Another Gen Re manager gets jail
06 April 2009
Former Gen Re CFO Elizabeth Monrad has been jailed by a US district court for 18 months and fined $US250,000 ($346,000) following her conviction in the AIG/Gen Re reinsurance scam...
International
Report update shows firming of reinsurance markets
06 April 2009
Property catastrophe reinsurance rates are firming across most world regions as the market completes April 1 renewals, according to a report update by reinsurance broker Aon Benfield...
Gen Re boss provides lesson on global credit crisis
06 April 2009
The worldwide credit crisis and financial market meltdown highlight the respect for risk that all financial firms must adopt, says a leading US insurance executive...
Fortis banks on insurance in €28 billion loss
06 April 2009
Troubled European financial services group Fortis will count on the sale of insurance policies to make money after its banking operations plunged the firm deep into the red last year...
Climate change could force premiums up 100% in 10 years
30 March 2009
The effects of climate change could force insurance premium rates 100% higher in the space of a decade, according to the Association of British Insurers...
Lloyd’s pushes positives as profit takes a tumble
30 March 2009
Lloyd’s has reported a 51% drop in annual gross profit to £1.9 billion ($4 billion) in the aftermath of the second costliest year on record for insurers...
AIG bites the hand that feeds
30 March 2009
Fifteen of AIG Financial Products’ top 20 executives have handed back their bonuses and another has resigned as AIG sues the US Government to try to remain solvent...
US Government seeks new powers over insurers
30 March 2009
US Treasury Secretary Timothy Geithner wants the Government to be given new powers to regulate large financial companies like AIG that threaten the economy if they fail...
Chartered Insurance Institute banks £1.9m profit
30 March 2009
Just a few months after ditching a merger deal with ANZIIF and blasting its financial performance, the UK Chartered Insurance Institute has reported an annual net profit...
Europeans pull back from insurance acquisitions
30 March 2009
The number of insurance company acquisitions plummeted 76% across Europe last year...
Maritime insurance feels flow-on from economic crisis
30 March 2009
The global economic crisis and its stifling effect on world shipping is proving a mixed blessing for maritime insurers...
US insurer profits tumble
30 March 2009
US general insurers’ net profits have been overwhelmed by investment losses, according to a Fitch Ratings report...
Insurance could help unlock capital: British PM
30 March 2009
British Prime Minister Gordon Brown says insurance could play an important role in unlocking capital reserves and restoring world financial stability...
Allianz proposes new cat bond
30 March 2009
German insurer Allianz is looking to a new $US150 million ($214 million) catastrophe bond – its fourth such transaction this year...
AIG slammed over executive bonuses
23 March 2009
AIG has agreed to restructure corporate bonuses after coming under fire over the payment of $US165 million ($244 million) to employees in its financial products division...
Last year’s catastrophe losses total $US52.5 billion
23 March 2009
A new report from Swiss Re shows global insurers paid $US52.5 billion ($79.3 billion) in catastrophe-related property claims last year...
Reinsurers take the heat off insurers
23 March 2009
Reinsurers are taking on more risk as insurers face up to the worst financial crisis in recent history...
… as Swiss Re counts the cost
23 March 2009
New Swiss Re CEO Stefan Lippe says the reinsurance giant will cut expenses by at least CHF200 million ($260 million) this year by revamping IT and using fewer consultants...
Professional negligence claims soar in England and Wales
23 March 2009
The number of professional negligence cases in England and Wales soared 137% last year, putting increased pressure on PI insurers...
Regulator calls for controls on credit ratings agencies
23 March 2009
The chairman of UK’s financial services regulator, the Financial Services Authority, has put his weight behind European efforts to regulate credit ratings agencies...