Towers Perrin has enhanced its presence in the US property reinsurance market with the appointment of Derek Keating as executive director within the London reinsurance brokerage business. He leaves behind Aon Benfield, where he has worked for 14 years, to join Towers Perrin. Most recently Keating served as a member of Aon Benfield’s North American [...]
Allianz UK has released its financial results for the first six months of the year. IFRS operating profit was 6.1% down on the corresponding period in the previous year, but remains ahead of the firm’s forecasts. Operating profit fell from £94m to £88.3m from 2008 to 2009. Last year was an excellent one for Allianz, [...]
UK insurer InsureandGo are providing Katherine Jenkins, Boyzone, Diversity and James Morrison with £1m of swine flu insurance for their performances at The Big Gig Weekend in Shepton Mallet at the end of September. Kevin Newton, property tycoon and promoter of the event, has taken out the unique insurance in a bid to offer some [...]
Hibernian Aviva Health has been weighing in residents of Ireland to find that 48% are either overweight or dangerously overweight. The health insurer’s findings are unsurprising, given that almost a quarter of those involved in the research admitted to taking no physical exercise. The firm advises that in addition to weight management, exercise reduces the [...]
Allstate Corporation has announced that it has settled a US class action lawsuit, Strasen v Allstate, in which the plaintiffs alleged that the group had incorrectly calculated medical expenses under the medical payments or personal injury protection coverage afforded by its automobile and homeowner insurance policies. The case, which has been pending in the Circuit [...]
Global insurance broker and risk adviser Marsh has launched a new service aimed at firms struggling to renew trade credit cover due to the difficult economic conditions. The new service will stabilise and improve credit limits, enabling firms to sustain normal trading with customers and other companies during the recession. As part of the service [...]
Embattled US insurer American International Group (AIG) has changed its bylaws to ensure that its chairman is independent. The move comes one week after Harvey Golub, former American Express boss, was named as non-executive chairman. Golub replaces executive chairman Ed Liddy, who had held the roles of CEO and chairman. Robert Benmosche, former chairman and [...]
BBC weatherman Des Coleman has been banned from driving for three months after he was caught by police driving without insurance. The former Eastenders actor, who presents the weather on East Midlands Today, was convicted in court this week after committing the offence in November last year. Coleman, 44, faced a minimum six-months ban, but [...]
A new insurance product to be launched next month will allow UK workers to insure themselves against a pay cut. Salary gap insurance, unveiled this week by Salisbury Underwriting Service, will cover workers who are made redundant and then find a new job at a lower salary. “A lot of people are having to take [...]
James J. Wrynn has been appointed as the next superintendent of the New York State Insurance Department (NYSID). He replaces Eric Dinallo, who resigned last month after serving for more than two years in the post, and will take up the position on 20 August. Wrynn currently services as executive director of the New York [...]
American International Group, Inc. has announced that it is to sell 100% of its shares in AIG Finance (Hong Kong) Limited to China Construction Bank for a cash sum $70m and $557m of repayments of intra-group indebtedness and deposits. The agreement requires regulatory approval and is subject to a number of undisclosed conditions. AIG Finance [...]
New research from the Association of British Insurers (ABI) indicates that consumers on the verge of retirement are becoming more aware of their pension options. The ABI has been questioning those in receipt of “Wake-up” packs, sent out by defined contribution schemes six months before a due retirement date. The literature, which has been reworked [...]
Specialist insurer Hiscox has commissioned research which reveals that two million small businesses are at risk of burglary due to lack of security during summer. The seasonal weakness includes a more relaxed attitude towards closing doors and windows, a trait reported by 44% of businesses surveyed. One in five of those questioned stated that they [...]
Bupa has announced its unaudited financial results for the first six months of the year, which show the firm saw revenue rise by 26% to £3.38bn. Pre-tax profits increased marginally, up 1% to £163.8m. Cash flow from operating activities surged by 74% to £328.2m, and the number of customers remained broadly the same at 10.3m. [...]
AIG has agreed terms with Indian software firm MphasiS to sell its Indian-based IT services and solutions unit. MphasiS acquired AIG Systems Solutions Private for an undisclosed sum. The unit provides IT services to AIG companies around the world. Over 800 people are employed by the unit in the Indian cities of Chennai and Kolkata. [...]
Guy Carpenter & Company, LLC has announced a number of appointments in the LAC (Latin America and Caribbean) region. Aidan Pope is to be based in Miami and becomes chief executive officer of Latin America and Caribbean Operations. He brings with him over a quarter of a century of experience in reinsurance within the LAC [...]
Zurich Financial Services Group has named Alan Fairhead as chief underwriting officer of Europe General Insurance, with effect from 1 September. Fairhead will retain his position as chief underwriting officer of Zurich Insurance plc, and in his new post will report to Annette Court, chief executive officer of Europe General Insurance, Markus Hongler, CEO Western [...]
British firms renewing their motor insurance policies this quarter should expect to see an increase in premiums, Aon warned this week. In a survey by the insurance firm 91% of brokers predicted a rise in rates for the third quarter. This is in contrast to the second quarter when every underwriter polled said rates would [...]
