Global risk and reinsurance specialist Guy Carpenter & Company, LLC has announced a number of senior appointments to enhance its risk management capabilities in the Asia Pacific region. Christian Schirmer has been appointed head of GC Analytics® – Asia Pacific, and is to be based in Sydney. Schirmer brings extensive experience to his new position, [...]
Liberty International Underwriters in Europe (LIU Europe) has announced the establishment of a new office in Hamburg to bolster its position as a niche player in the region. LIU Europe has had a presence in Germany since 2003, and its new office will be led by Senior Directors and Officers Liability Underwriter Alexander Breig. Breig [...]
Home insurer AXA has warned homeowners of the potential for significant damage during Halloween. Almost 10% of UK households have been damaged at one time or another by trick or treaters, and whilst most damage is minor some can be serious. Claims can increase by as much as 200% on Halloween compared to a typical [...]
The UK is probably headed towards a perfect retirement storm, according to Standard Life. New research from the life and pensions provider suggests that one in five 45 to 65-year-olds who have made financial provision for retirement believe their plans are inadequate, due to the financial crisis. Of those still working, 6% don’t expect to [...]
Emergency home repair insurer, HomeServe, is reported to have suspended outgoing sales calls and embarked on a retraining programme for staff, in response to accusations of mis-selling. According to a report in The Sun, the company is in the process of reviewing the protocols followed by its 500 sales staff. In a statement to the [...]
Validus Holdings, Ltd. has reported net income of $56.5m, equating to $0.54 per diluted common share, in the third quarter of 2011. This is less than a quarter of the $238.5m ($2.08 per diluted common share) the firm made in the corresponding period last year, and around half the $109.9m ($1.05 per diluted common share) [...]
Specialist charity and heritage insurer Ecclesiastical has announced the appointment of David Lane as the new managing director of its business in Ireland. Prior to his appointment Lane worked for global financial security company Genworth Financial as MD of the Western Europe of their Lifestyle Protection business. He brings more than two decades of experience [...]
Aspen Insurance Holdings Limited has reported that it made a net income of $22.2m ($0.23 per diluted share) in the third quarter of 2011. This included net losses of $55m related to natural catastrophe events and increased estimates of losses due to severe weather in the US. The quarterly net income is less than a [...]
Howden Insurance Brokers has been appointed preferred supplier of insurance services to the English Community Care Association (ECCA). The Association is the largest representative body for community care in England and according to chief executive, Martin Green, Howden has been appointed because it knows the care home business inside out. Commenting on the win, the [...]
Allianz SE has confirmed that it wrote down its holdings in Greek sovereign bonds in the second quarter of 2011, to an average nominal amount of 54%. In the current situation, the group does not expect recent EU decisions to have any further impact in the fourth quarter, although this does depend on whether the [...]
New research from LV= car insurance has found that hundreds of people convicted of drink driving are still on the roads. The insurer submitted a Freedom of Information request which revealed that there were 55,539 drink driving convictions in 2010, but 1,480 (around 3%) were not disqualified from driving and are still, legally, on the [...]
The packaged bank account, which commonly includes some kind of insurance cover, has attracted the attention of the Financial Services Authority (FSA). The regulator estimates that one in five UK adults currently hold this type of account which can come with range of benefits, from insurance to discounts on purchases. However, customers sometimes find that [...]
Specialty insurance and insurance-related products and services provider Assurant, Inc. has reported its financial results for the third quarter ended 30 September 2011. Quarterly net operating income fell sharply, dropping by 45% to $75.6m, equating to $0.79 per diluted share, from $137.7m ($1.27 per diluted share) in the corresponding period last year. The lower quarterly [...]
AXA Commercial Lines has taken the lead in Brokerbility’s bi-annual satisfaction survey, for the third time in a row. Brokerbility’s 34 member firms made their judgment on claims, underwriting, accounts and overall satisfaction, where the rating increased to over 80%. According to the insurer’s managing director, Matthew Reed: “This is clear evidence that the changes [...]
The Association of British Insurers (ABI) has advised those affected by the recent flooding in Northern Ireland, Wales and south-west England to contact their insurer as soon as possible. Director of General Insurance Nick Starling said that it was precisely for such events that insurance existed, adding that insurers will have been aware of bad [...]
Homeowners are being warned by Aviva to beware vandalism, theft and burglary as the winter nights become longer and the clocks go back. The insurer conducted research, surveying 16 police forces regarding last year from 30 October to 5 November, and found that average reported burglaries increased by more than a quarter (26%) compared to [...]
AXA Commercial Lines has topped the Brokerbility bi-annual Satisfaction Survey for the third time in a row. The survey involves the 34 member firms rating seven key insurance partners according to a number of criteria including claims, underwriting and overall satisfaction. Brokerbility Chairman Ashwin Mistry said that AXA ought to take credit for its continual [...]
Legal & General has secured a £1.1 billion bulk annuity deal with the Trustee of the T & N Retirement Benefits Scheme (1989). The scheme has been in a Pension Protection Fund (PPF) assessment period since 2006. However, because its financial strength exceeds the threshold below which the PPF would automatically step in, the Trustee [...]
Zurich has announced the successful placement of CHF 425 million of senior debt with retail and institutional investors in the Swiss Franc domestic market. The seven-year senior notes, maturing in 2018, will be issued by Zurich Insurance Company Ltd under its “Euro Medium Term Note Programme”. The coupon has been set at 2.375%. The spread [...]
Willis Group Holdings plc has reported its financial results for the third quarter and first nine months of 2011. Willis reported quarterly net income of $60m, equating to $0.34 per diluted share, slightly down on the $64m ($0.37 per diluted share) it achieved in the same period last year. The quarterly result was affected by [...]
