British brokers critical of regulation fee hike
22 February 2010
The British Insurance Brokers Association has criticised as “totally disproportionate” a plan by the UK regulator to impose a 10% hike on fees paid by UK financial services firms…
International
Swiss Re Q4 profit rounds off better year
22 February 2010
Swiss Re stormed back into the black in the December quarter last year with a CHF403 million ($610.5 million) net profit compared with 2008’s net loss of CHF1.75 billion…
US winter storms damage bill rises
22 February 2010
Severe winter storms in the eastern US this month have generated insured losses of more than $US2 billion ($2.23 billion) in total, according to preliminary estimates…
Reinsurance treaties rally for Hannover Re
22 February 2010
Hannover Re expects to increase its general reinsurance book by 3.5% after a “satisfactory” renewals period…
New venture for insurance trailblazer
22 February 2010
Aon founder Patrick Ryan is turning back the clock on his illustrious career, announcing a new venture that will see the septuagenarian back in the insurance game…
ING reduces loss in fourth quarter
22 February 2010
The financial picture for rescued Dutch financial services giant ING is looking much less terrible than a year ago, but losses on investments and bad bank debts continue to take a toll…
MMC profits despite lawsuit settlement
15 February 2010
Marsh and McLennan Companies has posted a strong return to profitability despite settling a $US435 million ($US489 million) lawsuit with the US Government over contingency…
Aon profits in fourth-quarter reversal
15 February 2010
Global broker Aon has posted a net profit of $US198 million ($222 million) for the three months to December 31, a big improvement on a $US6 million ($6.7 million) loss…
Lloyd’s outlines three-year plan
15 February 2010
Lloyd’s has laid out its strategic blueprint for the next three years, with regulation, evolution and competition the key buzzwords…
New York introduces broker fee disclosure
15 February 2010
Insurance brokers in New York State will be forced to reveal their commission to clients under a new directive issued by the state regulator last week…
Axis banks capital return
15 February 2010
Axis Capital Holdings has lodged a 31% lift in full-year net income to $US461 million ($518 million) on improved investment returns and reduced reinsurance claims…
Investments, weather kinder to WR Berkley
15 February 2010
Better investment returns and weather has helped US insurer WR Berkley triple fourth-quarter net profit with earnings of $US134.2 million ($153.3 million), against $US40 million…
Investments drive fourth-quarter loss for XL Capital
15 February 2010
Investment losses have weighed on Bermuda-based insurer XL Capital in the three months to December 31, but a net loss of $US40.3 million ($45.4 million) is a vast…
Catlin posts record profit
15 February 2010
Specialist underwriter Catlin celebrated its silver anniversary with a record end of year result…
Forgettable year for Crawford
15 February 2010
International claims management specialist Crawford & Company had a year to forget in 2009, reporting an annual loss of $US115.7 million ($130.2 million)…
Munich Re posts massive profit
08 February 2010
Munich Re has posted a 62% upswing in consolidated profit on “exceptionally low” catastrophe claims and improved investment returns…
UK firms forced to disclose complaints data
08 February 2010
UK financial services firms are being forced to disclose the number of disputes they handle under a plan to improve complaint-handling across the sector…
Ace has profit in spades
08 February 2010
Global insurer Ace has more than doubled its annual net profit to $US2.55 billion ($2.9 billion) due to increased underwriting income and a big fall in net realised losses…
Acquisition drives Willis profit forward 44%
08 February 2010
Global broker Willis has reported a 44% increase in net profit as the acquisition of US giant Hilb Regal and Hobbs continues to build company revenue…
Gallagher trims cost, adds profit
08 February 2010
No 5 global broker Arthur J Gallagher has increased annual net profit 66% to $US128.6 million ($145.9 million), using a series of cost-cutting measures to offset the soft market…