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February 2012
UK motor insurer's shares rise after renewing of reinsurance programme with Hannover Re, Mapfre Re, New Re and Swiss Re.
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Reinsurance organic revenue increased 4% due primarily to strong growth in capital market transactions and advisory business and modest growth in global facultative placements.
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BB&T to acquire Crump Life Insurance Services and Crump Property & Casualty Insurance Services for $570m in cash.
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The February 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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A case marking the first time the UK Financial Services Authority (FSA) lost a judicial review concerning its own investigations could have implications for insurers.
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The Bermudian reinsurer has announced Q4 results, including net income of $27.3m, a steep drop from 2010's figures.
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The insurance departments of California, Washington state and New York are to require insurers to respond to the Climate Risk Survey adopted in 2009 by the NAIC.
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Events in the Middle East and North Africa have underlined the need for new thinking on political violence, civil unrest, and emergency evacuation cover products, according to Lloyd’s broker RFIB.
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Bermudian insurer Ironshore has announced that Dennis Mahoney and Eric Simonson have been appointed to its board.
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Feature: Woeful investment returns, cat losses and evolving regulatory pressures are causing concern for Bermuda’s insurers and reinsurers.
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In spite of substantial cat losses, the German reinsurance giant has revealed a profit for both the full year and the final quarter of last year.
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The American firm has reported a net loss of almost $60m for the final quarter of 2011, and a net loss of $99m for the full year.
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US insurer Allstate has reported net income of $724m for the fourth quarter of 2011, up from $296m in the same period in 2010.
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Bermuda’s insurers and reinsurers have weathered a torrid 2011 for catastrophes and are now looking optimistically forward to this year, with further price increases and M&A the talk of the island.
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The US Supreme Court has refused to delay the implementation of a $104m judgement against Louisiana Citizens Property Insurance.
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The technology specialist has appointed Aviva’s former head of programme delivery to manage change delivery for all insurance projects.
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January 2012
Assurant purchases $130m catastrophe reinsurance coverage through Ibis Re II cat bond.
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Ace’s fourth-quarter results include $155m of cat losses and a reserve charge for Ace’s run-off businesses including Brandywine, of $80m, of which $67m was a pre-tax addition to asbestos and environmental reserves.
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Steven Lucas will now lead the development of Ace's Canadian business, reporting to David Brosnan.
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The agency has downgraded FFVA’s ratings following significant underwriting losses in the first nine months of 2011.
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ARC to change name and move date and location of the ARC Congress.
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John Stratton, who joins from Insurance Australia Group, will oversee Brit’s investment and asset management activities.
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The firm hopes to benefit from Fish’s specialist insurance services to people with disabilities on a broker basis.
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While some insurers are mulling substantial price rises, brokers are sceptical over such hikes due to the competitive nature of the marine insurance industry.
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The rating agency attributed the downgrades to uncertainties at Old Republic.
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The rating agency commends the French insurance industry for improved underwriting discipline, and suggested combined ratios could drop while prices will continue to increase.
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The insurer has named Chen Dai and John Moncavage as principal officer and political risk VP, respectively at the Singapore branch.
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The Bermudian insurer has also raised estimated exposure to Tohoku earthquake by $42.2m to a net loss estimate of $117.3m.
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The company’s combined ratio for the quarter fell to 81.5%, while gross premiums written climbed 12% year on year to $164.26m.
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Comment: Insurers have issued an ultimatum to the UK Government to produce a solution to sustaining universal flood coverage, says Garry Booth, Reactions’ contributing editor.
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The reinsurance broker estimates that the market for insurance loss warranties reached trading volumes of $6bn last year, an estimated 10% to 25% increase in trading.
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US insurer WR Berkley has reported net income for the fourth quarter of 2011 of $118m, and says “confidence in the cyclical turn is becoming greater”.
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The insurer has also completed a €2bn syndicated credit facility agreement with a group of banks, including BofA Merrill Lynch and Citigroup.
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The agency has also revised the outlook to stable for Chartis US Insurance and the Lexington Insurance Pool.
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The upgrade reflects Fuji’s favourable risk-adjusted capitalization and parental support from AIG for underwriting and strategic initiatives, said AM Best.
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As part of the acquisition deal, THB’s CEO Frank Murphy will take up an additional role as president of AmWINS’ International division.
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Insurance trade associations settle foreign investment litigation with the California Department of Insurance.
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The insurer’s net written premiums for the fourth quarter of 2011 increased to $3bn, while combined ratio declined to 89.9%.
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Global business processor Xchanging announces that Barnabas Hurst-Bannister will join the Xchanging Ins-Sure Services board as a non-executive director in March.
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The Lloyd's broker will “act as a vehicle to expand our international presence and leverage our strength worldwide,” says Kaufman’s CEO, Jay Kaufman.
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The insurer has moved to strengthen its London syndicate whilst also recruiting a new director in Australia.
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Daniel Westbury brings more than 20 years of insurance experience serving in both brokers and carriers.
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The re/insurer’s fourth quarter results will also include $31m in post-tax losses from its weather and energy risk management unit RenRe Energy Advisors.
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The rating revision reflects Generali's weakened capital adequacy and the constraints on its financial flexibility due to current market conditions.
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The insurer may move to “rebuild an international presence” and seek to expand its stake in AIA, said chairman Steve Miller.
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These ratings reveal INS’ solid capitalisation, diversified operating strategy and its major position in Costa Rica.
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The US insurer’s board has approved of a new share repurchase programme for up to $1.2bn of common stock.
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Towers Watson’s new report reveals that the April 2010 drilling rig explosion and oil spill drove the 5.1% climb in the tort costs in 2010.
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Mega Broker appoints Norbert Pahmgrieser, Charles Badpenny joins Pariah Partners, and more!
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The risks that keep the risk managers of corporate giants awake at night are revealed in a new survey from Swiss insurer Gnome Industrial Solutions.
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While non-life insurers' rating outlooks were stable in 2011, the outlook on long-term foreign- and local-currency IDRs was revised to negative.
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Consortium of Tawa, Skuld, and Paraline has completed acquisition of Lloyd's turnkey managing agency Whittington Insurance Markets.
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The new political risk and trade credit team is led by Joe Blenkinsopp, who is also the unit’s new deputy global head
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Airline insurers make a profit in 2011 - a result of the market's loss figure falling to $1.1bn from $2.1bn in 2010, says Aon Risk Solutions.
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A spokesperson for Michel Barnier has denied reports that the Solvency II implementation could be pushed back by as much as two years.
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Perils releases initial insured loss estimate for windstorm Joachim, which occurred in western Europe from December 15 to 17 last year.
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Comment: Guy Carpenter’s reinsurance renewals report included a handy checklist of the big themes facing the global insurance and reinsurance market this year. it is noticeable what themes don’t make the list, says Michael Loney, managing editor of Reactions.
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A $420m asbestos ruling in favour of Travelers has been upheld by a New York appellate court.
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Zurich Financial Services assesses impact of floods in Thailand, revises estimate of earthquakes in New Zealand, and announces reinsurance recovery.
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David Brown will lead the newly formed specialty industry segment to serve fleet transportation firms
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ArgoGlobal to target European D&O business.
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Douglas Young will report to Tim Rolfe, CEO of the division.
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An exciting development for the aviation insurance market and plane spotters everywhere is the long awaited introduction of Boeing’s 787 Dreamliner family of airplanes into commercial use.
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The insurer also expects Q4/2011 cat losses to reach $6.5m post-tax, mainly related to Thai floods.
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Talbot's Rupert Atkin replaces Barnabas Hurst-Bannister as chairman of the Lloyd's Market Association.
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AM Best has kept QBE's 'A' financial strength rating, after the Australian insurer revised its guidance for post-tax profit for 2011.
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Impact of RMS v11, exposure to severe losses and overall competitive pressures combined to move US P&C renewal rates up to 5%, says Towers Watson.
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The company’s full year 2011 combined ratio declined 11.9 points to 105.1%, while operating income fell 54% to $1.39bn.
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Aviation insurers are flying high after stellar results in 2011. But how long will it last?
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Reinsurance CEO Jonathan Turner is to depart the firm following a restructure to bring together Brit’s reinsurance and global markets units.
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US commercial insurance rates are expected to climb across many lines of business in 2012, continuing a trend that began in the second half of 2011, according to a report from Marsh.
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US commercial property/casualty pricing rebounded in the fourth quarter of 2011, according to The Council of Insurance Agents & Brokers’ quarterly Commercial P/C Market Index Survey.
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Insured losses from the recent storm that hit southeast US between January 21 and January 23 are expected to be well below $100m.
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German insurer Allianz says it hopes to tap Fried’s “in-depth knowledge of all insurance markets in Asia”.
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The underwriter has purchased an initial 50% share in Anglo Underwriting with an option of buying the remaining stake by 2017.
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New AM Best analysis reveals that P&C impairments increased to 28 in 2011, while life/health impairments declined further.
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Bob Benmosche, CEO of AIG said that he will quit the firm by 2015, adding that he wants to ensure the insurer’s bailout repayment during his tenure.
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The insurer has named Aaron Diefenthaler as its new VP, CIO to oversee its investment strategy, policy and asset allocation.
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High unemployment in the US and a sluggish economic recovery, among others, would drag the US workers’ comp industry, says S&P.
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Jason Harris will also be a member of the executive board of XL’s insurance unit.
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The Bermuda insurance and reinsurance market remains “nimble” and resilient, according to a recent report from Fitch, but the firm warned that challenges to the domicile’s advantages remain likely.
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The rating actions reflect uncertainty over whether FSSI’s stock purchase agreement with Torus National Insurance will close as per expectations.
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The revision reflects the Honk Kong based reinsurer’s deteriorated risk-adjusted capitalisation and global cat exposures, said the rating agency.
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The agency withdrew the ratings of Harleysville-Atlantic Insurance and Harleysville Insurance Ohio following their merger.
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INTERVIEW: Greg Case, CEO of Aon, believes that the insurance broker can help its customers manage their way through the tough global operating environment and rise to the challenge of new and complex risks by working on a more robust fact basis.
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The specialty insurer estimates its Q4 results will see $25m-$35m in pre-tax cat losses from the floods.
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John McCammon will replace Patrick O’Brien has taken a new role as Liberty Insurance’s CEO in Ireland.
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Analysis: Willis and Moody’s have provided views on the severity of damage to the insurance and reinsurance industry Costa Concordia, and the indications are not positive, while Munich Re and Hannover Re give initial loss estimates.
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The new offer by Carlson Capital-backed Barbican “offers no improvement on the earlier proposal,” Omega says.
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The property/casualty holding company has formed On Point Risk Solutions to offer P&C services to commercial property insurance carriers, reinsurers and self insureds.
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Andrew Binns will also serve as a member of the Xchanging executive board.
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The re/insurer’s new office will focus on the Ukrainian property and casualty insurance market .
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Riley & Associates’ geographic presence will be “an excellent complement to our Southeastern Region's retail brokerage operation,” says CEO, Patrick Gallagher.
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The insurers are eyeing the non life units to expand its services in the fast growing Asian market.
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The Carlson Capital-backed insurer has asked Omega’s board to consider new offer that will create a “merger of equals.”
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The P&C re/insurer expects a post-tax operating loss of between $26m and $41m for the fourth quarter of 2011.
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The deal, which is valued at around $70m, is expected to be complete in the second quarter.
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Terry Rybicki and Ian Galloway have been named as entertainment distribution head and entertainment claims/risk head, respectively.
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The agency has also assigned an ICR of “bbb+” to Farmers and Mechanics Fire and Casualty, with a stable outlook.
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The re/insurer’s loss estimations include around $30m from Thai floods largely those related to business interruption.
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The ratings reflect GHS’ recent underwriting losses, which led to major fall in its surplus.
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The insurer also announced an increase in catastrophe loss estimates from the first three quarters of 2011 of $48m.
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A strong fourth-quarter for cat bonds has some predicting a “banner year" for the insurance-linked securities market in 2012. Includes full-year data for ILS issuance.
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Companies must focus on new products and strategic growth opportunities to achieve profitability amidst ongoing economic challenges, according to Deloitte’s 2012 outlook report.
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The optional cover will insure photovoltaic module operators against manufacturer’s insolvency risk.
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The reinsurer expects claims to be in “mid double-digit million euro range” from the Concordia disaster.
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S&P rates new issuance from Embarcadero Re cat bond programme.
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Shane McCaffrey will be responsible for Defense Base Act and Foreign Casualty insurance for US-based multinational firms.
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The losses include around $72m from Thai floods and $33m from the February 2011 earthquake in New Zealand.
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Stephen Dinsdale and Jerry Ruth will support Ace’s strategies to offer global property and liability solutions to the aerospace industry.
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The new structure will improve Chartis’ consumer and commercial strategies implementation, says the firm.
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Zurich study finds that while companies have upped focus on enterprise risk management, strong risk aware culture is still a long way to go.
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The UK regulator has fined Direct Line Insurance and Churchill Insurance for altering customer complaint forms.
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The London based intermediary’s revenue has increased 21% to £87m during the year ended September 30, 2011.
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Moody’s analysis indicates that investment risk is likely to impact insurance ratings in the region over the next 12-18 months.
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There was plenty to consider at the 1/1 reinsurance renewals, such as near-record catastrophe losses and irksome risk modelling issues. Now that feedback is in from reinsurers, brokers and cedants, we try to make sense of it all.
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Ikuo Uno, ex-president and executive advisor at Nippon Life, has been declared the winner of the International Insurance Society’s 2012 Insurance Hall of Fame award.
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Standard & Poor's has revised its ratings on several European insurers after previously lowering ratings for nine eurozone member countries.
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The re/insurer has named Alvaro Salamanca as its chief executive for Mexico, and is hoping to increase profitability in the Latin American market.
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AIA, which is partly owned by AIG, is reportedly considering purchasing ING's $6bn Asian insurance operations.
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The agency has assigned a negative ratings outlook following BancInsure’s unfavourable underwriting results over the last three years.
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Thomas Buberl succeeds Frank Keuper as the new chief executive of Axa Germany, following Keuper’s retirement.
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A recent study by the insurer has identified economic risks, business interruption and catastrophes as top three concerns for businesses.
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The insurer has merged Pioneer General Insurance into American Contractors Indemnity in an attempt to make simplify its structure.
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Earthquakes have created more than $276bn in economic losses from earthquakes over the past two years, but coverage levels remain low even in earthquake-prone regions says the reinsurance giant.
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Fitch says banning referral fees for UK motor insurance firms will help combat increasing fraudulent claims.
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The ILS market enjoyed a strong end to 2011, with nearly $2bn-worth of new deals in the fourth quarter. But concerns are rising in Europe over the underlying collateral solutions used in cat bonds, according to a new Aon Benfield report.
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The enhanced coverage will help oil and gas well operators adapt to more responsibility thrust on them for equipment loss or damage.
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The broker has appointed Steven Pallett to oversee operational changes and help implement new operating systems.
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The agency has also affirmed the reinsurer’s B (Fair) FSR and has revised the ratings outlook to stable.
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The rating firm’s upgrade follows Selective Insurance’s recent takeover of Montpelier US Insurance.
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XL, RSA, Generali, Hannover Re and P&I clubs are all reportedly facing claims after the Costa Concordia grounded in the Mediterranean on January 14.
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Juliene Conway will replace Eleanor Barnard, present chief distribution, sales and marketing officer, who will be stepping down.
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Though the country continues to attract foreign insurers, intense competition, and other factors could hamper profitability, says AM Best.
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Protectionist reinsurance markets, such as Brazil, limit global risk distribution through reinsurance, notes a coalition of reinsurance trade groups.
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Martin South will continue as chief executive of Marsh UK & Ireland until a successor is hired.
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Vincent Marrot will be responsible for delivery of risk engineering products for the broker’s energy practice.
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The New York Federal Reserve Bank has reportedly received offers from Goldman Sachs for mortgage bonds acquired during the AIG bailout.
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The re/insurer has appointed Markel’s Michael Gramm to manage its new excess auto product line.
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Aon – the largest reinsurance broker in the world, and the second largest insurance brokerage – has moved its corporate headquarters from Chicago to the City of London.
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The Geneva Association, alongside Swiss Re and the CRO Forum, recently organised the 7th CRO Assembly for insurance professionals. Here Patrick Liedtke, secretary general and managing director of The Geneva Association, reflects on the meeting.
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Chartis CRO Samir Shah believes risk management is a basis for competition and not for policing the company.
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Bermuda's Dah Sing Insurance’s business will be transferred to Dah Sing Insurance Company (1976) in Hong Kong.
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The Paris-based mutual insurer says it has received several “spontaneous expressions of interest for some of the more profitable parts of its business”.
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The accreditation will help “open up new markets for us”, the company’s chairman said.
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Jan Blumenthal, who replaces Burkard von Siegfried in the role, will also serve as country manager for Germany and Austria.
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The Lloyd’s insurer has appointed Chubb’ Steve Ranzetta to develop ‘competitive’ offerings as it looks to tap the accident and health sector.
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Richard Sheldon will be responsible for leading a team of environmental specialists in driving growth
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Sarah Dalgarno joined Arthur J Gallagher in 2006, and just a year later was promoted to chief risk officer and appointed to the board. Here she tells Garry Booth how the job has changed beyond all recognition.
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Increased impacts to insurers’ investment income due to low interest rates cited as major cause of rate increases.
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The insurer expects the decision to result in expenses of $90m-$110m.
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75% of P&C industry leaders expect profitability to improve in 2012, while 67% expect higher premium growth, according to new III study.
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The reduction from the Australian group reflects higher than expected catastrophe claims in 2011.
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Scott Wallace has decided to quit the Florida state-backed insurer, but plans to remain until April for a smooth transition.
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The World Economic Forum has reported the economic and social turmoil have become major risks at the start of 2012, with technology and regulation also proving concerns.
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Comment: They say that spanking is a peculiarly English vice, but whiplash is popular too, says Garry Booth. And perversely, much of the pain being felt by insurers is self-inflicted. The industry is now being called on to abandon “sharp practices”.
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The transaction primarily targets investors in the Asian market, the Swiss-based company said.
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The agency has assigned a stable outlook for the personal lines segment, while being sceptical over a long-term reversal in commercial market pricing.
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Joseph Waked, the new chief executive, said that he intends to double the US company’s revenues over the next five years.
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A UK court has annulled Quinn Insurance founder’s bankruptcy judgement, to the relief of Ireland's IBRC.
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In light of Solvency II guidelines on how to implement Own Risk and Solvency Assessment (ORSA), many firms are looking closely at how risk and the business work together, says RSA Group CRO Jon Macdonald
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The insurer has appointed Alan Shaw to manage its European environmental business from the London branch.
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Data: AM Best data reveals world's largest insurance companies by assets and net premiums.
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Sarah Brien and Alex Hardy have joined the division as senior underwriter and underwriter, respectively.
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Edgewood’s Craig Routson and Brian Marx will join PSA to lead its new Risk Solutions Group
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The renewals were orderly but deals took longer than usual, says Swiss Re America’s CEO at a conference, while FM Global’s CEO says property will start to look more like casualty because supply chain issues are making the tail longer.
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The (re)insurer has aligned its property underwriting and engineering capabilities and has also added new engineering leaders globally.
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The general insurer has also been assigned an ICR of “a-” and a stable outlook by the agency.
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The ratings agency has upgraded the insurer’s FSR to A- (Excellent) and ICR to "a-" with a stable outlook to the ratings.
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Bob Deutsch, the founding CEO of Ironshore, has joined the board of Beazley’s Lloyd’s managing agency.
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In a bid to improve its commercial and consumer business strategies, the insurer has appointed Murli Buluswar as chief science officer
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The insurer will combine Provident Insurance and MMA Insurance to operate as Covéa Insurance in the UK.
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Can complex accumulation risks be controlled? Probably not completely, says Munich Re CRO Joachim Oechslin, but progress is being made
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Michael Mahaffey, CRO of Nationwide, is chairman of the recently formed North American CRO Council. Here he explains to Garry Booth how the Council will work for its members.
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Jonathan Greenway has succeeded Jim Lauerman as president of HCC’s aircraft owners coverage unit Avemco Insurance.
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Charles Franks has been announced as a non-executive director of the board at the London market, replacing David Shipley.
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Lloyd's chairman John Nelson has mentioned underwriting discipline, Solvency II implementation and market modernisation as top priorities for 2012.
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The insurer will offer package, umbrella and auto policies to US agribusiness operations through MiniCo Insurance.
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Brad Bennett has been named as the president of the insurer’s supplemental insurance unit Combined Insurance Company of America.
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The ratings actions follow the Atrium-managed syndicate’s merger into Lloyd's Syndicate 609.
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The insurance intermediary has acquired Argent Professional Insurance to solidify its professional liability units in the US.
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Total industry assets have reached $929bn, China’s insurance regulator said, adding that insurer have not completely adapted to changes in the external environment.
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It has been a long time coming – but the chief risk officer role seems to have finally, quietly come of age, says Reactions' contributing editor Garry Booth.
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The influence of the chief risk officer is spreading through the insurance industry, says Axel Lehmann, chief risk officer of Zurich Financial Services Group and chairman of the CRO Forum
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The country’s insurance regulator believes new standard setting is essential for “sound management” of insurers’ funds.
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The country's government has invested the additional amount to expand PT Asuransi Kredit capacity to provide insurance to small business credits.
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The premium volume of the Latin American insurance market grew 19.2% in 2010 when expressed in euros to Eu90,316m, according to figures released by Spanish insurer Mapfre.
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Total costs from natural hazards for the last six months of 2011 could reach $433m, the insurer has warned.
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The rating agency has also assigned an "a-" ICR to QBE Del Istmo Reinsurance, Del Istmo Assurance and Liffey Reinsurance.
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The insurers have teamed up with Sciemus to form a consortium designed to provide coverage to power and utilities sector.
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David Smith has been appointed to “lead continued expansion into the Australian marketplace,” the company said.
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COMMENT: Policymaker and big businesses still have a lot to learn about resilience, judging from the findings of a new report from Chatham House, says Reactions contributing editor Garry Booth.
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Risk modeller Eqecat has promoted Paul Little as senior VP of client development and consulting services, and Kent David as consulting services VP.
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Rod Fisher will be based at FM Global’s Johnston, Rhode Island corporate offices.
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Associated Independent Agencies will now operate as part of Hub International's mountain states business.
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The Australian insurer said it expects reinsurance expenses of $722m-$743m for the financial year ended 30 June 2012.
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Brazilian insurance authority has approved the re/insurer’s plans to set up insurance unit that will offer specialty insurance products.
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The P&C insurer expects the newly acquired BTIS “to add in excess of $70m in premiums over the next year.”
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The French insurer has retained its number one spot spot, followed by Generali in the list of largest insurers by 2010 net premiums.
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The P&C (re)insurer has entered a partnership with Drum Cussac and Compass Risk Management to offer “highest-quality” prevention services to clients.
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The P&C (re)insurer has named Mark Boland as leader of wholesale primary casualty units to guide the team in the US.
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The US insurer’s travel coverage products will be underwritten by Pennsylvania based underwriter Old Republic.
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Mike Taylor-West will operate from a new London office as private client & marine head.
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One percent increase in composite US property/casualty rates “further supports our findings that the soft market cycle has ended”, says MarketScout.
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The Dutch insurer has offloaded its operations in Latin America to Gruposura as part of plans to divest its insurance and investment management units.
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Equity Red Star failed to better manage its cash reserves and keep track of claims payments, says Lloyd’s.
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The ratings action follows QBE Insurance’s agreement to buy Optima Insurance through its Latin American subsidiary.
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The organisation will look to “redefine the ‘risk manager’ and their responsibilities” in 2012, Deborah Luthi said.
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Industry leaders must learn lessons from the 2011 disasters and overcome their “sanguine” attitude towards large risks, says Lloyd's CEO Richard Ward.
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Munich Re subsidiary American Modern has sold its life units American Modern Life and Southern Pioneer Life to Securian Financial.
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The ratings agency has revised the outlook on FSRs to stable from negative, while the outlook for the ICRs remains negative.
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The UK insurer has transferred US hurricanes and earthquakes, and European windstorm risks to the capital markets.
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The move is a part of the Chinese insurer’s restructuring process following substantial losses.
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The insurer's new Chinese website will provide comparison across policy benefits, price and services
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The December 2011/January 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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The US title insurer has sold 85% of its personal line business to WT Holdings for $119m.
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The ratings agency believes that the insurer’s earnings and coverage will be pressured by the continued low interest rate environment.
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Salvatore Colotti replaces Paola Buratti, who will take another post within the group.
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The Belgian units will now be part of the European/Asian insurance business, which are being prepared for IPOs.
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The broker has merged its Italian operations with Marine & Aviation, a major Italian broker, taking a 25% stake in the new entity.
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The Liberty Mutual subsidiary has appointed Flagstone Re’s Rene Dubois to lead business advisory unit.
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The increasing demand for bullion comes with associated insurance implications, says the London market.
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The Berkshire Hathaway-owned Medical Protective has completed the acquisition of New Jersey based medical professional liability insurer Princeton.
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The US insurer’s operations will be funded by its parent firm to avoid capital levels failing to meet regulatory requirements.
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Insurers and the government must reach a new agreement on high risk properties says the ABI, with the current deal due to expire in 2013.
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Gwen Fuller-McGriff will act as director of South Carolina's insurance department following David Black’s resignation.
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P&C insurers’ nine-month combined ratio deteriorated to 109.9%, while net underwriting losses grew to $34.9bn, says PCI.
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A report from rating agency Moody’s says the US insurance market still has reserve redundancy on aggregate but that capital is deficient for the most recent accident years.