Fourth quarter losses have hit Allianz hard, slashing nearly half off its yearly pre-tax profits, and causing a net loss for the year. Pre-tax profit for 2008 was €5.4 billion, down 48.2% on year. Net loss was €2.4 billion, compared to net profit of €7.9 billion in 2007. This is the company’s first annual loss [...]
The British government has agreed to insure UK banks against risky financial assets in a scheme that could cost the taxpayer up to £600 billion. The Asset Protection Scheme is available for retail banks to protect themselves against massive losses on toxic assets. British retail banks with over £25 billion in eligible assets have until [...]
Cooper Gay has published its 2009 Reinsurance Market Review, which states that reinsurers are intent upon restoring their diminished balance sheets following a period of weakening rates and plunging returns on investments. Because of this backdrop financiers are insistent that many underwriters raise rates on a range of classes and areas. Last year, as well [...]
Following feedback from its broker base MMA Insurance has developed a new Motor Trade Internal Risks product. The new product has been created to cater to the needs of smaller motor traders by providing them with coverage for their premises and liabilities. It is suitable for those who work from home, a mobile base or [...]
Liberty International Underwriters Europe (LIU Europe) has expanded Liberty Mutual Group’s (of which it is a division) global crisis management capability with the creation of a new crisis management team. The team, which is based in the UK, will begin with a pair of core products, product recall and kidnap and ransom (K&R), aimed at [...]
RSA has revealed plans to cut 1,200 jobs in the UK by mid-2010, as part of a cost reduction strategy aimed at making savings of £70 million. The news comes alongside the insurer’s results for 2008, which include a 13% rise in pre-tax profit, to £759 million; net written premiums rose 11% year-on-year, to £6.5 [...]
Caleb Roberts Insurance Services has launched a commercial insurance quotation website. The firm’s Business Quotes Online facility uses the RBS/NIG commercial lines insurance quote engine and is aimed at the SME online commercial insurance market. Users can obtain immediate quotes and purchase cover for a range of business risks, including shops, salons, offices, surgeries, tradesmen, [...]
Beazley, the marine cargo risk specialist, has launched three new transit products which are available via the Policyfast online trading platform. The firm promises that its new offering can increase efficiency and reduce costs by providing real time quotes and policy documentation. The new products comprise: A Freight Liability Economy product, which Beazley maintains offers [...]
Moneysupermarket.com has become the latest credit crunch victim, posting a large loss for full year 2008. The price comparison site recorded a £51.01 million pre-tax loss for the 12 months to 31 December 2008. This is compared to a pre-tax profit of £7.55 million in the six months and nine days to 31 December 2007. [...]
Troubled US insurer AIG may scrap plans to repay its $60 billion bailout loan from the federal government by selling business, after failing to find enough potential bidders. Chief executive Edward Liddy, who conceived the plan to sell off units when he took charge in September 2008, has now conceded that his plan may not [...]
Torus Insurance has appointed former AIG executive John Williams as Global Head of Business Operations. In his new role, Williams is responsible for Torus’ business architecture and management of workflow processes. Williams previously worked as senior vice president of operations in AIG’s small business division, one of the fastest growing commercial units in the US. [...]
German reinsurer Munich Re has teamed up with the German Federal Ministry for the Environment and KfW Bankengruppe to launch a new credit programme designed to foster an increase in geothermal energy within Germany. A combined total of €60m is to be made available for the sinking of deep geothermal wells, with the programme formulated [...]
AA Insurance has this month launched a new caravan insurance policy, aimed at UK tourers. Caravan Essentials is a value policy that should be of interest to the average family with a caravan worth up to £10,000. The Association’s head of caravan insurance, Karen Jakes, is expecting strong interest, explaining: “With the poor exchange rate, [...]
Risk and reinsurance specialist Guy Carpenter & Company has received a grant from the Microinsurance Innovation Facility in order to formulate a reinsurance facility specifically to cater to the needs of microinsurance and microfinance company operations (MFIs). The Microinsurance Innovation Facility aims to encourage finance for those in developing countries on low incomes who fall [...]
American International Group (AIG), the troubled US insurer, could post a loss of up to $60 billion for the fourth quarter of 2008, according to analysts’ estimates. Such a result would follow a loss of $24.5 billion in the third quarter of last year. The group secured an $85 billion bail out from the US [...]
COBRA Holdings Plc is acquiring Manchester-based general broker, Thornway Insurances Ltd. The transaction will take the form of the issue of 1,000,000 new COBRA shares to the vendors, and a cash sum of £351,954, representing the amount of Thornway’s surplus cash balances. Thornway’s most recent audited accounts, which are for the year ended 30th July [...]
Marsh has joined forces with Berkshire Hathaway to create a property insurance facility to cover windstorm losses incurred by oil and gas companies operating in the Gulf of Mexico. The Cost and Coverage Certainty Programme (known as “Triple C”) can provide up to $500 million of annual capacity, in the aggregate. Cover is provided on [...]
Prudential has announced that its with-profits fund lost 19.7% of its pre-tax value during 2008, as a result of exceptional market conditions. For individual investors up to 10% has been wiped off the value of their savings. Annual bonus rates have been set at 3% for most with-profits bond and 2% for personal pension policies. [...]
