Global insurance broker Willis Group Holdings plc has reported its financial results for 2010 and for the fourth quarter, including quarterly net income of $98m, equating to $0.57 per diluted share. This is an improvement on the $79m, or $0.47 per diluted share, net income achieved in Q4 2009, and Q3 2010, when the firm [...]
The Association of British Insurers (ABI) has informed its members that Jonathan Davis has decided not to take up the role of director of investment affairs, as announced in November. Mr Davis explains: “A number of my other commitments are unfortunately taking up more time than expected, making it difficult to fulfill this full-time role [...]
CNA Financial Corporation has reported its financial results for the fourth quarter including net operating income of $326m ($1.18 per common share). Quarterly net income was recorded at $302m ($1.09 per common share), a rise of $129m compared to the corresponding period in 2009, with annual net income of $690m ($2.28 per common share). The [...]
XL Group plc has reported its financial results for the fourth quarter and full-year 2010, including quarterly net income attributable to shareholders of $188.1m, equating to $0.57 per ordinary share. This is more than twice the $77.5m net income ($0.23 per ordinary share) the firm achieved in the preceding quarter and marks a return to [...]
DWF has bolstered its insurance team with a pair of new partners, Ashley Mahon and Joseph Arazi, strengthening its presence in London. Mahon was formerly a partner in catastrophic personal injury team with Plexus Law LLP prior to joining DWF. Mahon brings over a decade of experience to DWF, and will specialise in handling high-value [...]
Willis has announced a series of senior management appointments at its reinsurance, wholesale and placement divisions. The changes usher in the next phase in the development of Willis Global, a new business unit launched last year, which now encompasses Willis Re, Global Specialties, Global Markets, Faber & Dumas, Willis Capital Markets & Advisory, Willis Global [...]
Insurers helped over 450,000 customers during the December 2010 freeze, according to the Association of British Insurers (ABI). Each day they dealt with over 12,000 claims, totalling £38 million, for policyholders who suffered damage to their homes, businesses, and vehicles. The month saw some £900 million in property damage claims, the highest payout ever made [...]
Insurance rates for good-quality risks in the operational mining market continued to decline in 2010, according to the latest Mining Market Review from Willis. Rates were down for the second year in a row, due to a surge in demand for mining commodities that attracted $1.8 billion of insurance capacity to the sector. Launching the [...]
Friends Provident has appointed Colin Williams as director of corporate, following the departure of Paul McMahon. Reporting directly to chief executive Trevor Matthews, Mr Williams will be responsible for the development and implementation of a workplace savings strategy in the corporate benefits market, and will manage the ongoing integration of the Friends Provident and AXA [...]
The soft commercial insurance market conditions experienced throughout Europe, the Middle East and Africa (EMEA) in 2010 are set to continue into 2011, according to Marsh. In a new report, the broker suggest that the key market drivers of recent years, such as intense competition among insurers, abundant capacity, and relatively few insured catastrophe losses, [...]
Equity Direct Broking Limited has successfully retained its affinity partnership with Triumph Motorcycles Limited, following a tender process against a number of leading UK motorcycle insurers. EBDL retains its status as full affinity partner and will administer its branded ‘Triumph Rider’ insurance programme for the next three years. To celebrate the news, a ‘Win a [...]
Global risk adviser Aon has warned that UK businesses may be dangerously exposed to hefty fines from the UK and EU due to new legislation pertaining to environmental liability. Aon has collaborated with Argyll Environmental to create a Site Report that combines environmental and flood risk assessment into a single package aimed at the commercial [...]
Allianz Retail has announced the appointment of Simon Masding as head of Sales and Partnerships within the Speciality Retail division. The newly created position will see Masding tasked with fostering the insurer’s relationships with customers, partners and professional bodies for its pet insurance brand Petplan and Allianz Musical Insurance. He brings extensive experience to Allianz [...]
PartnerRe Ltd. has reported that in Q4 2010 it made a net income of $57m, equating to $0.65 per share on a fully diluted basis. This is far less than the result achieved in Q4 2009 of $354.4m ($4.25 per share) and substantially less than the $524.9m net income of the preceding quarter. Quarterly operating [...]
Beazley plc has reported its financial results for 2010, including pre-tax profits of $250.8m, up from $158.1m in 2009. The firm also recorded a profit (excluding exceptional foreign exchange gain) of $217.1m and a return on equity of 18.7%. Overall return on equity was 21.4%, up from 16% last year, but gross written premiums did [...]
The Association of British Insurers (ABI) has published new guidance on Extended Warranties, Guaranteed Asset Protection insurance and service contracts. The Association is hopeful that insurers and retailers will do more to help consumers understand the benefits and exclusions of all three forms of insurance, once they have swatted up on the new Good Practice [...]
Munich Re has begun insuring guarantees given to customers by Fuhrländer, a German builder of wind-power plants. Claiming an industry first, the reinsurer says it now has a range of innovative covers used to underwrite risks in the renewable energies sector. Fuhrländer gives buyers of its up to 2.5-Megawatt wind turbines a technical guarantee of [...]
Towers Watson is suggesting that proposed amendments to the Solvency II Directive from Omnibus II include transitional measures that seem far more wide ranging than had previously been alluded to in QIS5, and other discussions. The professional services firm’s senior consultant, Naren Persad, comments: “The Commission is taking a sensible precaution in giving itself the [...]
Chaucer has announced a new coverholder partnership, with Coastal Marine Services (CMS), to underwrite Hull and Machinery (H&M) and Protection and Indemnity (P&I) risks on behalf of Chaucer Syndicate 1084. CMS is a newly formed marine insurance underwriting agency with a focus on smaller vessel owners. Under the agreement, the firm will transfer its existing [...]
