: €665m) and premium income of €7.5bn (Q3 2011: €6.5bn).
China-based intermediary starts repurchase programme
CN Insure is to repurchase up to $30m of its American depositary shares by 6 May 2012 after its board of directors approved a repurchase programme.
UIB hires new staff ahead of special risks unit launch
Independent international reinsurance broker UIB has launched a special risks division in response to customer demand.
US firms hit by Sandy could face claims battle
Business losses triggered by superstorm Sandy are expected to be exacerbated by the fact that few firms have policies to cover loss of income when their operations are disrupted by a supplier’s poor fortune.
Firms unprepared for Sandy BI losses, Willis' Texeira warns
Hurricane Sandy could cost insurers between $5bn and $10bn, according to a report in The Wall Street Journal, while Bloomberg reports that the hurricane's toll is poised to cause $20bn worth of "economic damage".
Caribbean cat risk report issued on Sandy
The Caribbean Catastrophe Risk Insurance Facility has issued a risk report after two of its members, Jamaica and the Bahamas, were hit by tropical cyclone Sandy.
Sandy could cost insurers $15bn
Insured losses from storm Sandy to properties in the US are expected to be between $7bn and $15bn, according to catastrophe modeling firm AIR Worldwide.
Xuber targets bigger US market share following latest appointment
Xchanging's re-launched insurance software business Xuber has appointed Michael Kulp as vice president of sales, where he will join the recently expanded US sales team amid plans to increase the firm's share of the American market.
Sandy wreaks havoc in New York subway
The New York subway faces unprecedented challenges after flooding caused by post-tropical cyclone Sandy.
Hurricane Sandy devastates US east coast
Hurricane Sandy left at least 16 people dead and six million without power last night as it made landfall on the US east coast.
US homeowners batten down the hatches as Hurricane Sandy nears
Risk modelling experts predict mass damage to properties and widespread power outages across New York City when Hurricane Sandy hits the east coast of the US today.
US APH liabilities may come back to haunt European insurers
European insurers wanting an idea of the trends coming their way often look to their cousins across the water, knowing that the problems for US insurers today are likely to plague European carriers tomorrow.
Spencer aims for consistency at Aviva
Robin Spencer, Aviva's recently appointed chief executive of general insurance in the UK & Ireland, has outlined his desire to bring stability and growth to the business.
German broker Unison hires Toben for linked business in Chicago
Hamburg-headquartered Unison Brokers has appointed Heidrun Toben as associate director for European linked business to work in its Chicago office.