AIG back in black as new chiefs named
10 August 2009
Recovering giant AIG continues to make headlines with the appointment of two experienced financial services managers to replace Edward Liddy as Chairman and CEO and its first quarterly profit…
International
Zurich chooses Schiro replacement
10 August 2009
Zurich Financial Services has decided to replace retiring CEO James Schiro with an insider – CFO Martin Senn – from January 1…
Swiss Re records big Q2 loss
10 August 2009
Global reinsurer Swiss Re reported a CHF381 million ($426 million) loss for the second quarter as mark-to-market losses on hedges and impairments offset positive results from underwriting…
Catastrophes hasten fall in Munich Re profit
10 August 2009
The Victorian bushfires are among a clutch of catastrophes to contribute to a 19% fall in Munich Re’s first-half net profit…
Berkshire insurance unit up 31%
10 August 2009
Berkshire Hathaway, the investment company headed by US stockmarket legend Warren Buffett, has recorded its best quarter in nearly two years thanks to share price recoveries…
Capital levels vulnerable, says Moody’s
10 August 2009
Moody’s Investors Service says the world insurance industry shouldn’t get too carried away with stable capital levels fuelled by improving share and debt markets…
Greenberg settles with regulator for $17.9 million
10 August 2009
Iconic former AIG CEO Maurice “Hank” Greenberg will pay $US15 million ($17.9 million) to settle civil charges brought by the US Securities and Exchange Commission…
Axis boss blasts ‘failing’ industry
10 August 2009
Axis Capital CEO John Charman has uncorked a verbal spray on the insurance industry after heavy competition contributed to a 41% slump in first-half net profit…
US rates continue to slide
10 August 2009
US property and casualty premiums declined by an average of 6% in June, according to analysis group MarketScout…
MMC second-quarter earnings tumble
10 August 2009
Marsh & McLennan Corporation blames a net loss of $US193 million ($230 million) in the second quarter on a “goodwill impairment charge”…
Hannover Re posts upbeat results
10 August 2009
Hannover Re saw hearty growth in gross written premium and net profit in the second quarter as a capital-hungry insurance world demanded more reinsurance and its investment returns improved…
European storm tops reinsurer’s loss list
03 August 2009
The first half of 2009 has proved to be an expensive one for the global industry, with Munich Re saying total world insurance losses for the period were $US11 billion ($13.3 billion) compared with…
Global insurers report modest Q2 profits
03 August 2009
The austere economic environment continues to dictate the fortunes of global insurers who returned generally modest profits in the second quarter…
Gallagher to accept commissions
03 August 2009
Arthur J Gallagher will start accepting contingent commissions on its retail broking business from October 1…
Willis second-quarter profit soars
03 August 2009
Global broker Willis has reported strong growth in second-quarter income as benefits continue to flow from the acquisition of US firm Hilb Rogal & Hobbs…
Aon reports subdued earnings in second quarter
03 August 2009
Global broker Aon has reported second-quarter net profit of $US149 million ($181 million), well down on the $US1.1 billion ($1.3 billion) earned in the same period last year…
AIG sells premium finance unit
03 August 2009
The AIG asset sale continues, with the US Government-dominated insurer selling most of its American life insurance premium finance business for about $US679.5 million ($821 million)…
Industry asked to shoulder UK burden
03 August 2009
British insurers have been asked to share in handling the state’s growing financial burden caused by accidents, poor health and old age…
Lloyd’s risk report reveals fear of the unknown
03 August 2009
Global business leaders are confident they can handle internal risks related to their own companies, but fear events outside of their control, according to a Lloyd’s report on risk management…
Cat bonds on the march, says broker
03 August 2009
Reinsurance broker Guy Carpenter says a growing appetite for catastrophe bonds is coming amid “continued stabilisation” in global financial markets…