Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 24th of May 2018
July 29, 2009

PartnerRe reports quarterly and six monthly profits

by Richard Kilner

Story link: PartnerRe reports quarterly and six monthly profits

PartnerRe Ltd has reported its financial results for the first six months of 2009 and for the second quarter of the year. Net income for Q2 was recorded as $474.3m, equivalent to $8.10 per fully diluted share. This is a large turn-around from Q2 last year, which saw a net loss of $26m incurred, equating […]



Transatlantic Holdings announces financial results

by Richard Kilner

Story link: Transatlantic Holdings announces financial results

Transatlantic Holdings, Inc. has announced its financial results for Q2 and the first half-year of 2009. Net income for Q2 was recorded at $112m, equivalent to $1.68 per common share, a significant rise on the Q2 2008 net income of $90m. This will mark a welcome step forward after the firm’s Q1 profits of $90m […]



July 28, 2009

Construction firms trading without credit cover

by David Masters

Story link: Construction firms trading without credit cover

One in five construction companies are now trading without credit insurance cover, according to research by the Construction Products Association (CPA). Meanwhile, firms continue to steer a wide berth around the government’s credit insurance top-up scheme. Of the 100 construction firms polled, the CPA found just one that had opted for the government plan, and […]



Islamic business insurance from Salaam Halal

by David Masters

Story link: Islamic business insurance from Salaam Halal

Muslim CEOs running UK-based companies will soon be able to opt for takaful risk management solutions from stand-alone Islamic insurer, Salaam Halal. According to a report by Reuters, the move represents a branching out by Salaam Halal, which has so far focused on providing takaful motor and home insurance. Takaful, a form of insurance legal […]



AIG rebrands UK operations

by David Masters

Story link: AIG rebrands UK operations

AIG has rebranded its UK operations as Chartis. The renaming of AIG’s property and casualty business, formerly AIU, lays the groundwork for an anticipated partial sale of the unit, which posted a $3.3 billion profit last year. Kristan Moor has been appointed as president and CEO of the rebranded New York-based company. Moor previously worked […]



LIU bolsters its presence in Manchester

by Richard Kilner

Story link: LIU bolsters its presence in Manchester

Liberty International Underwriters Europe (LIU Europe) has named Stuart Chamberlain as the firm’s new senior regional casualty underwriter for its branch Manchester. He brings with him extensive experience of underwriting with both Lloyd’s and LIU. In his new post Chamberlain will be tasked with supporting brokers by giving them technical assistance, in addition to which […]



Financial Crisis Advisory Group publishes accountancy recommendations

by Gill Montia

Story link: Financial Crisis Advisory Group publishes accountancy recommendations

The Financial Crisis Advisory Group (FCAG) has published its recommendations regarding accounting standard-setting and other changes to the international regulatory environment that should follow the global financial crisis. The FCAG was formed at the beginning of the year at the request of the International Accounting Standards Board and the US Financial Accounting Standards Board, to […]



July 27, 2009

Mapfre profits hold steady

by David Masters

Story link: Mapfre profits hold steady

Spain’s largest insurer Mapfre reported first-half net profits of 530.6 million euros ($754.7 million) this week, up 0.2% on the year. Total revenues increased 13% to 10 billion euros, while premium revenues rose 13.3% to 8.3 billion euros. Revenue growth was attributed to last year’s acquisition of US insurance company, Commerce Group. Profits from the […]



Business booms for insurance4carrental.com

by Richard Kilner

Story link: Business booms for insurance4carrental.com

Following great success since it was launched in February, insurance4carrental.com has undergone a radical redesign. Originally featuring a single page, the website now offers a broader range of information for the numerous visitors who view it each week. Matters relating to car rental have their own advice pages regarding the nature of car hire excess […]



OpenGI opens eAggregator for Home with moneysupermarket.com

by Richard Kilner

Story link: OpenGI opens eAggregator for Home with moneysupermarket.com

Brokers that trade home insurance online via OpenGI’s e-commerce solutions will now be able to take advantage of linking through the eAggregator for home platform, to moneysupermarket.com. By using eAggregator brokers will be able to enhance sales without incurring the high costs associated with internet marketing, by attaining product listings on price comparison websites. The […]



Greenbee reveal UK’s rising clumsiness

by Richard Kilner

Story link: Greenbee reveal UK’s rising clumsiness

Greenbee Home Insurance (part of the John Lewis Partnership) has revealed that claims for accidental damage/loss have soared by more than a quarter in the first three months of 2009, compared to the same time last year. The 27% rise has been attributed to clumsiness, and the laptop is the most regularly claimed for item, […]



Beazley reveals interim results

by Richard Kilner

Story link: Beazley reveals interim results

Beazley plc has released its interim results for the first six months of the year. The firm recorded unadjusted pre-tax profits of £69.9m, a substantial improvement on the 2008 figure of £46m. However, pre-tax profits were £20.1m, a fall of over 50% from the previous year’s figure of £45m. Both gross and net written premiums […]



Brit becomes ECB’s chief sponsor

by Richard Kilner

Story link: Brit becomes ECB’s chief sponsor

Brit Insurance is to become the primary Team Sponsor of England Cricket, it has been announced. The deal, lasting initially for a four year period, will begin in January next year and was announced by the England and Wales Cricket Board (ECB). The agreement will mean that all playing and training apparel of both the […]



ABI greets IIWG recommendations warmly

by Gill Montia

Story link: ABI greets IIWG recommendations warmly

The Insurance Industry Working Group (IIWG) has today published its report into the medium and long-term challenges facing the UK insurance industry. The group, which was set up in October 2008 and is co-chaired by the Chancellor of the Exchequer and Andrew Moss, group chief executive of Aviva, has set out a “vision” for the […]



July 26, 2009

FSA tightens usage of with-profits surpluses

by Gill Montia

Story link: FSA tightens usage of with-profits surpluses

The Financial Services Authority (FSA) has announced that life insurance companies will no longer be able to meet compensation and redress payments from their with-profits funds. From 31st July, liabilities arising from operational failures (including mis-selling) must be borne by shareholders, not policyholders. Last year, a report by the Treasury Select Committee accused the FSA […]



AIG bonuses halted by US Treasury

by David Masters

Story link: AIG bonuses halted by US Treasury

AIG executives missed out on $2.4 million mid-year bonus payments last week after intervention by the US Treasury Department. According to reports, the Treasury, which rescued AIG last year with a $180 billion bailout package, refused permission for the bonuses to be paid. George Madison, the Treasury’s general counsel nominee, said AIG is negotiating with […]



SCOR to acquire XL Re Life America

by David Masters

Story link: SCOR to acquire XL Re Life America

France-based reinsurer SCOR has agreed to acquire XL Re Life America (XLRLA) in a deal worth 31.7 million euros ($45.1 million). The all-cash acquisition is expected to close by the end of September, subject to regulatory approval and normal closing conditions. XLRLA is a US-based subsidiary of Bermuda-based XL Capital. The unit posted premiums of […]



Chubb records rise in Q2 profits

by Richard Kilner

Story link: Chubb records rise in Q2 profits

The Chubb Corporation [NYSE: CB] has announced that in the second quarter of the year it made a net income of $551m, equivalent to $1.54 per share. It marks a substantial improvement on the Q2 2008 performance which included a net income of $469m, or $1.27 per share. Operating income was up by $15m to […]



Groupama appoints head of Commercial Distribution

by Richard Kilner

Story link: Groupama appoints head of Commercial Distribution

Groupama Insurances has announced the appointment of Allison Andrews to the post of head of Commercial Distribution with effect from 1 July. Andrews will be directly responsible to Commercial Director Malcolm Smith and will lead a team of 7 Key Account Managers dedicated towards developing the firm’s SME and commercial motor business. Andrews, who is […]



Lloyd’s opens Dublin office

by David Masters

Story link: Lloyd’s opens Dublin office

Lloyd’s of London this week opened a Dublin office and expressed its “optimism” for the future of the Irish economy. “The opening of our first permanent office in Dublin marks the beginning of a new and exciting chapter for Lloyd’s in Ireland,” said Lloyd’s chairman Lord Peter Levene. “Despite the undoubted pressures on the Irish […]