Aspen Insurance Holdings Limited has reported that it made net profits of $10.2m (equating to $0.06 per diluted share) in the second quarter of 2011. The firm’s quarterly results were significantly affected by catastrophes, which caused losses of $65m ($0.89 per diluted share) during the quarter. The second quarter also marked a return to the [...]
Aon Corporation has reported its results for Q2 2011, during which net income increased by 69% year-on-year to $258m (equating to $0.75 per share) from $153m ($0.54 per share). Net income rose marginally from the immediately preceding quarter when Aon made $246m ($0.71 per share). Total revenue increased by 48% from $1.9bn in the corresponding [...]
Friends Life has relaunched its group protection proposition. The new offering includes group life, group income protection, group critical illness and a flexible benefit offering supported by a range of added-value services aimed at promoting health. These include an employer/employee assistance programme, Best Doctors and a 24-hour seven-day-a-week health information service, provided by Bupa HealthLine. [...]
The Chartered Insurance Institute (CII) has elected Julian James as its 115th president. Mr James, who is chief executive officer of Lockton Companies International, takes over from Chris Hanks, general manager of Allianz UK. Amanda Blanc, chief executive of AXA Commercial, has been elected deputy-president. Incoming CII presidents choose a theme for their year in [...]
Validus Holdings, Ltd. has reported its financial results for the second quarter of 2011, including net income of $109.9m, equating to $1.05 per diluted common share. This is significantly less than the $179.8m ($1.44 per diluted common share) the firm made during the corresponding period last year. In the first six months of 2011 Validus [...]
A flying toilet roll holder, an invented wedding engagement, a fake photograph and an invisible wall featured among the record number of fraudulent claims detected by insurers in 2010, according to the Association of British Insurers (ABI). Around 133,000 fraudulent claims were uncovered last year (2,500 a week) with the figure up 9% on 2009. [...]
Allianz Re’s agriculture team is developing a new approach to crop insurance in cooperation with software company, Sarmap, which specialises in technology used for managing natural resources. The two are working on radar-based remote sensing software that can allow biomass growth to be monitored and the potential yield of agricultural areas to be measured. Compared [...]
Friends Life has appointed of Mary Phibbs as an independent director of the company and a member of its risk and compliance committee. A chartered accountant with over 30 years of experience in financial services across the UK, Australia and Asia Pacific, Ms Phibbs returned to the UK in 2008 to join Standard Chartered Bank [...]
AIR Worldwide has launched a Central America tropical cyclone model covering Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. The catastrophe risk expert says it is responding to the needs of the expanding insurance market in Central America by giving insurers access to more accurate analysis of policies and portfolios spanning multiple countries [...]
Bupa has announced that Group Finance Director Tom Singer has submitted his resignation to the board. Singer has been with the firm for the last three years and will leave it in mid-September, to join InterContinental Hotels Group Plc. Chairman Lord Leitch thanked Singer for his contribution to the firm, adding that the Bupa team [...]
Endurance Specialty Holdings Ltd. has reported that in the second quarter of the year it made a net income of $41.1m, equating to $0.87 per diluted common share. This is down on the corresponding period last year, when the firm made net profits of $58.6m ($0.97 per diluted common share), but a welcome return to [...]
Lancashire Holdings Limited has reported its financial results for the second quarter and first six months of 2011. Quarterly net profits increased from $84.8m to $88.9m, with net operating profits rising from $77.8m to $86.3m. However, gross written premiums fell from $232.1m in Q2 2010 to $207.9m in Q2 2011 and net written premiums declined [...]
Fewer financial advisers are planning to leave the industry than at any time over the last two-and-a-half years, according to the latest intermediary research from Aviva. Despite forthcoming market changes including the Retail Distribution Review (RDR) and capital adequacy, only 7% of advisers expect to shut up shop, compared to 10% in December 2010 and [...]
QBE has appointed Patrick Coene as managing director, European markets. Based in Brussels, Mr Coene will join the business insurance specalist in September, reporting to Terry Whittaker, managing director, distribution, QBE European operations. He moves from the post of chief executive officer of Amlin Corporate Insurance NV, having previously worked within the property & casualty [...]
Lancashire Holdings says it intends to move to UK tax residency, following the publication of the latest proposals for the reform of the UK’s Controlled Foreign Companies (CFC) rules. The Bermuda-based specialty property insurer, which has existing operations in London, says the proposed move will not required the firm to change its place of incorporation, [...]
RFIB says it has identified global property and construction as an area for development, and has appointed Richard MacFarlane as head of a newly-created business unit. Mr MacFarlane will be joining the Lloyd’s broker from Glencairn, and will be tasked with building a team of experienced professionals. The new team will sit within RFIB’s International [...]
Groupama Insurances has unveiled the latest addition to its specialist commercial product range, with the launch of Exclusively Security. According to the insurer, the new product will create fresh opportunities for brokers targeting businesses in the security market, including manned security guarding, CCTV and alarm installation, and fire extinguisher supply and maintenance. Groupama has plans [...]
Aon Risk Solutions has appointed three new insurer relationship managers to Aon GRIP Solutions in the UK, which provides insurers with analytical insights regarding their underwriting capabilities. All three appointments are from within Aon, across a range of areas within the business. David Cleverly, who has been heading up the North American wholesale team for [...]
Kiln has launched a new team to underwrite aviation risks in Singapore. Led by underwriter Brendan Warner, the unit will focus on a broad range of aviation risks across the Asia-Pacific region, including: regional airline, general aviation, products & airport liability, hull war, hull deductible and excess liability. Mr Warner, who has 33 years’ experience [...]
Towergate Insurance in Scotland has announced the appointment of Gordon Crosbie as managing director of the Perth and Stirling businesses. Crosbie will also join the Scotland Area Team, assuming the newly created position of broking director. The appointment of Crosbie, who brings over three decades of experience to Towergate, comes as the firm seeks to [...]
