Global broking sector stable: Moody’s
02 November 2009
Moody’s Investors Service has assigned a “stable” outlook to the global intermediary sector as brokers react to tough market conditions by cutting costs and conserving cash…
International
Aon, Gallagher results reflect tough quarter
02 November 2009
Global broker Aon has endured a difficult third quarter, earning a 3% increase in net profit of $US120 million ($135 million)…
Willis doubles third-quarter profits
02 November 2009
Global insurance broker Willis Group has reported a net income of $US78 million ($87 million) for the third quarter, more than double the $US36 million ($40 million) posted…
Bank may lose insurance businesses
02 November 2009
The Royal Bank of Scotland will probably be forced to sell its personal lines insurance operations as a condition of the bank’s hefty state bailout…
Former Marsh executives acquitted
02 November 2009
Three former Marsh brokers in the US have been acquitted of bid rigging-related charges that followed a 2005 investigation by then New York Attorney-General Eliot Spitzer…
UK regulator fines broker $1.4 million
02 November 2009
UK broker Swinton Group has copped a £770,000 ($1.4 million) fine from the British regulator for committing “serious failures” in the sale of payment protection insurance…
Lloyd’s outlook holds up
02 November 2009
Lloyd’s says it is on track to meet financial expectations for the full year, although it is not expecting investment returns to keep improving…
Plumeri urges greater transparency
02 November 2009
Willis Group Chairman and CEO Joe Plumeri has vowed his global company won’t go back to the “old ways” of doing business by accepting contingent commissions…
Marsh, AIG face another bid-rigging lawsuit
26 October 2009
An ongoing insurance bid-rigging saga continues to plague global broker Marsh and insurer AIG after the launch of a US lawsuit last week…
Cash pay limit for top AIG executives
26 October 2009
AIG’s most senior executives will have their base cash salary capped at $US500,000 ($539,000) – down 91% from last year’s levels – under orders from America’s “pay czar”…
Soft US market tipped to continue next year
26 October 2009
Next year promises no relief from soft commercial rates that have plagued US property and casualty insurers since 2004, according to analysts Advisen…
Dutch float to boost coffers for acquisitive Aviva
26 October 2009
UK financial services giant Aviva is continuing to bankroll its Asian expansion ambitions with plans to float a chunk of its holdings in Dutch subsidiary Delta Lloyd NV…
Cash-for-crash fraudster jailed
26 October 2009
A British man who charged people to crash their cars so they could claim on insurance has been jailed for four-and-a-half years…
UK politicians pledge support for insurers
26 October 2009
The three main UK political parties have acknowledged the strength of the British insurance industry by pledging to keep their regulation distinct from the rules governing banks…
Pressure mounts over US broker disclosure
26 October 2009
Pressure is building on US insurance intermediaries to disclose all sources of broking revenue…
Japan typhoon to cost up to $1.5 billion
19 October 2009
This month’s Super Typhoon Melor will cost Japan between ¥75 billion and ¥130 billion (($893 million-$1.5 billion) in insured losses, according to risk modelling firm AIR Worldwide…
AIG sells Taiwan life subsidiary
19 October 2009
AIG has made its biggest single repayment yet to the US Government’s bailout, with the sale of Taiwan subsidiary Nan Shan Life for about $US2.15 billion ($2.37 billion)…
US broker consolidation set to continue
19 October 2009
The global economic recession will put only a temporary brake on consolidation in the US broker sector, according to a report by New York-based industry analysts Advisen…
Aerospace premiums continue to decline
19 October 2009
The aerospace insurance market is still soft, but experts now believe falling passenger numbers are the main cause…
RIMS wants broker commission disclosure
19 October 2009
The Risk & Insurance Management Society has turned up the heat on insurance brokers, calling for complete transparency and full disclosure of all broking revenue…