Lloyd's sues brokers for $766 million
07 February 2006
Lloyd’s of London plans to sue brokers Aon Corporation and Benfield Group for £325 million ($766.2 million) for payment of a claim related to the September 11…
International
US fraud worth $US500 million
07 February 2006
The US Government has charged four former reinsurance executives with fraud for their alleged involvement in a 2000 loss-portfolio transaction with AIG…
Hurricane Katrina claims clean-up begins
07 February 2006
Nearly 70% of claims in Louisiana and Mississippi from people who lost their homes as a result of Hurricane Katrina have already been settled by insurers…
Lloyd’s earmarks Asian market options
07 February 2006
Lloyd’s has released new research on key developments within Asia, earmarking four growth opportunities – marine cargo, product liability, directors’ and officers’ and professional indemnity…
Hurricanes still on everyone’s mind
31 January 2006
Despite Australian insurers continuing to drive most commercial rates down as the competitive urge grows, they should be prepared for rises in the next 12 months as reinsurers…
Job cuts for Swiss Re
31 January 2006
Swiss Re is likely to lay off up to 15% of its workforce when its acquisition of GE Insurance Solutions is complete…
AIG to pay big bucks to settle probe
31 January 2006
American International Group is expected to pay more than $US1 billion to settle civil investigations by federal and state authorities into its financial reporting woes…
US hurricane season causes some pain, but not too much
31 January 2006
European insurers enjoyed good profitability in 2005, despite bearing some of the fallout from US Hurricanes Katrina, Wilma and Rita…
US bird flu outbreak could cost $US133 billion
31 January 2006
A bird flu pandemic in the US would kill as many as 1.9 million people and cost US life insurers $US133 billion ($176.8 billion) if past pandemic trends are anything to go by…
Asbestos claims stopped in UK
31 January 2006
The Court Of Appeal in London has stopped thousands of industrial disease sufferers from claiming personal injury compensation for pleural plaques, the scars that form around…
Industry welcomes TRIA extension
13 December 2005
The US insurance industry has welcomed the approval by Congress of legislation which will see the Terrorism Risk Insurance Act extended by at least two years…
Hurricanes push Lloyd’s into loss
06 December 2005
Hurricane Katrina has pushed Lloyd’s into the red, with the market announcing it’s heading for a loss in 2005…
UK regulator goes soft on principles
06 December 2005
The UK Financial Services Authority has been given the message by its government: cut the cost of compliance…
Greenberg won’t be prosecuted
29 November 2005
New York Attorney-General Eliot Spitzer won’t be pressing criminal charges against former AIG Chairman and CEO Maurice “Hank” Greenberg, despite media reports…
UK brokers may disclose commissions
29 November 2005
UK insurance regulator the Financial Services Authority has warned general insurance brokers that disclosure of commission arrangements to corporate insurance buyers…
Swiss Re nails GE
22 November 2005
No 2 global reinsurer Swiss Re has agreed to buy the world’s fifth-largest reinsurer, GE Insurance Solutions, for $US6.8 billion…
TRIA lives as Senate votes
22 November 2005
The US Senate has approved a bill to extend the federal terrorism insurance coverage support plan for two years from January 1…
Asbestos confusion stalls legislators
22 November 2005
Will $US140 billion be enough to pay for US asbestos victims, or will claimants soon eat their way through that…?
Lloyd’s drawing up high-stakes survival plan
22 November 2005
Lloyd’s is drawing up a three-year plan on how it will deal with increasing foreign competition for its traditional markets…
Willis takes control in China
22 November 2005
British-based global broker Willis Group has been given permission to take a majority interest in its Chinese joint venture with Pudong Insurance Brokers…