Class action against Gen Re may proceed
20 August 2012
Pension funds seeking millions of dollars in compensation from Berkshire Hathaway subsidiary Gen Re have been granted a second chance on appeal…
International
Kerner appointed Zurich general insurance CEO
20 August 2012
Michael Kerner is to become Zurich’s CEO of General Insurance, joining the group executive committee from September 1…
Ebix acquires London trading hub
20 August 2012
Global software provider Ebix has acquired UK-based TriSystems Ltd, an online insurance trading hub that enables commercial insurance and reinsurance transactions between London intermediaries…
US storm season not over yet
20 August 2012
North America’s eastern seaboard and the Gulf of Mexico face increased threats from storms in the next three months, according to Guy Carpenter…
Luxury cars perform badly in insurance crash tests
20 August 2012
Luxury cars have struggled in recent US safety tests, with brands such as Mercedes, Lexus and Audi rating poorly…
Swiss Re reports 3% rise in treaty renewals
13 August 2012
Swiss Re has reported rate increases of 3% from the July reinsurance treaty renewals, mostly from Australia, New Zealand and the Americas…
Munich Re ups half-yearly earnings but sees danger
13 August 2012
Munich Re’s consolidated profit came in at €1.59 billion ($1.85 billion) in the six months to June 30, putting it well on the way to beating its full-year target of €2.5 billion ($2.91 billion)…
Lloyd’s Market Association reviews BI after catastrophes
13 August 2012
The Lloyd’s Market Association is reviewing how Lloyd’s writes contingent business interruption after the heavy losses from last year’s catastrophes in Asia…
MMC continues strong start
13 August 2012
Diversified services firm Marsh & McLennan has continued its strong start to 2012, beating market estimates to post a second-quarter operating income of $US518 million ($488.73 million)…
Catlin up as catastrophes fall
13 August 2012
Bermuda-based insurer Catlin Group experienced a strong first half, with net income at $US206 million ($194.86 million), compared with a loss of $US198 million ($187.32 million) for the six months to June 30…
Solid results for XL Group
13 August 2012
Dublin-based insurer and reinsurer XL Group has posted solid results for the first half of the year, with a net income of $US397.8 million ($376.4 million), compared with a disaster-related net loss…
Hannover jumps on rate strength and lower losses
13 August 2012
Hannover Re enjoyed a strong six months to June 30, compared with the first half last year. The downturn in catastrophe losses drove operating profit up 139% to €597.2 million ($694.75 million)…
July marked by flood and drought damage
13 August 2012
While some big insurers enjoyed significantly lower losses from natural catastrophes in the first half of the year, the industry had to contend with major flooding in Asia and the growing magnitude of the US…
Marine insurance market strong despite recent losses
13 August 2012
The Japanese earthquake and tsunami, flooding in Thailand, the loss of the cruise liner Costa Concordia and the Rena oil spill off New Zealand have created numerous cargo, hull and liability claims…
US commercial rates up 4%, third month in a row
13 August 2012
July rates in the US commercial property and casualty sector have held steady at 4% for the third month in a row, according to insurance exchange MarketScout…
AIG beats forecasts for solid profit
06 August 2012
The resurrection of AIG continues, with the US insurance giant reporting a net profit of $US2.3 billion ($2.2 billion) for the three months to June 30, up 27% from $US1.8 billion ($1.7 billion) for the…
Willis up on falling expenses
06 August 2012
International broker Willis has reported slightly weaker revenues for the six months to June 30, but a “significant fall” in expenses in the June quarter has resulted in a 279% increase in net income…
Arthur J Gallagher profit surges
06 August 2012
Global broker Arthur J Gallagher has turned in a solid performance for the six months to June 30, posting a 75% increase in net profit…
Berkshire Hathaway’s insurance operations rebound
06 August 2012
The lack of major global catastrophes in the first half of the year has boosted Berkshire Hathaway’s insurance operations, which incurred $US1.2 billion ($1.1 billion) in earthquake and other…
Scor Re bounces back after catastrophes
06 August 2012
Higher rates and a relatively benign catastrophe experience have helped French reinsurer Scor Re boost profit to €206 million ($241 million) for the six months to June 30 from…