Catastrophes natural and financial hurt Liberty
11 May 2009
Investment writedowns and catastrophe losses caught up with US insurer Liberty Mutual in the first quarter, driving net profit down 92.2% compared with the corresponding period last year...
International
AIG’s insurance unit gets set for a name change
04 May 2009
The choice of a new name for AIG’s global general insurance company has come down to a shortlist of two or three, with senior officers now confirming the spin-off won’t be using the existing name...
Ace Q1 profit soars 50% as rates harden
04 May 2009
Global insurer Ace has attributed a 50% jump in first-quarter net profit to hardening insurance premiums...
Axis and XL profits succumb to financial crisis
04 May 2009
XL Capital’s first-quarter net income has taken a nosedive from $US244 million ($336 million) in the same quarter last year to just $US3.1 million ($4.3 million)...
Dodgy US claims go through the roof
04 May 2009
Tough economic conditions in the US are driving some dramatic rises in insurance fraud this year, according to the National Insurance Crime Bureau...
Aviva revenue climbs 5%
04 May 2009
International insurance giant Aviva – which is embroiled in speculation about a possible withdrawal from the Australian market – has recorded a 5% increase in first-quarter sales, driven in part...
Allianz operating profit declines in first quarter
04 May 2009
Preliminary figures released by Allianz Group reveal a 41% decline in first-quarter operating profit of €1.3 billion ($2.4 billion)...
Brokers post impressive first-quarter earnings
04 May 2009
While the insurers continue to take a financial belting, things are looking good for the brokers, with three of the top global companies posting increased first-quarter results...
Climate change threatens business: Lloyd’s
04 May 2009
Water will be scarce and food production, energy supply and migration patterns will change as the climate changes, in turn threatening businesses, according to Lloyd’s...
Fifth executive jailed over sham AIG/Gen Re reinsurance deal
04 May 2009
Former Gen Re executive Robert Graham has been jailed by a US district court for 366 days and fined $US100,000 ($137,000) following his conviction in the AIG/Gen Re reinsurance scandal...
UK confirms changes to compensation scheme limits
04 May 2009
The UK regulator has confirmed it will proceed with proposed changes to the compensation limits for insurance, investments and home mortgage advice in the event of corporate failure...
British insurance giants launch fight against asbestos ruling
27 April 2009
Four of the biggest insurers in Britain have commenced legal action over Scottish legislation that would allow compensation claims against a benign asbestos-related condition...
D&O bears brunt of hard times
27 April 2009
While the hard market has arrived for D&O insurance, the rest of the US commercial insurance market has seen little or no change in rates in the first quarter...
UK Government props up trade credit insurance market
27 April 2009
The UK Government has stepped in to prop up the UK trade credit insurance market after a 51% increase in first-quarter claims exacerbated a vacuum in available cover...
Munich Re flags ‘satisfactory’ first quarter
27 April 2009
Munich Re has flagged a “satisfactory” result for the first quarter of 2009, saying its consistent risk management approach is paying off amid the global financial crisis...
Chubb first quarter profit down 49%
27 April 2009
US insurance giant Chubb has recorded a 49% decrease in first-quarter net profit after poor investment results adversely affected generally sound underwriting...
Lloyd’s opens in Brazil
27 April 2009
Lloyd’s has opened an office in Rio de Janeiro, Brazil, a year after receiving approval to become the first foreign reinsurer in the country...
Lift your game, UK brokers tell insurers
27 April 2009
A UK Institute of Insurance Brokers survey has found major UK insurers have plenty of room for improvement – at least as far as brokers are concerned...
Axa ‘disappointed’ with flood proposal
27 April 2009
Global insurer Axa has joined other major insurers in giving a mixed reaction to the draft UK Flood and Water Management Bill...
AIG offloads auto insurance unit to Zurich
20 April 2009
Troubled insurance giant AIG has agreed to sell its US personal lines auto business to Zurich Financial Services for $US1.9 billion ($2.6 billion)...