Payment protection crackdown in UK
02 March 2009
Britain’s Financial Services Authority has banned insurers from selling single-premium payment protection insurance with unsecured loans...
International
… as FSA releases draft remuneration code
02 March 2009
The FSA has introduced a draft code of practice for remuneration that sets minimum risk management standards for pay policies...
Future uncertain, but RBS Insurance turns a record profit
02 March 2009
Royal Bank of Scotland Insurance illustrated continued viability last week, turning a 15% operating profit despite the parent company recording the worst result in UK corporate history...
Financial crisis drives sophisticated futures modelling
02 March 2009
The financial crisis is likely to drive more insurers to use state-of-the-art scenario analysis to evaluate future risk, a Swiss Re report claims...
D&O rates shoot higher in the UK
23 February 2009
Broker Jardine Lloyd Thompson has foreshadowed rises of between 10% and 40% in UK directors’ and officers’ liability insurance premiums following tough reinsurance renewals this year...
Catastrophe insurance data to prepare Europe for risks
23 February 2009
Powerful European insurers and reinsurers have joined forces to form a new company that will provide European catastrophe insurance data industry-wide...
Swiss Re profits tumble on bad investments
23 February 2009
Swiss Re has confirmed the worst, last week announcing a net loss of CHF864 million ($1.14 billion) for 2008 – driven largely by bad investment strategies...
… 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...
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...