Lloyd’s retains ratings tick
26 July 2010
Ratings agency Fitch has affirmed Lloyd’s credit rating ahead of forecasting its performance will suffer due to a “series of large losses”…
International
Liability lag limits D&O exposure: Moody’s
26 July 2010
Insurers’ exposure to the global financial crisis is being shielded by the length and complexity of class action claims in the US, a Moody’s report claims…
Natural disasters hit Chubb
26 July 2010
The cost of dealing with natural disaster claims has hit Chubb’s second-quarter net income, pushing it down $US33 million ($37 million) to $US518 million ($580 million)…
Soft conditions reign in US P&C market
26 July 2010
Excess capacity in the US property and casualty market has led to another quarter of declining renewal pricing as insurers continue to chase market share…
UK compo body weighed down by hefty costs
26 July 2010
UK brokers threatening to refuse to pay levies for a national compensation scheme won’t be happy to hear the scheme paid more than £204 million ($349 million) to 21,000 claimants…
Aon strengthens consulting arm
19 July 2010
Global insurance broker Aon Corporation will expand its consulting and outsourcing operations through a $US4.9 billion ($5.55 billion) merger with US-based human resources consultancy…
UK brokers threaten boycott after compo fee hike
19 July 2010
UK brokers have threatened to respond to a sharp rise in regulator-imposed levies with an industry-wide boycott…
Brokers in hot demand amid downturn
19 July 2010
The squeeze placed on firms by the global financial downturn has led risk and finance managers to depend heavily on their insurance brokers, according to a new US survey…
AIG Chairman resigns
19 July 2010
American International Group Chairman Harvey Golub has resigned following the breakdown of his relationship with AIG CEO Robert Benmosche…
Investors circle AIG Asian assets
19 July 2010
US media reports say AIG is planning to float its AIA life insurance operation through a $US15 billion ($17.2 billion) initial public offering in Hong Kong…
RBS Insurance back on the menu
19 July 2010
The Royal Bank of Scotland has reignited the sale of its insurance assets with a multi-billion pound restructuring designed to make them more attractive to potential suitors…
Lloyd’s warns on globalisation risks
19 July 2010
The interconnected nature of finance and trade means risk can spread faster and further than ever before, according to Lloyd’s…
Record half for natural catastrophe losses
12 July 2010
An exceptional number of natural catastrophes during the first half of the year have led to record insured losses of $US22 billion ($25 billion), according to Munich Re…
A tough year predicted for Lloyd’s
12 July 2010
Lloyd’s of London has retained its strong credit rating despite predictions its combined ratio could rise to unprofitable levels this year…
FSA hands life ban to insurance executives
12 July 2010
The UK Financial Services Authority has given three London insurance executives lifetime bans for conspiring to defraud QBE Europe and other companies of £2 million…
Cost of risk declined last year
12 July 2010
The latest Risk and Insurance Management Society benchmark survey finds the average total cost of risk per $US1000 of revenue declined by 3.1% last year…
Global premium volume dips in 2009
05 July 2010
Global insurance premium volume dipped 1.1% last year, with general insurers showing greater resilience to the recession than their life insurance counterparts…
Oil spill compo fund to speed payouts
05 July 2010
Administrators of the $US20 billion ($24 million) Gulf of Mexico oil spill compensation fund have moved to speed up payments to victims…
US reinsurance rates decline
05 July 2010
Despite significant global catastrophe losses in the first half of this year, US reinsurance rates have continued to decline at the June 30 reinsurance renewal…
XL completes move to Ireland
05 July 2010
Former Canary Islands-based insurer XL Group has completed the relocation of its headquarters to Ireland…