Reinsurance
Premium rates set for Thai cat fund
The Thai government has settled on premium rates for the state-initiated disaster fund.
Willis appoints Rainbow MD for Willis Re Europe
Willis Re, the reinsurance arm of global broker Willis Group, has appointed David Rainbow to lead the company's European reinsurance business as managing director for Willis Re Europe.
PPOs up motor excess of loss reinsurance
Fear that periodical payment orders for accident victims create uncertain liabilities has led to reinsurers refusing to offer excess of loss cover to motor insurers, the FT reports.
JLT to reveal international underwriting ‘success’ in 2013
Footman James CEO will join Thistle in July to spearhead global roll-out of application.
Novae suffers £6m loss before tax in "torrid year" for general insurance
Specialist insurer Novae has reported an underlying loss before tax of £6m for the year to 31 December 2011 in a "torrid year for the non-life insurance industry" compared to £36.2m profit in 2010.
Hardy chairman blames 'challenging years' for £50m losses
Hardy Underwriting Bermuda chairman David Mann has bemoaned the past two "challenging years" for a loss before tax of £42.1m against the previous year's £10m profit.
India considers guarantees for Iranian oil
India's shipping secretary K Mohandas said on Tuesday that the country is considering sovereign guarantees for shipping and buying Iranian oil on a delivered basis, when EU sanctions on Iran come in to effect, according to Reuters India.
Munich Re transfers US hurricane and European windstorm risks to the capital markets
Munich Re has acquired coverage for US hurricane and European windstorm risks with a total volume of $75m from the special purpose insurer Queen Street V Re Limited, which in turn has placed a catastrophe bond for this amount in the capital markets.
Talent deficit could scupper financial services firms' growth plans
A serious talent shortage could derail the growth plans of financial services companies globally, according to PwC's latest CEO survey.
Swiss Re reports $2.6bn profit despite nat cats hitting P&C combined ratio
Global reinsurer Swiss Re exceeded analyst expectations to report net income of $2.6bn for the full year 2011.
Agencyport hires new CFO
Agencyport, a software and services provider for the insurance and reinsurance industries, has appointed Richard F. Gilbody to chief financial officer and director of Agencyport Software.
Former Aspen CFO to replace Culmer as RSA group finance boss
RSA has appointed Richard Houghton as its group chief financial officer.
Lancashire CEO Brindle "cautiously optimistic" for 2012 after $219m year end profit
Lancashire has reported an 8.2%, or $56.8m, drop in gross written premium to $632.3m in 2011.
Swiss Re P&C operating income halves despite $1.3bn reserve releases
Swiss Re has seen its property and casualty operating income almost halved in 2011 to US$1.28bn (US$2.47bn).
Zurich appoints Bouchard head of government and industry affairs
Zurich Financial Services Group has appointed Francis Bouchard as the group head of government and industry affairs, with effect from 1 April 2012.
Suncorp reports commercial rates hike of 9.3% as reinsurance costs jump
Suncorp Group has reported net profit after tax of Au$389m (£263m) for the half year to 31 December 2011, up from Au$223m in the prior corresponding period.
Suncorp reports commercial rates hike of 9.3% as reinsurance costs jump
Suncorp Group has reported net profit after tax of Au$389m (£263m)for the half year to 31 December 2011, up from Au$223m in the prior corresponding period.
First Insurance reports 25% premium growth
Jordan-based takaful provider First Insurance Cpany reported premium growth of 25% in its full year results for 2011.
Insurers in the Philippines reject tax waiver
Non-life insurers and reinsurers in the Philippines have rejected a government offer of a 10% reduction in annual aggregate tax, according to reports in the local press.
Spanish Supreme Court ruling puts paid to 14-year dam legal battle
The Supreme Court in Spain has ruled that the 1998 rupture of the Aznalcollar tailings dam near Seville, Spain, was not caused by a fault in the design of the dam.
Zurich sees 19% drop in GI profits after US$1bn cat losses in 2011
Zurich recorded a general insurance business operating profit of US$2.3bn in 2011, a decrease of US$403m or by 15% in US dollar terms and 19% on a local currency basis.
Post magazine – 16 February 2012
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Houghton departure triggers new Aspen board search
Aspen has begun the search for a new chief financial officer to succeed Richard Houghton, who will be leaving the company effective 29 February to pursue other opportunities.
Plumeri "not satisfied" with Willis in Q4 as UK sees double digit drop
Willis has declared that it saw a double-digit decline in the Willis UK and Ireland retail business in the fourth quarter of 2011.