AIG name Willumstad CEO

Friends receives Greenwich award for corporate pensions

Friends Life has been named a Greenwich Quality Leader for 2012 for its defined contribution corporate pensions. Greenwich Associates provides decision-makers in financial services with expert advice and Friends received the highest ratings for overall quality from 18 leading employee benefit consultants. The insurer’s managing director of corporate benefits, Colin Williams, comments:”We’re delighted that Friends [...]

JLT Specialty launches Risk Practice division

JLT Specialty has launched a risk practice division following the reorganisation of its global risk solutions and regional partnership divisions. The firm provides specialist broking, risk management and claims consulting services to medium enterprises through to large and international companies, and the new division will have four key areas of focus: Communication, technology & media [...]

Electrical retailers to launch extended warranty comparison site

Major electrical retailers have offered legal undertakings to improve the way the UK’s extended warranties market works, the Office of Fair Trading (OFT) reports. Competition concerns in the £1 billion per year market prompted an OFT study and the promised measures include improving the information provided to shoppers and the launch of a comparison website. [...]

Mining insurance capacity down 30%

In 2011, the mining insurance market was hit by $2.7 billion in natural catastrophe losses and over 60 operational losses, totaling $835 million. According to a new report from Willis, the $3.5 billion estimated losses facing mining insurers has resulted in a 30% withdrawal in insurance capacity since the start of 2011. The report estimates [...]

PartnerRe reports quarterly and annual losses

PartnerRe Ltd. has reported its financial results for the full-year and fourth quarter of 2011, including a quarterly net loss of $17.6m, equating to $0.49 per share. This compares to a net profit of $57m, ($0.65 per share), in the corresponding period last year and the $180.1m it made in Q3 2011. The firm also [...]