Obama targets reinsurance tax loophole
09 February 2015
US President Barack Obama proposes ending the reinsurance tax break enjoyed by foreign insurers writing in America that pay reinsurance premiums to their overseas affiliates…
International
Marsh, Guy Carpenter increase revenues
09 February 2015
Marsh & McLennan’s net profit grew 8% to $US1.46 billion ($1.87 billion) last year, as insurance and reinsurance revenue grew…
Fourth quarter drives Aon profit gains
09 February 2015
Global insurance broker and risk manager Aon has reported a net profit of $US1.43 billion ($1.83 billion) for last year, up 25% on 2013…
Brokerages drive Gallagher growth
09 February 2015
Arthur J Gallagher increased profit by 13% to $US303.4 million ($389.46 million) last year on a strong result from its brokerage operations…
Munich Re profit drops
09 February 2015
Munich Re has posted net profit of €3.2 billion ($4.6 billion) for last year, down from €3.3 billion ($4.8 billion) in 2013…
XL results ‘best in 15 years’
09 February 2015
Ireland-based XL Group has achieved its best result in 15 years, according to CEO Mike McGavick…
Allied World profit rises, but hail hits home
09 February 2015
Losses from the Brisbane hailstorms are filtering into financial results, with Allied World reporting the storms and Typhoon Rammasun cost its reinsurance division $US22 million ($23.24 million) in the fourth quarter…
Beazley ‘prunes’ reinsurance in competitive market
09 February 2015
Beazley’s reinsurance division underwrote 9% less premium last year as it responded to overcapacity in the market…
Treaty renewals please Hannover Re
09 February 2015
Hannover Re says it is happy with the January treaty renewals despite weaker prices amid tough business conditions, and it is confident of meeting its profit targets for the year…
Chinese insurers double profits
09 February 2015
China’s insurance industry recorded a profit of 204.7 billion yuan ($42.1 billion) last year, more than double that of 2013, the China Insurance Regulatory Commission says…
Winter storms take heavy toll in US
09 February 2015
Two winter storms that struck the US last month are estimated to have caused combined economic losses of at least $US600 million ($767 million), Impact Forecasting says…
Bermuda gains insurance weight
09 February 2015
The Bermuda Monetary Authority registered 89 new insurance entities last year, comprising 65 insurers and 24 intermediaries…
Reinsurance capital hits record high
02 February 2015
Reinsurance capital has grown to a record $US575 billion ($725 billion), including an unprecedented $US62 billion ($78 billion) of alternative capital, Aon Benfield says…
Buyers flex muscles as reinsurance prices fall further
02 February 2015
Global reinsurance pricing continued its downward spiral at the January 1 renewals, affecting almost all lines of business and geographic markets, according to Marsh subsidiary Guy Carpenter…
Disaster losses down as hurricanes steer clear
02 February 2015
Natural and man-made disasters cost insurers $US34 billion ($43.2 billion) last year, down from $US45 billion ($57.2 billion) in 2013, preliminary global figures from Swiss Re show…
US insurance ‘demand to rise’ as economy recovers
02 February 2015
Improved economic growth in the US will expand the property and casualty market this year, according to industry leaders surveyed by the Insurance Information Institute…
ILS issue hits record sum
02 February 2015
A record $US8.03 billion ($10.12 billion) in insurance-linked securities was raised last year, and the trend is set to continue…
Industry welcomes US terror backstop renewal
02 February 2015
US insurance industry leaders have praised Congress for its “swift action” to extend the Terrorism Risk Insurance Act…
Axis Capital/Partner Re deal creates fifth-largest reinsurer
02 February 2015
Axis Capital and Partner Re are merging to create a reinsurance giant that can compete against the ongoing influx of alternative reinsurance capital…
Natural catastrophe losses hit five-year low
02 February 2015
Insured losses from natural catastrophes fell to $US39 billion ($47.71 billion) last year, a five-year low and 38% below the 10-year average, according to Aon Benfield subsidiary Impact Forecasting…