A report by Standard & Poor’s Rating Service says that the Takaful sector is likely to continue its rapid growth and become a significant contributor in the global risk transfer market. Takaful is an insurance alternative used in many Islamic communities because Western models of insurance are forbidden under Islam’s Sharia law. Muslim markets – [...]
Financial website, Moneyfacts.co.uk, has published research showing that in the past decade the cost of term life assurance has roughly halved. For non-smokers, keen competition has reduced the average male premium by 53% since July 1998, representing a saving of £3,018 over a 25-year term. The average female non-smoker premium has fallen 48% in ten [...]
Brian Clapp has been appointed by Aon Consulting Worldwide to serve as the firm’s market leader and key account manager in Philadelphia. He joins the firm from Right Management, where he served in global product management as executive vice president. Clapp has worked in the services and operating management sector for more than two decades, [...]
Bermuda-based Montpelier Re has posted its second quarter results for the period ending 30th June. Operating income, excluding net investment and foreign exchange gains and losses, income taxes and extraordinary gains, was $63 million, or $0.73 per share. Comprehensive income was $44 million, or $0.51 per share. Fully converted book value per share on 30th [...]
Mark Creedy has resigned from Legal & General Property, which he was director of, and has also relinquished his positions on the numerous boards of which he was a member. In 2006 the firm announced Creedy’s intent to resign at the end of the following year, once a successor had been appointed. In November of [...]
Marsh has named its new CS STARS division leader in the EMEA (Europe, Middle East and Africa) region as Mark Gilliland. Gilliland leaves behind his position as UK and Ireland MD with Progress Software to join Marsh. He brings with him more than 20 years of experience in the global software industry. The CS STARS [...]
Legal expenses firm, DAS, has launched an online claims tracking service. Using eClaims, brokers can now view claims online, keeping track of the process. The system is being rolled out in stages and secure logins will eventually be extended to all claimants, although initially only new claimants will be able to use the service. In [...]
Arab Insurance Group (Arig) has seen its profits fall 60% in the first half of 2008. The company reported net profits of $11.4 million for the first half of this year, compared to net profits of $18.6 million in the first half of 2008. Although Arig’s core reinsurance business performed better on year during the [...]
Bermuda-based Everest Re Group has reported its second quarter results, with after-tax operating income excluding realised capital gains and losses at $180 million, equivalent to $2.90 per diluted share. This is compared to an after-tax operating income of $213.3 million, or $3.36 per diluted share, for the second quarter of 2007. Net income for the [...]
Reinsurance Group of America (RGA) has post its second quarter results, with net income up 30% on year. Net income for the quarter was $110.7 million, equivalent to $1.73 per diluted share. This is compared to net income of $77.5 million, $1.20 per diluted share, for the second quarter of 2007. Operating income was also [...]
The Government’s proposed reforms on personal injury compensation have disappointed insurers. The new measurers are aimed at speeding up and simplifying the claims process but have been criticised for not being sufficiently radical. The director general of the Association of British Insurers (ABI), Stephen Haddrill, points out that the goal of reform must be a [...]
Massimo Reina was yesterday named as Guy Carpenter’s chief executive officer of Guy Carpenter Srl, Milan. Prior to joining the firm, Reina served as Aon Re Italy’s general manager. As such, Reina assumes responsibility for the firm’s Italian business and will be based in Milan. He will report directly to Bernard Paul, Guy Carpenter’s Southern [...]
Groupama Insurances has named Paul Cann as the new Human Resources director. He joined the insurer on 16 July, leaving behind ING Bank and bringing 15 years of experience in the field of human resources to his role. In assuming the position he succeeds Caroline Alexander, who left her post due to family reasons. In [...]
Yves McGale has been hired by Aon Consulting Worldwide to serve as chief administration officer within the US Retirement Practice. McGale leaves behind Mercer where he headed up the West Zone retirement practice as a worldwide partner. In his new role he will be charged with assisting development efforts at the West Coast, in addition [...]
Aon Corporation has announced the appointment of Richard Resnick as regional director of wrap-ups at Aon Construction Services Group. He brings with him a tremendous amount of experience, gained during a career in the construction industry spanning more than three decades. He has worked for Tanenbaum-Harber and Willis in the wrap-up sector and earlier in [...]
Hyperion Insurance Group has appointed Eric Fady as the firm’s new group finance director. Fady comes to the role equipped with experience of financial services on the world stage, including a stint as Marsh’s EMEA (Europe, Middle East and Africa) finance director, which he held until last year. Earlier in his career he worked for [...]
Qatar-based Al Khaleej Insurance and Re-Insurance Company (KAIR) has announced the acquisition of a 25% stake in Bahrain National Life Assurance Company. The stake was purchased from Bahrain National Holding Company (BNH) for $5.8 million, and will allow the companies to work together on a joint venture. This is in line with BNH’s plans for [...]
Nick Haycock has been appointed as managing director of Countrywide, the insurance broker network. Haycock brings experience gathered from a long career, including time spent at the AA, and Aon where he served as commercial director of the Managed Services Division. Latterly, he has worked at The Resources Group as director of European Business Development. [...]
Legal & General Property has appointed Andy Banks to serve as finance director. Banks leaves behind his post as chief operating officer with New Star, where he spent a year and a half. He will assume responsibility for all finance activities of Legal & General Property, and is to report directly to Bill Hughes, MD [...]
