UK Tories reveal plan to abolish regulator
27 July 2009
Britain’s Conservative Party Opposition – which is widely expected to easily win the next UK election due within 10 months – has revealed plans to abolish the Financial Services Authority…
International
US property and casualty market remains soft
27 July 2009
Hot competition for new business continues to dictate US property and casualty rates with premiums falling by an average of 4.9% in the second quarter…
HSBC Insurance fined over lost data
27 July 2009
The UK Financial Services Authority has fined an insurance company’s operations £3.2 million ($6.4 million) for failing to protect the confidential details of tens of thousands of its customers…
US Congress urged to move on insurance reform
27 July 2009
The pressure is on for US insurance regulatory reform to be brought in this year as part of a financial services package…
Zurich looking inside for CEO
27 July 2009
Zurich Financial Services has reportedly narrowed its search for a new global CEO to four internal candidates…
AIG faces scrutiny over bonuses, creditors
27 July 2009
AIG has deferred paying $US2.4 million ($2.9 million) in bonuses to senior managers as it continues to work through compensation issues with the US Government…
Marsh report finds discounts amid energy construction risks
27 July 2009
The onshore and offshore energy construction industry is relatively quiet at present, and the insurance market covering it is facing downward pressure on rates for the rest of this year…
Willis sued over Stanford investments
27 July 2009
A Venezuelan investor has taken global broker Willis to court in the US, accusing the company of fraud, negligence and misrepresentation…
Lloyd’s retains excellent rating
20 July 2009
Credit ratings agency AM Best has affirmed its A (Excellent) rating for Lloyd’s of London, saying the market should maintain a solid and flexible capital base into next year…
Investment in risk management stable
20 July 2009
The adoption of enterprise risk management has flattened out at about 65% of businesses according to a joint report by Marsh and the Risk and Insurance Management Society…
US lawmaker blasts AIG bonus plan
20 July 2009
A US government insurance industry watchdog has blasted AIG over US reports it will again push for bonuses for top executives…
Willis claims Chicago’s Sears Tower
20 July 2009
Global broker Willis has bought the naming rights to the tallest building in the western hemisphere…
New code, new president for British institute
20 July 2009
Britain’s Chartered Insurance Institute has a new president and a new code of ethics…
New cat bond offer from Hannover Re
20 July 2009
Hannover Re is marketing a €75 million ($132 million) catastrophe bond to cover against extreme losses from European windstorms…
AIG to sell $US15 billion life asset
13 July 2009
Embattled US insurance conglomerate AIG has reportedly again entered talks with life insurer MetLife to hand over its American Life Insurance Company…
American rates down in June
13 July 2009
While the trend everywhere else is up, general insurance rates in the US market appear to be continuing to slide…
Jury sides with Greenberg in AIG case
13 July 2009
A US jury has sided with former AIG CEO Maurice “Hank” Greenberg in a $US4.3 billion ($5.5 billion) lawsuit brought by his former company…
Losses will lift aviation rates
13 July 2009
June is shaping up as the most expensive month for aviation insurance since the US terrorist attacks in September 2001, with rates set to rise significantly as a result…
New York amends commission rules
13 July 2009
The New York State Insurance Department has made concessions to draft commission disclosure rules that put the onus on buyers to raise the issue with brokers…
New chief for British brokers
13 July 2009
Well-known UK broker Patrick Smith will succeed Derek Thornton as Chairman of the British Insurance Brokers’ Association in September…