Munich Re is expecting the financial crisis to increase demand for reinsurance, as lower investment returns put pressure on primary insurers’ capital positions. With capital strength challenged by market volatility, the industry is finding it increasingly difficult to support high risk exposure and the group has reported a swift increase in demand for reinsurance, as [...]
Axa has been reassuring shareholders that its business model and balance sheet are sound but is nevertheless cutting its profit forecast for 2008 to between €3.6 billion and €4 billion. The group said the revision reflects lower asset fees and deferred acquisition costs. The French insurer will continue to pursue its Ambition 2012 growth plans [...]
The Association of British Insurers (ABI) has reported a 59% increase in trade credit insurance claims during the third quarter. Trade credit insurance protects businesses when customers fail to pay or enter administration. Claims against trade insurance policies hit £97 million from 6,805 claims in the third quarter of this year. This is compared to [...]
France-based insurer April Group has announced the launch of a new reinsurance business in Malta, Axeria Re Limited. Axeria Re is a fully owned subsidiary of April Group and is licensed in Malta by the Malta Financial Services Authority (MFSA). April Group, based in Lyon, France, has a turnover in excess of €600 million, and [...]
Chancellor of the Exchequer Alistair Darling has announced a 2.5% cut in VAT, from 17.5% to 15%. The cut will remain until 2010, when VAT is expected to return to previous levels. Small business will also benefit as their 1% tax rate rise has been suspended. It was due to increase to 22%. In total, [...]
International insurance broker Tysers has announced the launch of its new website at www.tysers.com which is to form the cornerstone of its marketing approach. Chief operating officer Quintin Heaney explained that the firm was always looking for ways to improve communication with its business partners, including underwriters and clients. The new website is to be [...]
AEGIS London has continued with its strategic diversification programme by announcing the appointments of Peter Lodge and Stephen Kiedish to a new UK leisure team. In their new roles Lodge and Kiedish will underwrite risks across the entire industry, focusing on golf clubs, zoos, nightclubs, hotels and theme parks and complementing the existing non-marine property [...]
The increase in employment and legal disputes has led ABC Insurance to advise brokers to be sure they are ready to take advantage of the extra SME legal expenses over the winter season. There is an opportunity to increase sales of legal expenses coverage afforded by the current turbulent economic conditions, as firms seek to [...]
The Confederation of British Industry (CBI) has written to the Prime Minister outlining a number of measurers that could be effective in supporting the UK economy during the current downturn. The ten point plan highlights the dangers of credit insurers withdrawing cover and thereby forcing some companies out of business. The Confederation is therefore calling [...]
Zurich Financial Services Group has completed its acquisition of Russia-based OOO NASTA Insurance Company. Zurich, based in Switzerland, purchased a 66% stake in NASTA in February 2007, and agreed to purchase the rest of the company by 2010. The remaining 34% of NASTA has now been purchased by Zurich for $205 million (£137 million), and [...]
Lloyds of London insurer Amlin has reported a 7.5% on year fall in gross written premiums for the ten months ending 31st October 2008. Gross written premiums for the period before the deduction of brokerage were £904.1 million, down from £977.2 million in the first ten months of 2007. Renewal rate reduction during the ten [...]
American Life Insurance Co (Alico), an international life insurance branch of American International Group (AIG), may be acquired in part by a group of China-based investors. AIG is currently on an asset selling spree to raise funds to pay off a $152 billion bailout loan from the US Federal Reserve. However, AIG wants to keep [...]
At the end of last week, a long-awaited judgement was handed down in the case of Durham v BAI and Others. The action concerned employers’ liability insurance and claims for mesothelioma, a cancer caused by the inhalation of asbestos fibres. The case, which was heard in the High Court of Justice during the summer, involved [...]
Norwich Union (NU) has launched Property Market Insurance (PMI), a new online tool that aims to help brokers provide a more flexible and efficient service to property owners. PMI is a Windows-based application that operates in real time and input information is only accessible by the broker and NU. The system calculates premiums and takes [...]
Independent insurance broker Giles Insurance Brokers Ltd has announced that it has acquired specialist transport insurance broker SBP Group Ltd. SBP’s managing director, Simon Brooke, is to become regional MD within Giles. SBP has a number of offices, including ones in Leeds, High Wycombe and Bristol, and a strong regional presence which will bolster Giles’ [...]
LV= has written to hundreds of brokers engaged in work with ABC or Highway to offer them dual agency agreements. The letter writing initiative comes after LV= acquired Highway Insurance and is intended to enhance value for brokers. The acquisition was part of the insurer’s strategic drive to enter the top five in the UK [...]
The stock market has been volatile of late due to fears of a global recession, however, today, the FTSE 100 has fallen today with well-known insurers suffering heavy falls. The latest stock market fall slump has renewed fears about the solvency ratios of the big insurance companies, as they may be forced to sell stock [...]
Following on from the involvement of Jardine Lloyd Thompson (JLT) in the Market Outlook Seminar organised by the Association of Insurance and Risk Managers (AIRMIC) in partnership with insurer AXA Corporate Solutions, JLT calls for a greater focus on information and strategic relationships within the insurance and risk industry, particularly in the current challenging economic [...]
