Bermuda-based specialty provider of property and casualty insurance and reinsurance Endurance Specialty Holdings Ltd. has announced the appointment of Glenn Yanoff to lead the firm’s wholesale US insurance operations. Yanoff’s appointment is effective from the departure of John Zachry from the role, which will occur on 1 December. The firm’s US whole insurance operations provide [...]
AXA Commercial Lines has today set out its multi channel distribution strategy that aims to see the insurer grow revenues to £1.2 billion with a COR of 95% by 2015. Amanda Blanc, CEO AXA Commercial Lines comments: “AXA Group has signed off our strategy to 2015 demonstrating their endorsement of our achievements so far and [...]
Aviva has announced that it is selling Aviva Investors Australia Ltd (AIAL) to nabInvest, National Australia Bank’s direct asset management business. The move is consistent with Aviva Investors’ strategy of focusing growth on its Asian regional hub in Singapore, and on 12 priority markets. Aviva Investors’ clients range from large corporate and institutional investors including [...]
The Association of British Insurers (ABI) has welcomed Prime Minister David Cameron’s announcement that the cost of damage caused during recent riots will be settled under Riot Act police compensation schemes. The ABI has also welcomed the Prime Minister’s agreement to extend the period in which claims can be made under the schemes from 14 [...]
Zurich Financial Services Group has today reported a biannual business operating profit of US$2.1bn, a 7% decline from the $2.3bn of last year. In the first six months of 2011 Zurich also achieved a net profit of $2bn, a 20% rise on the $1.6bn of the corresponding period last year. Chief Executive Officer Martin Senn [...]
Aon has announced that it is the sole insurance-industry sponsor of the third edition of the Atlas of Natural Disaster Risk in China. The Atlas pools almost a decade of research on the country’s major natural perils, presented on a national and local basis with maps showing topography, climate, vegetation zones and land use. The [...]
A new report on global terrorism from Guy Carpenter finds that while recorded incidents of terror around the world remain at historically high levels, the reinsurance industry continues to meet current demands for terrorism risk transfer. The number of terrorist attacks peaked at over 14,400 in 2006, with only a slight dip in frequency over [...]
Towergate Insurance has urged businesses to review their insurance coverage in the light of the recent shocking bouts of looting to afflict London, and other cities across England. Last night the capital saw fewer and smaller disturbances, but other cities (including Manchester and Nottingham) saw violence flare up. Businessmen are being advised to ensure they [...]
LV= paid out 93% of critical illness (CI) and income protection (IP) claims in the 12 months to June, with total payouts of almost £9 million and £12 million respectively. One per cent of IP claims and 3% of CI claims were rejected as a result of non-disclosure. The mutual puts the average age of [...]
Standard Life has reported its interim financial results, covering the first six months of 2011, including an IFRS pre-tax operating profit of £262m. This is 44% better than the corresponding period last year when the firm made £182m, and suggests the firm may be on course to beat its 2010 annual result of £425m. Profits [...]
Crawford & Company is warning that the UK’s recent civil disturbances are unlikely to be expressly declared a “Riot” by the police, irrespective of media coverage and references to the same. However, claims under the Riot Damages Act 1886 must be received by the local police authority within 14 days of an alleged incident, and [...]
Allianz says it has restructured its motor repair supplier network in a move that should reduce repair-cycle time. The insurer has consolidated its supplier network into nine regional repairer groups, backed by a national unit that will offer support as and when required. Allianz motor supply chain controller, Jane Riley, comments: “Having consulted with our [...]
XL Insurance has announced the appointment of Richard DeSimone as president of its US Ocean and Inland Marine unit. DeSimone, who is to be based in New York, will report directly to Neil Robertson, Chief Executive, Global Specialty in London. He brings over three decades of experience to the newly created role, and will collaborate [...]
International specialty property/casualty insurer and reinsurer Catlin Group Limited has reported its financial results for the first half of 2011. Net premiums earned increased 12%, year-on-year, from $1.6bn to $1.8bn, with gross written premiums up 9% from $2.5bn to $2.7bn and total assets rose from $12.1bn to $13.3bn. Catastrophe events cost the firm (net of [...]
Climate change is leading to increased subsidence, which is now the most expensive natural hazard in Europe, according to Swiss Re. Subsidence is a highly expensive but relatively unknown risk to homes, which is exacerbated by prolonged dry weather. Over the last two decades, the Swiss Re report states, claims related to subsidence in France [...]
Esure has detected a growing trend among Brits as an increasing number of couples opt for the “XL” family holiday. According to the insurer, one in four families are now jetting off abroad in the company of at least six relatives, with over half of this group convinced they will save almost £400 by extending [...]
The Association of British Insurers (ABI) has expressed its sympathy for residents and business owners who have suffered damage to their properties in the London riots. The Association’s director of general insurance and health, Nick Starling, says: “This is a time of enormous stress for them and their insurers will be on hand to answer [...]
Following its takeover of Royal Liver in April, Royal London is proposing to integrate the group’s Liverpool operations into the existing Royal London structure, based at Wilmslow. The move will bring all asset management functions together but lead to the closure of the Liverpool office, with the loss of up to 222 jobs. However, 105 [...]
There are enough household water leaks to fill 3,880 Olympic size swimming pools in a single year, according to the Association of British Insurers (ABI). Failed efforts at DIY and more plumbing-related appliances have increased the number of water leaks, with 9.7bn litres a year lost through leaks. Almost 20% of buildings and contents insurance [...]
