… as Schiro enters his last year at Zurich
09 February 2009
While Zurich Global CEO James Schiro sees some upsides in the group’s market position, he’s also intending to quit the group at the end of the year...
International
Ace sustains massive Q4 loss due to writedowns
09 February 2009
Ace Insurance has suffered a 96% plunge in fourth-quarter net profit, due mainly to investment writedowns...
Generali does better
09 February 2009
Italy’s largest insurer, Generali, has bucked the general downward trend among European insurers with a 4.1% increase in premium income of €67.4 billion ($132.8 billion) in 2008 on the back of a strong performance in Germany...
Aon’s quarterly income drops 95%
09 February 2009
Global broker Aon Corp’s fourth-quarter net income has dropped 95% on an expected $US116 million ($172 million) – a loss mainly attributed to a year-long restructure in which it is shedding its underwriting activities...
Investors punish Gallagher as quarterly profit dives
09 February 2009
Shares in Arthur J Gallagher & Co have edged lower in New York after plunging 22% last Wednesday on news that the world’s fourth-largest broker’s Q4 profit dropped 80%...
New York proposes compulsory commission disclosure
09 February 2009
New York insurance brokers would be compelled to disclose all commission and affinity deals with insurers under a proposal from the New York Insurance Department...
… and whacks on some more tax
09 February 2009
The New York Insurance Association has slammed the state government for placing a $US180 million ($275 million) “back door” tax on insurers and policyholders...
What’s in a Name? Not much, says Lloyd’s
09 February 2009
While news reports last week suggested the number of private investors in Lloyd’s – better known as Names – has grown in recent months, official figures released by the market show the number actually fell 15% in January...
Bank shelves sale of insurance division
09 February 2009
The Royal Bank of Scotland has shelved plans to sell RBS Insurance after failing to attract a suitable offer...
Second exec sentenced over AIG/Gen Re reinsurance scam
02 February 2009
Former AIG reinsurance Vice President Christian Milton has been jailed by a US district court for four years and fined $US200,000 ($315,000) following his conviction in the AIG/Gen Re...
Aon: political instability on the rise as credit crunch hits home
02 February 2009
The global credit crunch is expected to impact worldwide political stability in the year ahead, posing challenges for Australian firms operating abroad, says Aon Risk Services...
Insure against recession, says IMF
02 February 2009
The International Monetary Fund is urging governments to provide insurance against large recessions like the one the world is sinking into at present...
Aon cops record fine from UK regulator
02 February 2009
Former Aon Australia CEO Peter Harmer says other UK insurance providers will be under the gun after Aon’s UK arm copped a record £5.25 million ($11.3 million) fine for poor controls...
Industry agrees rates are on the rise
02 February 2009
Premium rates globally will continue to climb gradually through the next two years, according to industry leaders, with the impact already being felt...
Levene signs on again as Names re-emerge
02 February 2009
Lloyd’s Council has re-elected Lord Levene as Chairman for an unprecedented third term...
Merger will result in new Japanese market leader
02 February 2009
Major Japanese insurers Mitsui Sumitomo Insurance Group, Aioi Insurance and Nissay Dowa General Insurance are in the final stages of negotiating a merger that will make their combined entity...
Pirates go, but marine premiums still rising
02 February 2009
Premiums for insurance cover against high sea piracy will rise, according to Munich Re...
Zurich to insure world’s poorest
02 February 2009
Zurich Financial Services has announced it will insure low-income people in the world’s poorest countries...
Winter storm hits Europe with $1.4 billion insurance bill
02 February 2009
Winter storm Klaus, which cut a swathe across France last month, may cost insurers up to €700 million ($1.4 billion), according to catastrophe risk modelling firm AIR Worldwide...
Zurich settles US reinsurance fraud case
15 December 2008
Zurich Financial Services will pay $US25 million ($37 million) in civil penalties after settling a reinsurance fraud case brought by the US Securities and Exchange Commission...