Regulation
Reinsurance market shows first signs of hardening
The (re)insurance market has shown its first signs of hardening, Reinsurance has learned.
Temple Insurance Company upgraded by AM Best
A.M. Best Co. has upgraded the financial strength rating to A+ (Superior) from A (Excellent) and the issuer credit rating to "aa-" from "a+" of Canadian insurer Temple Insurance Company. The outlook for both ratings has been revised to stable from…
Consolidation predicted for insurance market
Consolidation in the insurance market may gather pace as companies seek to manage their capital and other regulatory overheads, says an industry expert.
AM Best assigns ratings to Max Capital US insurance subsidiary
Ratings agency A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of "a-" to Bermudian (re)insurer Max Capital's US subsidiary Max America Insurance Company (MAIC) (South Bend, IN). The outlook for both…
XL downgraded by Moody's
Moody's has downgraded the senior debt rating of XL Capital to Baa2 from Baa1 and the insurance financial strength (IFS) ratings of XL's insurance and reinsurance operating subsidiaries to A2 from A1.
CEA opposes US affiliated reinsurance tax proposals
The CEA, the European insurance and reinsurance federation, has today set out its opposition to proposals to change the US tax treatment of related-party reinsurance with offshore entities in a letter to the US Senate Finance Committee and the Committee…
Congressman slams "stonewalling" AIG after CEO meeting cancelled
AIG chief executive Edward Liddy has asked for more time before meeting with US Representative Elijah Cummings, according to reports in America.
New ABI motor panel chairman appointed
Mark Underford assistant technical manager at Groupama Insurances has been appointed as the new chairman of the Association of British Insurers' motor group rating panel.
CII merger talks collapse
Merger talks between the Chartered Insurance Institute and its Australasian counterpart have been called off.
Coface launches rating service
Credit management company Coface is launching a financial rating service.
Torus Insurance in "selective acquisition"
Torus Insurance has entered into a strategic transaction with New Castle Re in Bermuda in which it acquires any rights to renewals and the potential to assume the unearned premium portfolio on a selected group of New Castle Re contracts.
Levene reappointed Lloyd's chair
Following his re-election to council, the Council of Lloyd's has reappointed Lord Levene as chairman of Lloyd's.
ABI: Flood Bill needs to be published as soon as possible
Government actions to tackle flooding announced yesterday must result in people being better protected and informed about the flood risk, according to the Association of British Insurers.
Call for Whitehall to create a skills council
Eight professional bodies are calling for the creation of a professional skills council to identify ...
Zurich lines up trio to tackle global issues
The Z Zurich Foundation has established five-year partnerships with three globally active non-profit...
Appointment at Allianz
Allianz Legal Protection has appointed Susan Leach as after-the-event claims controller. Her respo...
Going it alone
Lone Workers
Biba: market solution will clarify role of the broker
The British Insurance Brokers' Association this week outlined the market guidance on commission disc...
AIG in US mortgage deal
AIG has completed a deal to sell its residential mortgage-backed securities interests to the US gove...
Foil full-time posts to aid efforts
The Forum of Insurance Lawyers has made two key full-time appointments in a bid to better represent ...
Trading hub bidding war down to two candidates
Lloyd's has confirmed the bidding war for the sole service provider for its new central trading hub ...
AIG Investments to lay off 6% of global workforce
The investment division of American International Group has laid off approximately 6% of its worldwide work force, the company said.
IIB responds to FSA commission disclosure report
The Institute of Insurance Brokers has welcomed the Financial Service Authority's feedback regarding transparency and commission disclosure in the commercial market, it said today.
ABI pledges support for industry solution
The Association of British Insurers has welcomed the decision by the Financial Services Authority on commission disclosure in the commercial insurance market.