Company results
AJ Gallagher reports 15% rise in revenue
Arthur J Gallagher has reported brokerage for the full year in 2012 increased to $1.83bn (2011:$1.56bn) while Ebitdac increased to $383.3m (2011: $320.8m).
Ace boss Greenberg hails "growing presence" in Asia and Europe
Ace has reported a 76% increase in net income to $2.71bn (£1.72bn) in 2012 compared to the previous year (2011: $1.54bn).
GI firms valued upwards of £100m drops 15% in 2012
The number of general insurance companies valued at over £100m dropped by almost 15% last year, according to research carried out by industry advisory firm IMAS.
Outlook for global reinsurers stable but pricing to stagnate, says Fitch
The outlook for the global reinsurance sector remains stable, as capital, underwriting and operating trends are expected to support reinsurers' ratings over the next one to two years, according to Fitch.
Brightside chalks up 12% increase in annual policy sales
Brightside built on its annual policy sales by 12% last year, taking its total for 2012 to 400 210.
Vienna Insurance Group sees premium growth of 9.5%
Vienna Insurance Group posted 9.5% premium growth in the in its preliminary full year results for 2012, published today.
PZU could see profits drop PLN400m if interest rate cut
Poland's largest insurer Powszechny Zaklad Ubezpieczen S.A. has said its net profit could fall by 400m zlotys (€95.4m) if the country's key interest rate declines further.
Revenues rise 42% at Hyperion
Hyperion has seen total group revenues reach £111m for the year ending 30 September 2012, up 42% from last year's equivalent of £78m.
CBI: Insurer business volumes grow as brokers report steep fall in business
General insurers have seen "robust growth" in business volumes over the past three months, in contrast to insurance brokers, which have reported a "steep fall in business".
Sandy leaves Allianz operating profit outlook unchanged
Allianz has estimated that Hurricane Sandy, which hit the north eastern coast of the United States in late October 2012, has had an estimated total impact of $590m.
Quindell reports £47m Ebitda
Quindell Portfolio's revenue is expected to reach £165m for the full year 2012 with adjusted Ebitda of approximately £47m, subject to audit.
Generali chief eyes €600m cost savings by 2015
Generali chief executive Mario Greco unveiled a programme of changes today aimed at reducing costs and increasing cash flow at the Italian insurer.
S&P warns of "mounting pressure" on global insurers
The credit quality of global multi-line insurers is generally sound, despite a downward trend over the past four years, Standard and Poor's said today.
Sandy loss "comfortably" within budget, says Hannover Re
Losses arising from Superstorm Sandy are within Hannover Re's major loss budget for 2012 after the firm estimated a €261m net burden of loss from last October's storm.
Abbey Legal profit to meet expectations
Abbey Protection has said that its alternative business structure licence gained on 1 January will support profitable growth in 2013.
Eurozone insurers' assets reached €5,896bn in Q3
The total financial assets of euro area insurance corporations and pension funds increased to €7,500bn in the third quarter of 2012, up from €7,296bn in the previous quarter, statistics published by the European Central Bank showed.
Insurers' profits down 12% over two years
Insurers' profits are expected to have fallen 5% in 2012, Ernst & Young said today, as the firm forecast another difficult year for the financial services industry.
Premium income for Chinese insurers up 7.4%
Chinese insurers posted premium income of ¥1.42tn ($228bn) in the first 11 months of 2012, a jump of 7.4% year on year.
Catlin estimates Sandy storm losses at $200m
Catlin Group has said that its Sandy-related losses will be about $200m, net of reinsurance and reinstatements.
AIG divests remaining holding in AIA
AIA Group has confirmed that AIG has entered into a placing agreement to sell all its ordinary shares of AIA at HK$30.30 each.
Insurers face most challenging P&I renewals in a decade, Willis warns
The upcoming P&I renewal could be the toughest in a decade as difficult economic conditions for ship operators, poor underwriting results and a slew of large claims threaten to create a "perfect storm", according to Willis.
Jelf to set up managing general agency as it pays maiden dividend
Jelf is to set up a managing general agency offering products to members of its Purple network as the company plans its first acquisitions in five years.
Generali successfully closes subordinated bond for €1.25bn
Generali has closed a subordinated bond issue targeting institutional investors for a total of €1.25bn.
Skuld posts underwriting deficit after rise in pool claims
Norwegian marine insurer Skuld posted a third-quarter bottom line deficit of $2.9m today following record claims costs from the international group's pooling system.