American International Group, Inc. (AIG) has reported that in the third quarter of 2010 it incurred a net loss of $2.4bn, equating to $17.62 per diluted common share. This is almost $3bn worse than the net income of $455m ($0.68 per share) the firm achieved in the corresponding period last year. However, it was moderately [...]
Brit Insurance has appointed Baldeep Johal to the newly-created position of group chief risk officer. Having joined the general insurance group in 2001, Mr Johal was subsequently promoted to group chief actuary and is attributed with having created a strong actuarial and modelling team. In his new post, he will report directly to Brit’s group [...]
Allianz Commercial is expanding its regional branch network with the opening of an office in Newcastle. The insurer is currently searching for premises in the city centre and aims to have a team in place within the next six months. Les Archibald has been appointed to manage the new operation, joining Allianz from Primary General [...]
PartnerRe Ltd. has reported that in the third quarter of 2010 it made a net profit of $524.9m, equating to $6.76 per share (on a fully diluted basis). This is down on Q3 2009 when PartnerRe enjoyed profits of $566.7m ($9.44 per share), but does represent more than half the firm’s net income during the [...]
Swiss Re has reported that in the third quarter of 2010 its net income doubled from US$314m in Q3 2009 to US$618m. This is, however, a drop of approximately a quarter from the US$812m it made in Q2 2010. Earnings per share rose from US$0.92 to US$1.80, and return on equity increased from 6.1% to [...]
Validus Holdings, Ltd. has announced the appointment of Joseph Consolino as the firm’s new president, with effect from 15 November. The announcement follows the recent news that incumbent president George P. Reeth intends to step down from the firm. When assuming the reins of Validus, Consolino will also retain his present post as chief financial [...]
Insurers can make substantial savings through back office efficiencies, according to Bacs Payment Schemes Ltd. The use of Direct Debit alone has saved UK businesses £3bn, and the not-for-profit organisation has urged the public and private sectors to look at the back office first when it comes to making savings. In spring a score of [...]
Aon Benfield is warning that natural catastrophe calculations are ignoring 15 years of critical evolution, under the currently proposed Solvency II Standard Formula. The broker claims the methodology for the standardised scenarios for natural catastrophe modelling overlooks key data features including: Location granularity (CRESTA zone data is insufficient). No differentiation by occupancy (residential, commercial or [...]
Standard Life has reported continued strong growth in the nine months to the end of September 2010, with group assets under administration 13% higher, compared with 31st December 2009, at £192.4 billion. Net inflows increased by 60%, to £7.2 billion, and long-term savings net inflows more than doubled, to £3.5 billion. In the UK, the [...]
XL Insurance has announced the appointment of Michael J. Garceau to the position of chief operating officer of the North America Property & Casualty (P&C) unit. Garceau will join the firm on 8 November, and is to be based in New York, reporting directly to Seraina Maag, chief executive of the North America P&C Unit. [...]
Admiral Group has reported a 50% rise in turnover in the third quarter of 2010, compared with a year earlier, with the insurer’s vehicle count increasing 28% to 2.6 million, despite a rise in premium rates. In the three months to the end of September, turnover at the group’s Confused.com operations remained stable, compared with [...]
Standard Life Wealth, an investment specialist that caters to private clients, has announced a quintet of appointments, bringing new appointments this year to 15. Alastair Garvie and Gregg Henderson join as senior client portfolio managers, with John Payne becoming a client portfolio manager. Eileen Morrison and Clare Messham are appointed to the posts of client [...]
The Chubb Corporation has announced that Kathleen Tierney is to succeed Andrew A. McElwee, Jr. as chief operating officer of Chubb Personal Insurance. Tierney joined Chubb two decades ago as a surety trainee and was most recently senior VP and Eastern Territory manager for Chubb Specialty Insurance (CSI). The appointment, which is made with immediate [...]
XL Group plc has released its financial performance figures for the third quarter of 2010, including net income attributable to shareholders of $77.5m, equating to $0.23 per share. Fully diluted book value per ordinary share rose by 7% from the previous quarter to reach $29.56, a rise of 20% from the end of 2009. In [...]
THB Group has agreed the sale of its motorsport unit, THB Clowes, to Lloyd’s broker, Ellis Clowes & Company, which is headed by Karen Ellis, formerly managing director of THB Clowes. According to the specialist broker’s group chief executive officer, Frank Murphy, Ms Ellis had a long-held ambition to start her own brokerage and “after [...]
AXA home insurance has revealed that the week of Halloween and Bonfire Night is, perhaps unsurprisingly, the worst for malicious damage insurance claims of the entire year. AXA urges homeowners to be on their guard at this time of year, as it has seen a huge surge in malicious acts during this week over the [...]
Specialist independent insurance and reinsurance broker Miller has announced the appointment of Debbie Hole as the firm’s new head of Learning, Development and Talent Acquisition. She joins the firm having held a number of senior positions with AXA, prior to which she worked for Claridges, the Savoy and Kent Police Force in human resources. Head [...]
Global insurance broker and risk adviser Marsh has announced the appointment of Cath Whitaker to the position of senior vice president of the International Division. She leaves behind Willis, where she was acting managing director of the firm’s strategic carrier relationships, to join Marsh. Prior to this she had served Willis in São Paulo, as [...]
