Regulator targets illegal brokers
12 July 2005
Britain’s regulator, the Financial Services Authority, is cracking down on illegal insurance brokers amid growing concern about unauthorised insurance businesses…
International
Citicorp Life insurer in US takeover
12 July 2005
Australian-based life insurer Citicorp Life Insurance has been bought by US company MetLife Inc as part of its $US11.8 billion acquisition of Citigroup’s Travelers Life and Annuity…
Profits up for AIG
05 July 2005
US giant American International Group has reported a net income of $US3.68 billion for the first quarter of this year – up 44% from the figure it restated…
UK policyholders still wary of brokers
05 July 2005
A UK survey shows that despite recent changes in market practice, insurance buyers still believe there is a need for further action to be taken to improve broker transparency…
TRIA deal bites the dust
05 July 2005
The US Treasury Department has recommended the Terrorism Risk Insurance Act not be extended in its current form…
Climate change a major issue, say insurers
05 July 2005
Damage costs could increase by as much as two-thirds by the end of the century if climate change continues to affect the intensity of extreme storms…
Growth slower in 2005, says Swiss Re
28 June 2005
The global risk insurance industry will continue to experience growth this year, but not at the pace it has managed in the past couple of years, according to Swiss Re’s latest Sigma report…
AIG votes for independent majority
28 June 2005
It’s only been a few months since the world discovered US giant AIG and its long-serving Chairman and CEO Maurice Greenberg weren’t totally beyond playing with the figures…
US asbestos negotiations drag on
28 June 2005
Once again US congressional approval of a $US140 billion fund for asbestos victims is lagging, this time with a surge of opposition from smaller businesses which say the arrangements…
Ace investigated over 100 contracts
28 June 2005
Ace CFO Philip Bancroft says the insurer has provided a “substantial amount of information” to investigators examining non-traditional insurance products…
US market is softening
21 June 2005
The US insurance market is softening, according to speakers at a major New York conference hosted by Standard & Poor’s last week…
US finite reinsurance investigations continue
21 June 2005
At least six US companies have received subpoenas from federal prosecutors over investigations into suspect finite reinsurance deals…
Hair cover – it’s capped
21 June 2005
Hollywood actors have been known to take out unique insurance policies for physical assets like their faces, bottoms, and legs – but now the Italians have taken insurance one step further…
AIG CEO quits board
15 June 2005
CEO and Chairman of AIG Maurice “Hank” Greenberg has resigned from the company’s board earlier than expected…
General Re execs plead guilty
15 June 2005
Former General Re senior executive John Houldsworth has pleaded guilty in New York to charges relating to investigations into transactions between AIG and General Re…
EC to probe industry
15 June 2005
The European Commission has decided to investigate retail banking and general insurance sectors in the European Union…
AIG files much-awaited figures
07 June 2005
American International Group has finally filed its 2004 annual report with the US Securities and Exchange Commission, restating results for the past five years…
Aviva goes for more China business
07 June 2005
UK insurer Aviva is tendering for two more licences to sell life assurance policies in China this year…
Florida hurricane bill announced
07 June 2005
Florida Governor Jeb Bush has enacted a hurricane insurance law that restructures the Florida Hurricane Catastrophe Fund and changes coverage for personal lines property insurers…
AIG’s Florida office under threat
24 May 2005
Former American International Group CEO Maurice “Hank” Greenberg may be prosecuted for his management of the US company he is usually credited…