Reinsurance
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.
Marsh reports bumper profit growth
Broker Marsh's parent MMC has reported revenue up 9% to $11.5bn in 2011 with pre-tax profit up 82% to $1.4bn ($769m). Operating income was up 49% to $1.6bn ($939m).
Willis Re promotes Melia to CEO Willis Re International
Willis Re has appointed Tony Melia as chief executive officer of Willis Re International.
McGavick remains confident as XL reports $474.8m loss
XL chief executive officer Mike McGavick said his firm would not shy away from "frustrating" 2011 results, but asked yesterday for their broader context to be considered.
Willis CEO calls for insurers to provide resilience
The insurance industry is uniquely placed to provide resilience amid the global financial crisis, according to Willis CEO Joe Plumeri.
Catlin reports reduced profits due to cat losses
Bermuda-based speciality reinsurer Catlin Group reported $71m profit before tax for 2011, down from $406m for the 2010 year.
Scor takes bigger slice at 1 Jan renewals
SCOR Global P&C said 2011 gross written premiums were up by 8.8% to €3.982bn (up 11.6% at constant exchange rates) and 1 January saw average 2.2% price rises but saw it take a 13.9% growth in business.
View from the Top: An illusion of choice
With no sign of a turning market, a bout of consolidation looks on the cards
Post magazine – 9 February 2012
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Arab Spring aftermath threatens businesses in the region
Protests and tensions in countries affected by the Arab Spring remain a concern for businesses operating in those nations, according to Aon’s 2012 Political Risk Map released today.
Lloyd's reaches out to Indian market
Lloyd's managing agents and brokers from London and Singapore attended Lloyd’s first seminar in India today.
Amlin estimates $50m-$70m in Thai floods claims
Lloyd’s (re)insurer Amlin said today it expects property and casualty reinsurance claims for the Thai floods to be in the range of $50m to $70m (€53m), net of reinsurance recoveries.
Aspen blames 'challenging year' for operating loss
Aspen Insurance Holdings chief executive Chris O’Kane has bemoaned a near record year for catastrophes for an operating loss of $1.26 (80p) per share in 2011, however, he was eager to point more positive results from the company’s casualty and specialty…
New rules for reinsurance writers in India
India’s supervisory authority, the IRDA, has issued new regulatory requirements for reinsurers writing cross border risks in the country.
Markel International combined ratio up 21% due to nat cats
Markel International reported a combined ratio of 116% for 2011, up 21% from 2010.
Swiss Re and Mapfre take a bigger slice of Admiral
Admiral has extended its existing UK car insurance reinsurance partnerships with Hannover Re, Mapfre Re, New Re and Swiss Re into 2014.
Reduced capacity in Asia will not affect all business lines
Despite catastrophe losses leading to reduced capacity in the Asia Pacific region, competitive rates are still possible on some lines, according to broker Marsh.
Munich Re reports €0.71bn profit despite major losses
Munich Re reported a profit of €0.71bn for 2011, despite major losses and against the backdrop of the Eurozone crisis.
Munich Re profits down 70%, GWP up 9%
Exceptional major losses and “burdens from the financial crisis” slashed Munich Re’s profit last year by more than 70% to €0.71bn from €2.43bn in 2010. This was despite gross written premiums being up by almost 9% to €49.6bn (€45.5bn).
Post magazine – 2 February 2012
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Ace boss Greenberg sees "firming rates" in Q4 as 2011 profit falls 49% to $1.59bn
Ace Insurance has reported 49% change in its year end profit having reported net income of $1.59bn (2010: $3.11bn) in 2011.
French P&C sector can weather 'economic headwinds'
Moody's has changed its outlook for the French property and casualty sector from negative to stable, saying it expects better 2011 underwriting results for the sector than the previous two years.
Lancashire "best placed" for price rises
Lancashire Holding’s decision to increase its reserves for the Japan earthquake and Thai floods removes uncertainty that exists with other firms and makes it a good buy, according to analysts at Jeffries.
Lancashire increases Japan quake loss estimate by 56%
Lancashire Holdings has increased its estimated exposure to the Tohoku earthquake by $42.2m, or 56%, to a net loss estimate of $117.3m (£74.8m).