Construction projects put on hold because of the recession should be adequately protected, insurance firm RSA said this week. RSA said construction firms must take better care of temporarily suspended construction sites or face an increased risk of damage. Sites that fail to follow advice given by their insurance firm will not be insured if [...]
AIG Financial Products (AIGFP) has sold the remainder of its energy and infrastructure investment portfolio for $1.9 billion as part of a winding down process. The investment portfolio included AIGFP’s lease equity interest in the Bruce Mansfield coal-fired power plant, operated by First Energy, a tax equity interest in the Stanton wind farm in west [...]
Home insurance firms are increasingly imposing a £100 excess on policies, Defaqto revealed this week. The financial analyst said the number of firms with a £100 excess on home insurance polices rose 7% in the past 12 months. In addition, a number of insurers have increased the excess to £200. Many insurers offer the option [...]
Leading high street insurance retailer Swinton Insurance has selected IT asset management specialist Certero to provide it with complete visibility of its IT assets. Spending on hardware and software will be reduced and a complete awareness of issues pertaining to licensing and compliance will be delivered by Certero’s AssetStudio™ and Software Metering for Decision Makers. [...]
The jewellers targeted in Britain’s biggest ever jewellery heist is believed to be insured by Willis, Insurance Times reports. The raid by two armed gunmen, who entered the London store dressed smartly in suits, was the second biggest robbery in British history, topped only by the £53 million raid on a Securitas depot in Kent [...]
Crawford & Company (NYSE: CRDA and CRDB) has revealed its financial results for the second quarter of the year. The firm incurred a net loss of $88.1m, which includes a $94m preliminary non-cash goodwill impairment charge. In the same quarter last year the firm enjoyed net income of $7.1m, and in Q1 2009 had a [...]
Willis Aerospace, part of global insurance broker Willis Group Holdings, has announced the appointment of Stephen Kisor as executive VP and head of the Willis Aviation office in Los Angeles. He brings with him over a quarter of a century of experience in the sector, and is familiar with all aspects of aviation insurance. He [...]
Kwik-Fit Insurance posted a 5% fall in pre-tax profit in this week despite a 10% rise in turnover. The results, for the full 2008 year, show a pre-tax profit of £8.8 million on revenues of £64.2 million. When a 2007 accounting anomaly is removed, however, the results show underlying profit up 7% and operating profit [...]
Warren Buffett’s investment firm returned to profit in the second quarter after posting a $1.5 billion loss in the first three months of this year. Berkshire Hathaway benefited from a rising stock market, which boosted its investment portfolio. Second quarter net income rose 14% on year to $3.3 billion, or $2,123 per Class A share. [...]
With the economy continuing to contract and consumers becoming more careful with their spending, there may be a temptation to cut back on what are seen as luxuries rather than necessities. In a bid to encourage holidaymakers to take out travel insurance, Direct Travel Insurance has released information regarding claims made to highlight the potential [...]
Groupama Insurances has announced that it is making a trio of important appointments to its Motor, Household and PA & Travel business. The changes come in the wake of the firm’s divisional restructuring, which was implemented to enable a greater responsive service to partner brokers. Andrew Fletcher, a veteran of 18 years with Groupama, has [...]
International specialty property/casualty insurer and reinsurer Catlin Group Limited has announced its results for the first six months of the year. Pre-tax profits rose sharply by 60% to reach $240m, having achieved a pre-tax profit of $150m in the corresponding period in 2008. Net income to common shareholders surged by even more, rising from $110m [...]
American International Group, Inc. (AIG) has reported its financial results for the second quarter of the year, and has revealed it has returned to profitability with a net income attributable to AIG of $1.8bn, and net income attributable to common shareholders of $311m, or $2.30 per share. It is the first time since Q3 2007 [...]
Zurich Financial Services Group’s Board of Directors has appointed Martin Senn to serve as chief executive officer once the incumbent, James J. Schiro, retires at the end of the year. Senn presently occupies the role of chief investment officer, and has a seat on the Group Executive Committee. Earlier in his career he held a [...]
Mike Reynolds has been named as the new chief financial officer of ACE European Group (AEG). Reynolds will succeed the incumbent chief financial officer, Philippa Curtis, who has occupied the post since 1996 but will be retiring later in the year. He leaves behind the post of Aon Benfield’s chief financial officer to join ACE [...]
Here at Insurance Daily we regularly take calls from consumers trying to contact their insurance company, and we do what we can to help. However, we don’t expect large corporations to suffer the same level of confusion – but that’s exactly what has happened with Axa. Today Insurance Daily via our parent, Brite Media, received [...]
Marsh & McLennan Companies, Inc. (MMC) has reported its financial results for the second quarter of the year. Underlying revenue rose slightly, up 2%. However, the firm incurred a net loss of $193m, equivalent to $0.37 per share, largely due to an impairment charge of $315m. This compares poorly with the firm’s $65m ($0.12 per [...]
Swiss Re has reported its financial results for Q2 2009, which include a net loss of CHF 381m. In the same quarter of 2008 the firm made a net profit of CHF 564m, and in the first quarter of this year Swiss Re enjoyed a return to profitability with net income of CHF 150m. The [...]
International general insurance and reinsurance firm Brit Insurance Holdings PLC has announced the appointment of Fiona Gibbs as Motor Fleet underwriter with immediate effect. She brings over three decades of experience in the insurance industry to her new post, and has spent more than 15 years specialising in the motor sector. Gibbs joins Brit Insurance [...]
Standard Life saw profit slump 35% in the first half of 2009, as pension sales weakened and asset values fell. Pre-tax operating profit came in at £348 million for the period, down from £534 million a year earlier. Net inflows from the group’s worldwide life and pensions operations stood at £662 million, compared with £1,842 [...]
