US storms to cost insurers $US500 million
13 July 2015
Severe weather in the US last month is expected to generate insurance losses of more than $US500 million, according to Impact Forecasting…
International
Lloyd’s models trillion-dollar US cyber attack
13 July 2015
Lloyd’s and Cambridge University have created a complex scenario examining the insurance implications of a catastrophic cyber attack on the US power grid – and have come up with a bill to the nation’s economy in the most extreme case of more than $US1 trillion…
US P&C rates ‘in doldrums’
13 July 2015
Average rates for US property and casualty insurance were flat last month as underwriters refrained from engaging in a price war, according to analyst MarketScout…
Thistle appoints new MD
13 July 2015
Europe-based Thistle Insurance Services, part of the JLT Group, has appointed UK industry veteran Paul Williams as MD…
Ace-Chubb merger creates $US31 billion ‘P&C powerhouse’
06 July 2015
Zurich-based global property and casualty insurer Ace will acquire US rival Chubb for $US28.3 billion and take its name, to create the second-largest commercial insurer in the US, with combined revenue of $US31 billion…
Willis, Towers Watson to merge in $US18 billion deal
06 July 2015
Global broker Willis Group and professional services consultant Towers Watson have announced an $US18 billion merger…
Reinsurance capital plentiful despite mergers
06 July 2015
Reinsurers’ mergers and acquisitions have not reduced the capital available to the insurance market, according to Aon Benfield’s latest reinsurance outlook…
European heatwaves may be sign of things to come
06 July 2015
The frequency of heatwaves such as the one currently affecting Europe may rise as a result of climate change, Munich Re says…
Cooper Gay names new CEO
06 July 2015
Willis Group Deputy CEO Steve Hearn has been appointed CEO of global wholesale and reinsurance broker Cooper Gay Swett & Crawford…
British regulator tackles poor insurance practice
06 July 2015
The UK’s Financial Conduct Authority cracked down on poor insurance practice in the year to March 31, according to its annual report…
Region helps drive global premium gains
29 June 2015
The global insurance industry gained momentum last year thanks to “very strong growth” in Oceania and “solid” results in western Europe and Japan, Swiss Re’s latest Sigma report shows…
Lloyd’s maintains strong run
29 June 2015
Lloyd’s operating performance remains strong despite starting the year with reduced underwriting capacity and 92 active syndicates, one less than last year, according to Aon Benfield…
PartnerRe backs Axis deal, berates Exor
29 June 2015
PartnerRe has again urged its shareholders to vote for its planned merger with Axis Capital Holdings, while exchanging tit-for-tat accusations with hostile bidder Exor over allegedly misleading information…
Q1 cat bond record hints at ‘big things’ ahead
29 June 2015
A “diverse and steady” stream of new issuances helped create a “dynamic” catastrophe bond market in the first quarter of this year, according to Guy Carpenter…
JLT Re promotes Australian to global role
29 June 2015
JLT Re has promoted Australian Craig Brokenshire from Singapore-based Asia-Pacific COO to Global COO…
British regulator looks to quantify value of add-ons
29 June 2015
The UK’s Financial Conduct Authority has published a discussion paper on product value transparency in the general insurance add-ons market…
Fed defends AIG bailout
22 June 2015
The US Federal Reserve says its actions to rescue AIG at the height of the financial crisis in 2008 were “legal, proper and effective”…
ILS market secures first-quarter record
22 June 2015
A record 15 insurance-linked securities worth $US2.1 billion were issued in the first quarter, according to the Bermuda Monetary Authority…
Global food shock looms as challenge to insurers: Lloyd’s
22 June 2015
A new report paints a bleak picture of an “overstretched global food system” collapsing under the pressure of climate change-induced weather catastrophes, plant pandemics and surging food prices, with the potential to trigger economic and humanitarian crises…
Ex-QBE exec on fraud charge
22 June 2015
A former QBE US executive faces embezzlement charges after the Federal Bureau of Investigation uncovered what it alleges is a fake invoicing racket…