… as S&P lowers its credit rating
23 February 2009
Standard & Poor’s (S&P) has scaled back its long-term credit rating on Swiss Re from AA- to A+ after the reinsurance giant leaked capital throughout last year...
International
Proposed US federal regulation bill divides the insurance industry
23 February 2009
Proposed legislation for an optional US federal insurance charter has firmly divided the US insurance industry as advocates seek to modernise the existing state-based regulatory system...
Coface adds two firms to credit insurance network
23 February 2009
Global credit insurer Coface has boosted its credit insurer network by snapping up firms in Argentina and the Netherlands...
US insurance industry profit takes 80% hit in 2008
16 February 2009
Poor underwriting and investment results combined to erode US property and casualty market net profit by 80% last year, according to ratings organisation AM Best...
Willis profit steady amid the turmoil
16 February 2009
No 3 global broker Willis Group put in a steady performance last year with a 26% decline in net profit attributed mainly to the purchase of Hilb Rogal & Hobbs Company (HRH) in October...
Hurricane winds batter Axis profit 67%
16 February 2009
Axis Capital Holdings recorded a 67% slump in net profit of $US351 million ($535 million) last year as the company felt the full force of US hurricane winds...
WR Berkley profit falls 63% as premium income slides
16 February 2009
US commercial insurer WR Berkley has reported net profit of $US281 million ($427 million) as falling premium revenue contributed to a 63% dip in earnings...
AIG may sell auto insurance business to Zurich
16 February 2009
AIG is in advanced talks with Zurich Financial Services to sell its US auto insurance business, international media reports claim...
Fortis investors reject state-led deals
16 February 2009
Shareholders of European insurer Fortis have rejected deals that would see the business carved up between the Dutch and Belgian governments and French financial services company BNP Paribas...
Leaner Marsh sees small dip in Q4 profit
16 February 2009
Broking giant Marsh has booked a 5% dip in fourth-quarter earnings of $US1.1 billion ($1.7 billion) compared with the corresponding period in 2007...
Swiss Re boss replaced by deputy
16 February 2009
Swiss Re CEO Jacques Aigrain has resigned his position after the reinsurer posted a CHF1 billion ($1.3 billion) loss for last year...
Chubb takes $US1 billion hit
16 February 2009
The Chubb Corporation has taken a $US1 billion ($1.5 billion) hit in annual global net profit which has tumbled from $US2.8 billion ($4.3 billion) in 2007 to $US1.8 billion ($2.7 billion)...
Red ink flows in the Caribbean
16 February 2009
Cost-cutting and disciplined underwriting are firmly on the agenda at XL Capital after the Bermuda-based insurer and reinsurer posted a $US1.43 billion ($2.17 billion) fourth-quarter...
European insurance industry still set to grow
09 February 2009
The European insurance industry will continue to grow this year but at a slower pace than previous years, says accounting and advisory firm Ernst & Young...
Buffetted by losses, Swiss Re raises capital
09 February 2009
US investor Warren Buffet will figure prominently in a big capital injection at Swiss Re, which last week flagged a loss of CHF1 billion ($1.3 billion) for the 2008 year...
Writedowns bite into Munich Re profit
09 February 2009
Investment writedowns have squeezed Munich Re’s profit...
Chinese general insurance market grows 17%
09 February 2009
China recorded 17% growth in general insurance premium lines last year as 10 new firms established operations to capitalise on the growing insurance market...
Underwriters see upward path for UK corporate rates
09 February 2009
UK underwriters surveyed by Aon see corporate rates hardening significantly in coming months...
US rates slump 9% – but hardening is in sight
09 February 2009
While rates in other international markets begin to harden, the race to the bottom continues in the US, where property and casualty rates slid 9% in January...
Zurich annual profit falls 47%
09 February 2009
Zurich Financial Services has reported a 47% fall in annual net profit to $US3 billion ($4.5 billion), well down on the 2007 net profit of $US5.7 billion ($8.4 billion)...