American International Group, Inc. (AIG) has released its financial results for the first quarter of the year, including net income attributable to shareholders of $1.5bn, or $2.16 per diluted common share. This compares to a hefty net loss of $4.4bn incurred in the corresponding quarter last year, equating to $39.67 per diluted common share. It [...]
Helvetia Wealth has acquired J D Murphy Investment Life & Pension Benefits, which is based in the Republic of Ireland and specialises in long-term investments and pension plans, plus life and health insurance. The Swiss wealth management firm describes the Kilkenny company as “widely known” in Ireland, having been founded in 1969. Helvetia entered the [...]
Leisuredays has launched a new residential park home/lodge policy. The firm, which specialises in the static caravan, holiday home, chalet and lodge insurance market, has developed the policy in conjunction with RSA. Cover provides for replacement of a home damaged beyond repair regardless of age, subject to policy terms and conditions. The cost of debris [...]
Research from the Institute of Advanced Motorists (IAM) has found that one in every ten cars in the United Kingdom has one tyre with an illegal tread depth. The finding follows that of Post Office Car Insurance, which discovered that 48% of motorists had cut corners when it came to repairing or maintaining their vehicles. [...]
PartnerRe Ltd. has reported its financial results for the first quarter of the year, including net income of $79.7m, equating to $0.85 per share on a fully diluted basis. This is slightly over half the $141.5m net profit earnt in the corresponding quarter in 2009, with $2.32 per share almost three times the more recent [...]
Global risk and reinsurance specialist Guy Carpenter & Company has announced the appointment of Lee Ellis as chief executive officer of its operations in South Africa. He joined Guy Carpenter last year, having previously worked for Benfield in South Africa, prior to which he was an executive director of BMS International in London. Ellis, whose [...]
Crawford & Company has announced the appointment of Christopher Pinney as its legal head for the Europe, Middle East and Africa (EMEA) and Asia-Pacific regions. Before joining Crawford he was a corporate solicitor with Jones Day, specialising in mergers and acquisitions, corporate finance and private equity transactions. Pinney will support the firm’s regional executive management [...]
Marsh is alerting financial firms to the dangers of being underinsured. According to the broker, European financial institutions are buying less insurance, or decreasing their sums insured, in efforts to reduce costs. However, claims notifications in some lines of insurance have risen by as much as 400% in the last four years, and rates for [...]
The future of the Chartered Insurance Institute (CII) could be at stake because too few members take an active role in promoting the organisation. So says Cowens Survival Capability, one of only 59 firms in the UK to have Chartered Insurance Broker status. An associate director of the commercial lines specialist, Grant Scott, comments: “There [...]
In its latest business crime Index AXA reports a small decrease (-0.8%) in the number of reported business crimes in 2009, compared with a year earlier. However, almost a half of business owners surveyed felt their firms are more vulnerable to crime now than they were a year ago. A “lack of respect” culture was [...]
James Chappel, Financial Strategist at Olivetree Securities, has commented on Prudential’s announcement to postpone the publication of its prospectus relating to the AIA acquisition. According to Chappel the decision indicates that Prudential is aware it has a job to do in persuading its shareholders to back the deal. He went on to say that two [...]
Insurance Services Office (ISO) Limited has announced the appointment of Justin Goodwin as Claims Outcome Advisor (COA) Operations Manager. In his new position Goodwin will lead the firm’s COA solution, which includes divisions such as information technology, account management, training, data analytics and project management. He brings more than two decades of experience in the [...]
Crawford & Company has announced that it has been appointed as sole adjuster to manage motor claims for Aviva’s recently launched online car insurance service in Singapore. The company, which says it is “extremely pleased” with the appointment, will manage motor claims from first notification of loss in a dedicated center operating 24 hours a [...]
Marsh is advising all organisations that they can potentially reduce their motor claims costs, and therefore fleet insurance premiums, by adhering to the Road Traffic Act’s new personal injury claims process, which is available for claims of between £1,000 and £10,000. The reforms were introduced by the Ministry of Justice in England and Wales on [...]
Complectus has launched a misfuelling insurance product for motor fleets operators, in a joint venture with AXA Assistance. According to the claims management firm, around 150,000 UK drivers make the mistake of misfuelling every year and the new policy covers the cost of draining and flushing the fuel tank, plus replenishing it. With the typical [...]
XL Capital Ltd has announced its financial results for the first quarter of the year. The firm recorded net income of $128m, equating to $0.37 per ordinary share, a decline from the $178.4m net income achieved in the same quarter last year and and a welcome return to the black after Q4 2009 saw a [...]
Insurance broker and risk adviser Marsh has announced the appointment of Wendy Lamin as a development executive within the Financial and Professional (FINPRO) Practice. Lamin, who is to be based in Edinburgh, will provide risk management and insurance portfolio advice to Scottish financial institutions and help spearhead growth amongst the firm’s Scottish clients. She moves [...]
Marsh & McLennan Companies, Inc. (MMC) has reported its financial results for the first quarter of 2010. The organisation saw its net income increase to $248m, or $0.45 per share, up from Q1 2009′s net income of $176m, equating to $0.33 per share. This compares especially favourably with the low Q4 2009 net income of [...]
Heath Lambert has announced that it has appointed Equity Direct Managing Director David Birch as sales director to supervise the fostering of personal lines affinity relationships with global firms and high street brands. Birch will join Heath Lambert in July, and brings with him a decade and a half of experience in cultivating affinity relationships. [...]
Global insurance broker Willis Group Holdings has announced the appointment of George J. Haitsch as practice leader of Willis Risk Solutions (WRS), which handles the firm’s North American large, complex corporate clients. In his new post Haitsch will be based in New York, and report directly to Eric Joost, National Partner, North American Specialties. Haitsch [...]
