Willis down, but not out
11 February 2008
No 3 global broker Willis - which recently made a play for much larger competitor Marsh - has surpassed analysts' expectations with full year net income of $US409 million ($457 million)…
International
China counts storm cost
11 February 2008
The winter storms sweeping China have caused $US7.5 billion ($8.4 billion) in economic losses, says the Chinese Ministry of Civil Affairs…
Levene re-elected as Lloyd’s Chairman
11 February 2008
Lord Levene has been reappointed Chairman of Lloyd's…
Cat bonds fly as market falls
11 February 2008
Insurance linked securities, including catastrophe bonds, are proving resilient options in light of the global downturn in financial markets, says insurance broker Guy Carpenter…
Ace down in fourth, rallies in final
11 February 2008
Bermuda-based insurer Ace Insurance has tabled a 12% rise in full-year net income to $US2.58 billion ($2.88 billion), despite a lull in fourth-quarter earnings…
UK ramps up flood spend
11 February 2008
The UK Government has accepted the key recommendations of an interim report into last year's floods, which caused an estimated £3 billion ($6.75 billion) in insured losses out…
Crawford lifts income 7%
11 February 2008
International claims management specialist Crawford enjoyed a 7% rise in net income to $US16.1 million ($17.9 million) last year…
UK brokers’ leader dies
04 February 2008
Well-known UK brokers' advocate Andrew Paddick died suddenly in late January…
Lloyd’s capacity dips under £16 billion
04 February 2008
Lloyd's underwriting capacity for this year has slid by 0.9% to £15.95 billion ($35.6 billion)…
TRIA program receives last-minute reprieve
04 February 2008
US President George W Bush gave the insurance industry a Boxing Day treat by signing a seven-year extension to the federal terrorism insurance backstop…
Chinese dragon stirs
04 February 2008
The Chinese insurance market increased by almost a quarter in premium revenue last year…
Steady as she goes for US insurers
04 February 2008
The US insurance industry is heading for another profitable underwriting year, despite a slight deterioration in its overall combined ratio, the Insurance Information Institute notes…
Reinsurance rates slide 9% as market leads charmed life
04 February 2008
Global reinsurance prices fell by an average of 9% last year, according to global reinsurance broker Guy Carpenter…
Nat cat losses double
04 February 2008
Insured losses from natural catastrophes doubled to $US30 billion ($33.75 billion) last year, Munich Re says in its annual market report…
Munich Re emerges from subprime huddle at front of pack
04 February 2008
Munich Re has escaped relatively unscathed from the subprime credit crisis with another record profit, due to a conservative investment strategy and prudent disposals…
Flood exposure to treble by 2070
11 December 2007
An OECD study has found as many as 150 million people in coastal cities worldwide are likely to be reliant on flood defences by the 2070s – more than treble the 40 million people…
British brokers escape mandatory transparency
11 December 2007
The UK Financial Services Authority is continuing its review into broker remuneration but has decided against mandating commission disclosure for the time being…
Buffett named as witness in AIG/Gen Re trial
11 December 2007
Prosecutors plan to call billionaire Warren Buffett as a witness in the criminal trial of five senior insurance executives in the US…
US insurers enjoy Indian summer – but storm clouds ahead
11 December 2007
The US property/casualty insurance market is enjoying its fourth consecutive year of double-digit returns on capital, says Fitch Ratings…
Subprime separates best from rest in risk
11 December 2007
The US subprime crisis has exposed deficiencies in risk management among financial institutions globally, according to a report by consultants TowerGroup…