Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 19th of February 2018
December 31, 2012

Willis Re comments on reinsurance rates

by Gill Montia

Story link: Willis Re comments on reinsurance rates

With 2012 natural catastrophe losses estimated at $120 billion (50% less than in 2011), Willis Re reports that most reinsurers remain within their annual catastrophe budgets. In general, international rates for property catastrophe business are risk adjusted flat to -5%, with US rates adjusted flat to -5% on loss free accounts, and +10% on loss […]



December 15, 2012

Energy industry faces new decommissioning risks

by Gill Montia

Story link: Energy industry faces new decommissioning risks

Willis is warning that the energy industry faces new risks associated with decommissioning and dismantling oil and gas installations. According to the broker, in the years ahead a significant number of offshore oil and gas platforms will reach the end of their productive lives – in the North Sea alone it is estimated that over […]



December 4, 2012

Willis makes European leadership appointments

by Richard Kilner

Story link: Willis makes European leadership appointments

Global insurance broker Willis Group Holdings has announced a number of senior leadership appointments in its Willis International business unit focusing on its UK and wider European operations. Willis’ Continental European operations is to be divided into two separate regions, namely Western Europe and Central and Eastern Europe. Director General of Willis Iberia Alberto Gallego […]



November 30, 2012

Willis North America to acquire Avalon Actuarial

by Richard Kilner

Story link: Willis North America to acquire Avalon Actuarial

Willis North America has announced that it has entered into a definitive agreement to acquire the assets of Avalon Actuarial Inc. Avalon Actuarial is a leading Canadian employee benefits brokerage and actuarial consulting services firm, based in Montreal. The 45 employees and leadership team of Avalon Actuarial will join Willis North America’s Canadian operations, and […]



November 15, 2012

Hurricane Sandy to have little impact on cat bond market

by Gill Montia

Story link: Hurricane Sandy to have little impact on cat bond market

Willis has declared that the impact of Hurricane Sandy on the catastrophe bond market is likely to be muted, based on current estimates. According to the broker, the scope and scale of the storm makes it unlikely that any bonds will be triggered solely by Sandy; however if losses mount and early estimates prove wrong, […]



November 14, 2012

Willis and Allianz complete electronic accounting link

by Gill Montia

Story link: Willis and Allianz complete electronic accounting link

Willis’ London-based operations and Allianz Global Corporate & Specialty (AGCS) have successfully launched a full electronic accounting process between the two companies, using the current (2010.2) ACORD data standard and exchanging messages via TMEL (The Message Exchange Limited). The move forms part of a continuation in the adoption of e-Accounting in the London Market. Both […]



October 24, 2012

Willis reports third quarter results

by Richard Kilner

Story link: Willis reports third quarter results

Global insurance broker Willis Group Holdings plc has reported its financial results for the quarter and nine months ended 30 September 2012. Reported net income for the third quarter was $26m, equating to $0.15 per diluted share, less than half the $60m, or $0.34 per diluted share, it made during the corresponding period last year. […]



October 17, 2012

Willis names Casserley future CEO

by Richard Kilner

Story link: Willis names Casserley future CEO

The Board of Directors of global insurance broker Willis Group Holdings has announced that Dominic Casserley will become the firm’s next chief executive officer, with effect from 7 January 2013. The Board also stated that Willis Global Chairman and Chief Executive Officer Steve Hearn will become deputy chief executive officer of the Group. Joe Plumeri […]



October 10, 2012

Willis and Zurich complete e-Accounting tie up

by Gill Montia

Story link: Willis and Zurich complete e-Accounting tie up

Willis has launched a full electronic accounting process with the London-based operations of Zurich Global Corporate UK, using the current (2010.2) ACORD data standard and exchanging messages via TMEL (The Message Exchange Limited). The move marks another step in the adoption of e-Accounting in the London Market and is Willis’ fourth major implementation during the […]



September 21, 2012

Willis opens new Malta office

by Richard Kilner

Story link: Willis opens new Malta office

Willis Group Holdings plc has announced the establishment of a new office in Malta to serve the needs of its regional captive and commercial insurance clients. The office, which was opened earlier this week, prompted Managing Director of Willis Management (Malta) Limited Nigel Goodlad to state that the firm was in an even better position […]



August 30, 2012

Willis opens new Harbin office

by Richard Kilner

Story link: Willis opens new Harbin office

Willis China has announced that it has been given the green light by the Chinese Insurance Regulatory Commission (CIRC) to open a new office in Harbin. The new office will be the 22nd of Willis’ in the superpower, and will be the first foreign broker office in Harbin. It is to be the second Chinese […]



August 7, 2012

Willis strengthens Latin American presence

by Gill Montia

Story link: Willis strengthens Latin American presence

Willis has strengthened its operations in Latin America with the appointment of Alejandro Vaccaro as chief executive officer of the company’s Chilean facultative reinsurance division. Mr Vaccaro joins from Aon Benfield and his appointment follows that of Antonio Tosti who took up the newly created role of chief executive of Willis’ Latin American reinsurance business […]



Risks mount for board directors

by Gill Montia

Story link: Risks mount for board directors

Increased regulatory, shareholder and media scrutiny combined with volatility in the global economy means that serving on the board of a company has never been so risky. So says Willis in its latest boardroom guide to executive risk, while explaining that directors of large firms are facing a backdrop of “almost unparalleled financial instability, corporate […]



August 2, 2012

Willis reports rising Q2 and H1 profits

by Richard Kilner

Story link: Willis reports rising Q2 and H1 profits

Global insurance broker Willis Group Holdings plc has reported that in the second quarter of 2012 it made net income of $107m, equating to $0.61 per diluted share. This is an improvement on the $84m ($0.48 per diluted share) the firm achieved in the corresponding period last year but it less than half the $225m […]



August 1, 2012

Willis to open Barcelona Superyacht office

by Gill Montia

Story link: Willis to open Barcelona Superyacht office

Willis is to open a new Superyacht insurance broking office at the world-renowned MB92 shipyard in Barcelona. The broker’s Superyacht insurance specialists already have offices in London, Ipswich, Amsterdam, Singapore, Sydney and Fort Lauderdale and the new site will open in September, when visitors will be offered a free analysis of their insurance arrangements. According […]



July 24, 2012

Strategic shift for catastrophe reinsurance market

by Gill Montia

Story link: Strategic shift for catastrophe reinsurance market

The catastrophe reinsurance market may be on the cusp of a strategic shift, with third party capital providers set to take on increasing amounts of peak catastrophe risk. According to Willis Capital Markets & Advisory’s (WCMA) latest insurance-linked securities update, private unlisted vehicles and growing specialist independent catastrophe risk funds will take an increasing share […]



July 23, 2012

Willis bolsters international leadership

by Richard Kilner

Story link: Willis bolsters international leadership

Willis Group Holdings has announced the creation of three regional business units, operating under new leadership. Willis Asia will be led by CEO Adam Garrard and Roger Wilkinson will serve as chairman of Willis Australasia. Scott Pickering remains regional CEO of Willis’ Middle East and Africa business, and all three men will report directly to […]



July 17, 2012

Willis secures Guernsey commercial licence

by Gill Montia

Story link: Willis secures Guernsey commercial licence

Willis Group has been issued with a full commercial lines licence to conduct insurance intermediary services in Guernsey. The firm now claims to be the only London-based insurance broker with both a Guernsey licence and a full-time local representative based in the Channel Islands and dedicated to providing financial institution, professional indemnity and directors’ and […]



June 28, 2012

Willis wins Trading Risk award

by Gill Montia

Story link: Willis wins Trading Risk award

Willis Capital Markets & Advisory (WCMA) has won Trading Risk magazine’s non-life transaction of the year award for its Golden State Re catastrophe bond. The deal was recognised for its innovation and creativity in the insurance-linked securities market. As the first catastrophe bond designed exclusively to cover workers’ compensation catastrophe exposure, it introduced a new […]



June 20, 2012

Willis appoints reinsurance CEO in Brazil

by Richard Kilner

Story link: Willis appoints reinsurance CEO in Brazil

Global insurance broker Willis Group Holdings has announced that Luigi Giancristofaro has been appointed chief executive officer of its reinsurance operations in Brazil (Willis Corretora de Resseguros Ltda). Giancristofaro, who is to be based in Rio de Janeiro, will primarily have responsibility for the firm’s Brazilian wholesale business, and represent the Group’s Treaty division, Willis […]