Aon Risk Solutions has been appointed by EnviroMission as the exclusive provider of insurance placement and risk consulting services for the construction and operation of EnviroMission’s first Solar Tower power station, to be built in Arizona in the US. The renewable energy technology specialist has an agreement to sell solar-powered electricity from the 200MW facility [...]
Arthur J. Gallagher has acquired a majority interest in Insurance Dialogue, which trades under the Insure4Retirement (I4R) brand. I4R is a niche retail broker specialising in personal lines insurance for the over 50’s market and its largely outbound call centre, based in Bournemouth, generates approximately £11.7 million a year in revenues. The firm has 163 [...]
XL Group plc has reported that in Q1 2012 the firm made a net income of $176.6m, equating to $0.56 per share. This compares very favourably with the Q1 2011 result, which saw the firm incur a net loss of $228m (a loss of $0.73 per share). It is also a vast improvement on the [...]
Aon has reported its financial results for the first quarter of 2012, including net income attributable to Aon shareholders of $238m, equating to $0.71 per share. This is almost identical to the $246m ($0.71 per share) the firm made during the corresponding period last year. Total quarterly revenue rose by 3% to $2.8bn. President and [...]
Aviva has announced that Andrew Moss is stepping down and has ceased to be chief executive officer with immediate effect. Last week, Mr Moss declined a pay increase for 2012, Aviva’s board having heeded a number of concerns raised by shareholders regarding its latest remuneration report. The group’s chairman designate, John McFarlane, has been named [...]
Allianz has been reconfirmed as a member company of the FTSE4Good Index. The insurer has been a member of the sustainability index for more than a decade and this year has been especially recognized in the areas of “countering bribery” and “environmental management”. The Index evaluates companies in five areas as follows: working towards environmental [...]
Miller has bolstered its broking capabilities in North Asia reinsurance with the announcement that it has appointed Gao Zu Biao. Biao, who is to be based in the firm’s Hong Kong office, is a specialist in North Asia reinsurance broking. He joins Miller from China Ping An Property & Casualty Insurance, where he worked for [...]
American International Group, Inc. (AIG) has reported its financial results for the first quarter of 2012. AIG made a quarterly net income attributable to AIG of $3.2bn and operating income (after tax) of $3.1bn in Q1. This compares favourably with the $1.3bn net income and $2.1bn operating income (after tax) the firm made in the [...]
Swiss Re has reported that in the first quarter of 2012 it made net income US$1.1bn, comparing favourably with the US$665m loss it incurred during the corresponding period last year. The result was aided by a number of factors, including lower than expected natural catastrophe claims (in stark contrast to 2011). Premiums earned rose from [...]
Lancashire Holdings Limited has reported its financial results for the first quarter of 2012, including net profit after tax of $45.2m. This is around fivefold the $8.6m that the firm achieved in the corresponding period last year and also exceeds the $39m it made during Q4 2011. Pre-tax profits came to $46.5m, which was also [...]
Willis Re has been examining the challenges and opportunities offered to mutual insurers through diversification. In a new report, the broker explains that regulations introduced in association with Solvency II have encouraged some mutual insurers to consider exploring new lines of business that have the potential to relieve regulatory capital requirements. In addition, a greater [...]
RSA achieved a 5% year-on-year rise in gross written premiums in the first quarter of 2012, to £2.2 billion. Growth was driven by a 4% rate and a 1% volume increase and was led by emerging markets, with Latin America turning in an “excellent” performance. In addition, performances seen in personal lines in Canada and [...]
Marsh & McLennan Companies, Inc. (MMC) has reported that in the three months ended 31 March 2012 it made consolidated quarterly revenue of $3.1bn, a 6% year-on-year rise. The firm also reported quarterly net income of $347m, an improvement on the $325m it made during the corresponding period last year and the $256m of Q4 [...]
Aviva’s first ever Savings Engagement in Employment Index has exposed low levels of engagement in the run-up to automatic enrolment. According to the insurer’s research, 68% of employees questioned have little or no knowledge of automatic enrolment and only 43% of those currently without a pension said they would remain in a scheme once they [...]
Aegon’s group marketing director, Paul McMahon, is to join FNZ as chief executive officer, UK business. FNZ is a leading provider of transaction and custody services for the UK platform sector and earlier in his career, Mr McMahon was responsible for getting AXA into the platform sector with the AXA Elevate platform. Commenting on his [...]
PartnerRe Ltd. has reported its financial results for the first quarter of 2012, including net income of $360.1m (or $5.24 per share). The quarterly net income figure includes net after-tax realised and unrealised gains on investments of $159.2m. The Q1 result compares very favourably with the net loss of $807m that PartnerRe incurred during the [...]
CNA Financial Corporation has reported that in the first quarter of 2012 it made a net operating income of $226m, equating to $0.84 per share. This is $13m better than the corresponding period last year and over $30m better than Q4 2011. The firm also reported quarterly net income of $250m, equating to $0.93 per [...]
The airline and aviation manufacturing insurance sectors turned in a profit in 2011, following one of the safest years in recent times in terms of aircraft losses and passenger fatalities, Willis Aerospace reports. In its latest aviation market review, the broker estimates total airline insurance premium in 2011 at $1.9 billion, against claims of $1.1 [...]
LV= has appointed Chris Rolland as claims director with responsibility for overseeing all aspects of claims across the mutual’s general insurance business. Mr Rolland, who was previously chief executive officer and vice president of American Express Insurance Services Europe, will report into LV= chief operating officer, Peter Horton. Prior to joining American Express, he held [...]
Liberty Mutual Insurance Europe Limited’s commercial lines division Liberty Mutual Insurance (LMI) has announced that its new office in Leeds is to open today. The opening will coincide with a quartet of new appointments, namely Casualty Underwriter Andrew Griggs, Property Underwriter Stephen Bate, Commercial Combined Underwriter James Seal and Underwriting Assistant Eleanor Slater. The new [...]
