Aon Risk Solutions has announced the Hong Kong opening of International Space Brokers (ISB), its space insurance practice. The specialist space insurance broker’s regional director, and senior vice president, Craig McGilvray is to be based in Hong Kong. McGilvray will lead the new Asia-Pacific division, and prior to joining ISB worked in Brisbane, catering to [...]
Allianz SE today announced the placement of €500 million of 30-year convertible subordinated notes to be purchased by Nippon Life Insurance Company, with the transaction expected to close later this week. Within 10 years after issuance, and under certain conditions, the notes can automatically convert into Allianz common stock. In addition, Nippon Life has the [...]
LV= has launched a new £4m TV advertising campaign, the largest the firm has ever undertaken. The campaign includes a new TV advert and is the fourth of a series designed to re-launch the brand with its distinctive green heart icon. Four years ago the firm planned to become the United Kingdom’s fifth largest car [...]
Amlin has announced the appointment of Julian Lloyd to its Bloodstock underwriting team. Lloyd is the chairman of LMA’s Livestock Business Panel and, prior to joining Amlin, worked for over two decades with Hiscox, developing its bloodstock book. David Ashby, managing director of Amlin Plus Limited, the Bloodstock and Equine intermediary of Amlin Plc, described [...]
The Association of British Insurers (ABI) says the insurance industry’s determination to protect honest customers from insurance fraud has moved up a gear, with today’s announcement of the development of a national Insurance Fraud Register. Funded by ABI members, the register will be an industry-owned database enabling insurers to share information on known cheats and [...]
Lloyd’s is warning that new EU data protection laws could have costly repercussions for businesses. A final draft of the new Data Protection Directive is expected from Brussels by the end of the year and according to Lloyd’s, a recent spate of serious hacker attacks has added impetus to the overhaul of existing 15-year-old data [...]
Zurich has announced the successful placement of CHF 450 million of six-year senior notes, maturing in 2017, and CHF 250 million of 10-year senior notes, maturing in 2021, to retail and institutional investors in the Swiss Franc domestic market. Both series of notes will be issued by Zurich Insurance Company Ltd under its “Euro Medium [...]
The European Insurance and Occupational Pensions Authority (EIOPA) has announced the results of its second European insurance stress test and confirmed that the insurance market covered is “robust”. Between March and May, EIOPA tested insurers’ ability to meet the future Solvency II minimum capital requirements under a number of stress scenarios. It also performed a [...]
Private health insurer Bupa has issued a response to the release of the Dilnot report into long term care and the balance between state and private contribution to it. Bupa Care Homes UK Director Oliver Thomas commented on the report, stating that it would help those with assets prepare for their old age care. However, [...]
The Association of British Insurers (ABI) has welcomed the launch of the Dilnot report on long-term care, supporting its proposed partnership between the state and the individual. The ABI’s chairman, Tim Breedon, says the report offers hope of a “clear, stable framework” in which the insurance market can develop a range of products that can [...]
XL Group plc has announced the appointment of Paolo Ribotta as head of global distribution. He joins the firm from Zurich Financial Services and will be based in its London office. In this newly created role Ribotta will take on responsibility for the firm’s global network and its performance, direction, growth and support. He will [...]
Project developer Exorka, insurance broker Marsh and Munich Re have collaborated together to create an insurance offering that protects against the exploration risk of a geothermal energy project in Taufkirchen. There are a range of renewables energy sources, amongst the most promising of which is deep geothermal energy. However, geothermal is sometimes held back by [...]
Zurich Financial Services Group has announced the appointment of Luca Marighetti as the firm’s new group head of strategy. Marighetti succeeds Christian Carl, who will concentrate solely upon his responsibilities as group head of M&A. In his new post Marighetti will be tasked with the leadership of developing Zurich’s strategic approach, forging a strong link [...]
Heath Lambert is to trade as Gallagher Heath, following its acquisition by Arthur J. Gallagher (AJG) in May, for £97 million. The change, effective immediately, is intended to emphasise the distinct strengths of the merged firms and reinforce the benefits of the combined group. AJG international chief executive officer, David Ross, comments: “The Heath name [...]
PricewaterhouseCoopers (PwC) has recruited James Quin as head of its insurance market reporting unit. Mr Quin joins from Citigroup, where he was a managing director and head of the bank’s European insurance equity research operations. Previously, he held insurance analyst roles at Lehman Brothers, HSBC and SG Securities. In his new post, he will lead [...]
Admiral could be badly hit by an outright ban on referral fees, The Sunday Telegraph has reported. According to the newspaper, the Cardiff-based group depends on “ancillary” sales for a high proportion of its UK car insurance profit, and analysts suggest that acceptance fees from personal injury lawyers and the like make up the bulk [...]
An “exceptional” run of natural catastrophes over the past 16 months has cost reinsurers approximately $48 billion, according to Willis Re. In addition, firms are contending with changes to some of the widely-used natural catastrophe models in the US, and in its 1st View report, Willis Re highlights this as a challenge facing buyers, as [...]
Volumes of business across the UK financial services sector grew in the three months to June, but at a slower pace than in the last three quarters, a new survey from the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) shows. Overall, growth was at a slower pace than in the last three quarters, but [...]
Aviva has revamped “People and Places”, its group personal accident (GPA), sickness and business travel policy, as it looks to grow business in this area. New extensions including closure of airspace, kidnap and ransom cover, nuclear, chemical and biological cover, war cover outside the policyholder’s country of domicile, cover for rehabilitation expenses, search and rescue, [...]
