Arch extends profit in full year
18 February 2013
Bermuda-based insurance group Arch Capital has banked a three-fold increase in underwriting income for the full year, despite a large number of claims from Superstorm Sandy in the fourth quarter…
International
Damage from US snowstorm minimal
18 February 2013
There have been no reports of substantial structural damage from the wild winter storm that hit the US and Canada last week, catastrophe modelling firm AIR Worldwide says…
Sandy gives US P&C an underwriting loss
18 February 2013
The US property and casualty market was on track to record a significant improvement in profits last year…
Insurers told how to deal with ‘tsunami of change’
18 February 2013
Insurers can cut their finance operational costs by 30% and reduce risk by redesigning how their finance systems work, according to a new KPMG report…
Brokers and insurers at odds over UK reforms
18 February 2013
The controversy surrounding funding of the UK’s Financial Services Compensation Scheme continues, with insurers and brokers disagreeing over the latest funding plan…
Munich Re stages 2012 recovery
11 February 2013
Munich Re has posted a consolidated profit of €3.2 billion ($4.2 billion) for 2012, a significant boost from the €710 million ($926 million) figure it achieved in 2011…
XL returns to full-year profit despite Sandy losses
11 February 2013
XL Group has reported a profit of $US651.1 million ($631 million) for 2012, turning around the previous year’s loss which had been affected by catastrophes and goodwill impairments…
Axis turns on better result in 2012
11 February 2013
Axis Capital Holdings’ results jumped in 2012 as its exposures to natural disasters were offset by contributions made by prior year reserves…
‘Diversity and discipline’ key to Catlin profit
11 February 2013
Catlin’s combined ratio improved to 90.0% for 2012, compared with 102.6% in 2011, after reduced catastrophe losses, disciplined underwriting and rate improvements…
Chubb profit falls after Sandy losses
11 February 2013
US-based global insurer Chubb’s 2012 profit has fallen 12% after a catastrophe-hit fourth quarter…
Superstorm losses flow into January reinsurance renewals
11 February 2013
Hannover Re has reported “significant price increases” at the January 1 reinsurance treaty renewals, which it says has been affected by losses resulting from Superstorm Sandy…
Scor scores at renewals
11 February 2013
French reinsurer Scor Global P&C imposed a price rise of 1.9% net of inflation during the January renewals…
Australian, Indonesian floods hit infrastructure
11 February 2013
Flooding in Australia and Indonesia over January has caused economic losses of almost $6 billion and insured losses of $US624 million ($606 million) according to Aon Benfield’s Impact Forecasting…
US rates rise in fourth quarter
11 February 2013
Premiums in the US have continued their upward trajectory as insurers price up risk or walk away from loss-making market sectors…
Buybacks proposed in New York flood zones
11 February 2013
Properties hit by Superstorm Sandy could be purchased by the state and the land turned into open space or floodplains under a $US400 million ($388 million) proposal from New York Governor Andrew Cuomo…
British brokers set their targets for 2013
11 February 2013
The British Insurance Brokers' Association has announced its key priorities for 2013…
All change at Lockton
11 February 2013
Mike Hammond has been appointed CEO of the international division of US broker Lockton – Lockton Companies LLP – following the departure of Julian James…
Investor eyes stake in Hyperion
11 February 2013
US private equity company General Atlantic is in discussions to acquire a third of UK-based Hyperion…
China approves Ping An sale
11 February 2013
The sale of HSBC’s 15.57 % stake in Chinese insurance giant Ping An is to go ahead, with approval granted by Chinese authorities two months after it was first sought…
Willis sees more risk in mining
11 February 2013
The international mining sector faces unprecedented challenges as economic uncertainty combines with political volatility and the demands for commodities ebb and flow, according to global broker Willis…