PartnerRe this week reported an increase in first quarter profits despite falling premiums. The Bermuda-based reinsurer posted net income of $142 million, or $2.32 per share, an increase of 10% compared to the $129 million, or $2.16 per share, posted in the first quarter of 2008. New premiums written dropped 7% from $1.4 billion to [...]
After the false predictions of SARS and more recently H5N1 bird flu pandemics, the swine flu outbreak in Mexico has already spread rapidly and is capable of passing from human to human. Aon Global Risk Consulting’s head of enterprise risk management Alex Hindson has commented on the rapidly developing swine flu situation and urged firms [...]
uSwitch has revealed an alarming level of reluctance among UK motorists to renew MOTs on time. A recent survey from the price comparison website indicates that every year, 4.7 million Britons drive without an MOT and thereby invalidate their car insurance for the period of the lapse. One third of respondents in this category took [...]
Heath Lambert has announced that its Commercial Affinity & Small Business (CASB) team has created a new insurance scheme for the South East Photonics Network (SEPNET). The initiative has been developed in partnership with Travelers; the insurer has been selected for its proven track record in the technology and electronics sector, where it has been [...]
The Association of British Insurers (ABI) has revealed that 2008 saw an increase in the number of people covered by Private Medical Insurance (PMI), despite the recession. Last year 6.2m were covered by either personal or corporate PMI, with another 1.1m covered by Healthcare Trust arrangements. The total of 7.3m covered marks a 2.7% increase [...]
Beazley Group plc has enhanced its property insurance business offering with the appointment of Mark Bodkin as senior underwriter on the Lloyd’s team, effective from 5 May. Bodkin is an industry veteran who brings with him three and a half decades of experience in the insurance sector. He recently worked for Hiscox as senior underwriter [...]
Loss adjuster Garwyn has appointed Ian Lane as regional manager for the Midlands. In the newly created role, Lane will take responsibility for the activities at Garwyn’s Burton-on-Trent and Bromsgrove offices. “Whilst we have had operations in both locations for a number of years, we felt there was a strong advantage in bringing them both [...]
Ping An has said it will vote against the sale of Fortis to BNP Paribas. China-based insurance firm Ping An is Fortis’s biggest shareholder with a 4.8% stake. The group insisted that there are other ways forward aside from selling Fortis, and that BNP Paribas’s offer is a bad deal for shareholders. It said it [...]
In a trading update, Aviva has revealed that worldwide sales for the first quarter of 2009 were up 5%, to £10.3 billion, with life and pension sales showing an 11% increase, to £9.5 billion. The group added that it has significantly enhanced its capital position, which stood at £2.5 billion at the end of March, [...]
Global insurance broker and risk adviser Marsh has announced the appointment of Flavio Piccolomini as chief executive officer of Marsh Italy. In addition to this, Emanuele Cordero di Vonzo has been named general manager. Piccolomini leaves behind the post of Continental Europe CEO with Willis to join Marsh, ending an 18 year stint with Willis. [...]
China Re, Asia’s largest reinsurer, this week reported its first quarter results with a profit if 1.58 billion yuan ($231 million). This is compared to a 3.14 billion yuan loss for the same period during 2008. Increased investment returns were the main driver behind the increase, together with a 30% rise in reinsurance premiums. Total [...]
Jardine Lloyd Thompson Limited (JLT) warns this week that whilst some real estate investors have good insurance claims records because they manage their risks, others have just been lucky. When insurance policies come up for renewal in the current climate, underwriters are looking for evidence of a risk strategy and not just luck. John Searing, [...]
Key players in the credit insurance industry have criticised the government’s credit insurance top-up scheme as insufficient. Euler Hermes and Atradius said the government’s top-up support for businesses – announced in this week’s budget – is two narrow and will only help a small number of firms. A key limitation of the scheme is that [...]
Hartford Financial Services is looking to sell off its property and casualty business, according to reports by Reuters and Bloomberg. The struggling US-based insurer is hoping to attract bids of up to $8 billion. According to Citigroup estimates, Hartford’s P&C unit is worth between $4 billion and $8 billion. Potential buyers include Allianz, Met Life, [...]
US-based insurer Chubb this week posted first quarter profits down 49% on year to $341 million, or $0.95 per share. The high-net worth specialist said premium sales have been dented by the falling number of high net worth individuals, whilst profits were further damaged by a drop in investment income. Net written premiums for the [...]
RSA is closing its Bristol offices, with the loss of around 400 jobs. The move forms part of a cost-cutting exercise aimed at saving £70 million and involving 1,200 job losses in total by mid-2010. RSA employs around 8,000 staff in the UK and further redundancies are expected countrywide and across all levels; the insurer’s [...]
Specialist broker THB Group has appointed a new chief executive officer for Thompson Heath & Bond Limited, its Lloyd’s broking operation based in London. Pending regulatory approval, Steve Matanle will take up the mantle on 1 May, and will replace Frank Murphy who goes on to become group chief executive taking over from the retiring [...]
Following the abysmal figures contained in the Budget, Norwich Union, shortly to become Aviva, has stated its concern that by the end of the year unemployment could fuel a 50% rise in household burglary. Home Office statistics give the number of burglaries in 2008 as 280,000 and if Norwich Union’s fears are realised then 420,000 [...]
Willis Group’s North American retail business Willis HRH has announced it has appointed Douglas W. Pera as national partner for the Atlantic region. Pera succeeds Steve Deal, and is to be based in Nashville. He brings with him almost three decades of industry experience, most recently with Aon RIsk Services as resident MD – Carolinas. [...]
