S&P downgrades ratings on AIG subsidiaries
10 November 2008
Credit ratings agency Standard & Poor’s has downgraded the ratings of a number of AIG property and casualty subsidiaries from “developing” to “negative”...
International
Marsh’s restructuring affects profit
10 November 2008
Marsh & McLennan has posted a third-quarter loss on restructuring changes, reversing its strong profit rise from a year ago...
Global D&O losses to push up premiums
10 November 2008
The subprime meltdown and global credit crisis will have a major impact on directors’ and officers’ insurance, with losses predicted to far exceed earned premium...
XL Capital posts large third-quarter loss
10 November 2008
Bermuda-based insurer XL Capital has posted a quarterly net loss of $US1.65 billion ($2.45 billion), which is in line with preliminary estimates...
All directors go as Fortis changes course
10 November 2008
Banking and insurance group Fortis will elect a new board of directors and CEO at its upcoming AGM after its spectacular rescue by three European governments in September...
Premiums will have to harden, says Benfield
03 November 2008
Leading reinsurance broker Benfield says pricing trends in the global reinsurance market are shifting as the market approaches the January 1 renewal season...
Reinsurers signal turn in the cycle
03 November 2008
German reinsurers say the reinsurance market cycle is turning and expect substantial rate rises to start flowing through...
Bermuda insurers take a hammering
03 November 2008
Bermuda-based insurer Ace has been hit by financial market volatility in the credit and equity markets in the third quarter, with net profit down 92% from last year to $US54 million…
Top US brokers fall
03 November 2008
Aon Corporation has recorded total revenue growth of 6% during the third quarter as the No 2 global broker banked a $US117 million ($175 million) net profit...
Thanks but no thanks, say US insurers
03 November 2008
US insurance associations have rejected as unnecessary a Treasury plan to include insurers in a $US700 billion ($1.042 billion) rescue package...
US urged to centralise insurance regulation
03 November 2008
Financial services industry representatives have urged the US Congress to give the Federal Government a wider role in regulating the nation’s insurance industry…
US third-quarter cat losses among worst in a decade
03 November 2008
Property and casualty insurers in the US will pay $US11.5 billion ($16.9 billion) in third-quarter catastrophe claims, the fourth-largest insured property loss for that period since 1998...
Bank takes the cash for life insurer
03 November 2008
Swiss Re has paid £762 million ($1.8 billion) cash for the life insurance operation of troubled UK bank Barclays...
Investments amount to $351 million loss for China Pacific Insurance
03 November 2008
China Pacific Insurance has reported a loss of 1.64 billion yuan ($351 million) for the third quarter as weak investment markets took a toll on the major life and general insurer...
Financial crisis takes its toll on Generali
03 November 2008
Italy’s largest insurer, Generali, has been hard hit by the global financial crisis with a 29% slide in nine-month net profit to €1.67 billion ($3.2 billion) from €2.36 billion ($4.55 billion) last year...
Flu pandemic due, says Lloyd’s
27 October 2008
A repeat of the 1918 Spanish flu outbreak is statistically overdue, and any mass outbreak will contribute to a global recession, according to a report from Lloyd’s...
General insurance sector faring well, says Willis
27 October 2008
A Willis report shows the global general insurance sector has so far survived the credit crisis, with little exposure to subprime investments and few negative ratings actions...
US premiums continue to fall despite credit crunch
27 October 2008
Two major hurricanes in the US and the global financial crisis have failed to alter the soft commercial insurance market in the third quarter...
Swiss Re bids for RBS Insurance division
27 October 2008
Swiss Re and private equity firm CVC Capital Partners are making a joint bid for a majority stake in the Royal Bank of Scotland’s British insurance assets...
Willis third-quarter profit slides 46%
27 October 2008
Willis Group has recorded a 46% fall in net third-quarter earnings as it accounted the cost of acquiring US firm Hilb Rogal & Hobbs...