Ace settles with regulators
02 May 2006
Bermuda-based global insurer Ace has settled a bid-rigging investigation by the US states of New York, Illinois and Connecticut for $US80 million ($105 million) in restitution…
International
Net income rise for Chubb
02 May 2006
US-based insurer Chubb has reported a rise in net income from $US470 million ($620 million) to $US672 million ($887 million) for the first quarter of this year…
Aon plots terrorism risk
02 May 2006
The overall threat of terrorism has not changed in the past year but it has moved around a little, according to global insurance giant Aon…
Doomsday hurricane scenario
02 May 2006
The US may be facing a steady terrorism risk but it could need to prepare for even bigger storms on its coast around the Gulf of Mexico…
Swiss Re wins buyer approval
02 May 2006
Swiss Re has gained permission from the European Commission to buy US-based GE Insurance Solutions for $US7.5 billion ($9.87 billion)…
We’ve grown up: Marsh
26 April 2006
Marsh & McLennan CEO and President Mike Cherkasky says insurers and governments should be planning for global warming and the risks associated with it…
US insurers weather the storm… for now
26 April 2006
Sound risk management and strong investment results enabled US general insurers to weather record catastrophe losses last year…
Slight dip for US rates
26 April 2006
Commercial property/casualty rates in the US were flat or fell slightly during the first quarter of this year, according to an industry survey…
Conference marks centenary of the Big One
19 April 2006
The global insurance industry has gathered in San Francisco to take part in the 100th Anniversary Earthquake Conference – the largest earthquake conference ever held…
Insurers quit cover over New York hurricane warning
19 April 2006
A major US insurer has responded to expert advice that a hurricane could strike New York by declining to renew cover for thousands of homeowners in the most exposed…
Katrina insurers compared to Nazis
19 April 2006
Nearly eight months after Hurricane Katrina devastated large areas of the gulf states, debates over what policyholders were covered for are becoming a public issue…
Lloyd’s survives Rita, Wilma and Katrina
11 April 2006
It’s the first annual loss recorded since 2001, but Lloyd’s of London says its £103 million ($247 million) deficit represents a strong performance for 2005…
Greenberg case delayed
11 April 2006
New York Attorney-General Eliot Spitzer has initiated so many prosecutions in the US insurance market that one of the cases has to be delayed because it overlaps another one…
National US regulator on the cards
11 April 2006
Two US senators are keen to shake up the national insurance industry, introducing a bill to create a new federal regulatory system…
Zurich ordered to pay up
04 April 2006
Zurich Financial Services Group has agreed to pay $US153 million ($214 million) to settle allegations of bid-rigging and improper use of finite reinsurance to resolve investigations…
UK regulation costs outweigh benefits
04 April 2006
The cost of regulation of general insurance in the UK for consumers is £400 million ($965 million) a year, according to new research from the Association of British Insurers…
Brokers provide good fee disclosure
04 April 2006
A recent survey conducted by the Association of Insurance and Risk Managers in the UK reveals an increase in broker transparency over remuneration…
Succession plan is in place, but Buffett stays put
28 March 2006
Berkshire Hathaway Chairman Warren Buffett is staying in the chair…
Aviva bid rejected
28 March 2006
The £17 billion ($41.9 billion) bid by UK insurance giant Aviva to take over Prudential has been withdrawn after Prudential refused to enter into talks…
Independent trial begins
28 March 2006
Three former directors of collapsed UK insurer Independent have attended the preliminary hearing into their charges of conspiracy to defraud, marking the first step in a trial…