Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 15th of October 2018
October 31, 2011

Guy Carpenter bolsters Asia Pacific presence

by Richard Kilner

Story link: Guy Carpenter bolsters Asia Pacific presence

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, […]



LIU Europe opens Hamburg office

by Richard Kilner

Story link: LIU Europe opens Hamburg office

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 […]



AXA warns homeowners to beware tricks

by Richard Kilner

Story link: AXA warns homeowners to beware tricks

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 […]



Retirement plans in tatters for one in five

by Gill Montia

Story link: Retirement plans in tatters for one in five

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 […]



October 30, 2011

HomeServe suspends sales calls

by Gill Montia

Story link: HomeServe suspends sales calls

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 […]



October 28, 2011

Validus reports falling profits in Q3

by Richard Kilner

Story link: Validus reports falling profits in Q3

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) […]



Ecclesiastical appoints Ireland MD

by Richard Kilner

Story link: Ecclesiastical appoints Ireland MD

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 reports third quarter results

by Richard Kilner

Story link: Aspen reports third quarter results

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 appointed ECCA preferred broker

by Gill Montia

Story link: Howden appointed ECCA preferred broker

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 comfortable with Greek debt writedown

by Gill Montia

Story link: Allianz comfortable with Greek debt writedown

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 […]



October 27, 2011

Three percent of drink drivers still on the roads

by Richard Kilner

Story link: Three percent of drink drivers still on the roads

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 […]



FSA acts on packaged account insurance

by Gill Montia

Story link: FSA acts on packaged account insurance

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 […]



Catastrophe losses hit Assurant profits

by Richard Kilner

Story link: Catastrophe losses hit Assurant profits

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 tops Brokerbility satisfaction survey

by Gill Montia

Story link: AXA tops Brokerbility satisfaction survey

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 […]



October 26, 2011

ABI offers flood damage advice

by Richard Kilner

Story link: ABI offers flood damage advice

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 […]



Aviva warns of Bonfire burglary bonanza

by Richard Kilner

Story link: Aviva warns of Bonfire burglary bonanza

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 […]



Brokerbility survey places AXA Commercial Lines top

by Richard Kilner

Story link: Brokerbility survey places AXA Commercial Lines top

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 […]



L&G secures £1.1bn bulk annuity deal

by Gill Montia

Story link: L&G secures £1.1bn bulk annuity deal

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 places senior debt

by Gill Montia

Story link: Zurich places senior debt

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 reports Q3 and 9M profits

by Richard Kilner

Story link: Willis reports Q3 and 9M profits

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 […]