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March
AM Best is reviewing the financial strength ratings of Tenet Insurance with positive implications. Tenet has A- (Excellent) and issuer credit rating of a-.
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Everest Re has estimated its preliminary loss owing to the earthquake in Chile at about $225m.
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Mexico has little catastrophe insurance coverage, despite a long history of severe earthquakes, The Wall Street Journal reports.
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A unit of PartnerRe has raised $500m through a 10-year note sale. PartnerRe Finance has issued the senior notes, maturing June 1, 2020.
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Standard Life has recorded a drop in 2009 pre-tax operating profit on a European Embedded Value (EEV) basis.
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Transamerica Reinsurance has appointed Larry Moews as senior vice-president, chief actuary and chief risk officer.
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Aggregate Industries has struck insurance deals to transfer the risk of two of its pension schemes with Pension Insurance Corporation (PIC).
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American International Group could find out about the fate of its Taiwan unit, Nan Shan, as early as Thursday, when the Taiwanese parliament will review a report from the top financial regulator, Reuters has reported.
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Amana Takaful (Maldives) has secured approval from the regulators to carry out general insurance business in the archipelago.
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With the news that AIG is selling Alico to MetLife and AIA to Prudential, Reactions assesses how far AIG still has to go to pay off its debts to the US government.
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Brit Insurance, the international insurance and reinsurance group, today announced the establishment of its own Australian office, replacing its previous third party arrangement.
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The 2009 net profit estimates of China Life Insurance may increase by more than 200%, as compared to 2008.
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Fortis has announced a group net profit of Eu1.2bn ($1.6bn) compared with a net loss of Eu28.0bn in 2008. .
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Windstorm Xynthia, which caused serious damage in Western Europe at the end of February, will present a substantial, though manageable, cost for the French insurance industry according to Moody's Investors Service.
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Munich Re has reported a profit of Eu2.56bn ($3.5bn) in 2009 compared with Eu1.58bn in 2008. Gross premiums written rose by 9.5% to Eu41.4bn, from Eu37.8bn in 2008.
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The catastrophe reinsurance fund of Nephila Capital has secured $340m from 11 UK institutions.
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Stewart Specialty Insurance Services (SSIS) has appointed Tom Carpentier as division president.
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Swiss Re said Wednesday it expects around $500m in claims from the earthquake in Chile, and around $100m in claims from European winter storm Xynthia.
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Scott Rasor has been appointed as head of Zurich North America's commercial construction group.
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The Association of Bermuda Insurers and Reinsurers today filed its opposition to a house bill which would replace private sector risk bearing capital with government reinsurance and government guarantees of state debt.
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Leigh Ann Pusey, president and CEO of the American Insurance Association, today sent a letter to the House Financial Services Committee voicing concerns over the Homeowners’ Defense Act (HR 2555).
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Brit Insurance has named Bill Jackson senior vice-president of property direct and facultative of its US operations.
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Marsh and Aon should be more vocal about whether they will accept contingent commissions now that their ban has been lifted.
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European insurance and reinsurance firm Glacier Group today reported improved net income for the full year of 2009 of $60m, an increase of $34m over 2008.
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Endurance's new CEO will be looking to continue the work done under eight years of Ken LeStrange's leadership but won't be afraid to make big changes if necessary, he tells Reactions in an exclusive interview.
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The Bermudian holding company Kinsale Capital Group, has announced the formation of Kinsale Insurance Company (KIC), a specialty insurance operation based in Richmond, Virginia.
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Spanish insurance group Mapfre recorded a net result of Eu937m ($1.3bn) in 2009, a 2.9% increase over 2008.
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Navigators Management has expanded its professional liability division by appointing a new architects and engineers team.
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Swiss Re is preparing a new catastrophe bond, which will be the first cat bond to use Perils AG as a benchmark for losses.
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Zurich, along with Sonoma Risk Insurance Agency, is looking to start an attorneys’ fees insurance programme in the US.
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Ace UK has strengthened its environmental risk team with the appointment of Victoria Keeble as environmental risk underwriter.
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American International Group (AIG) is selling American Life Insurance Company (Alico) to MetLife for around $15.5bn, in a deal that will help AIG repay the US government.
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Transatlantic Holdings is looking to buy around 2 million of its common stock shares from American International Group (AIG).
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Aviva is seeking to acquire Russian competitors at one-fourth of their price before the global credit crisis, Bloomberg reports.
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Fac players are bullish about their business offering in the uncertain economic climate. But with fierce competition among brokers and softening rates there the picture is not as rosy as it may seem.
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Fidelity National Financial (FNF) has reduced the size of its existing $1.1bn senior unsecured revolving credit facility. Previously, the facility was set to mature on October 24, 2011.
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Hank Greenberg, the former leader of American International Group (AIG), is set to testify on Wednesday (March 10) about the controversial deals involving AIG and General Re, Reuters reports.
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American International Group’s aircraft-leasing subsidiary is looking to add a $550m term loan to bank financing.
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ING Groep is planning an initial public offering (IPO) of its global insurance operations as a single entity.
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Shortly after 02:30 UTC on Monday March 8 an earthquake of magnitude 5.9 Mw (moment magnitude) occurred in the Elazig province of eastern Turkey, reports the RMS/Reactions Catastrophe Centre.
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US insurance broker Marsh has announced the appointment of Jonathan Zaffino as US global risk management (GRM) casualty practice leader.
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Marsh & McLennan Companies (MMC) is looking to sell Kroll, its corporate investigations division, for about $1.3bn, reports the Financial Times.
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Prudential is planning to list in Hong Kong before its $20 billion rights issue, the Financial Times reports.
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Rating agency Moody’s believes reinsurers will shoulder the majority of insured losses from the Chilean earthquake because of the large amount of reinsurance protection purchased in Chile and the size of the catastrophe
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Lloyd’s of London insurer Chaucer returned to profit last year, helped by higher investment returns.
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Bermudian reinsurance company PartnerRe expects between $220m and $320m of pre-tax losses from the magnitude 8.8 earthquake that hit Chile on February 27.
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US composite rate down 5% for February. But coastal property rates in certain locations are firming, leading to rumours of new entrants to the market to take advantage of higher pricing.
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Insured losses from winter storms that hit the US east coast between February 23 and February 28 are expected to be between $150m and $350m, according to an estimate by AIR Worldwide.
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Allianz is expecting its share of claim costs from wind storm, Xynthia, to be between Eu100-300m, Bloomberg reports.
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China Life Insurance is seeking to acquire a stake in Agricultural Bank of China, The Wall Street Journal reports.
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Dai-ichi Mutual Life has secured regulatory approval to increase its stake in Tower Australia Group to a maximum of 49.9%, Business Spectator reports.
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MetLife is close to concluding its $15bn purchase of AIG’s foreign life-insurance unit, American Life Insurance Company (Alico), following a ruling by the Internal Revenue Service (IRS), The Wall Street Journal reports.
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Marsh & McLennan Agency, a unit of Marsh, has added three executives to its senior leadership team.
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Asia’s reinsurance markets have weathered the global economic turmoil and a greater share of premiums is set to stay in the region, says the CEO of Asia Capital Reinsurance Group.
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The Property Casualty Insurers Association of America has welcomed the House passage of the National Association of Registered Agents and Brokers Reform Act (NARAB II).
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Two American International Group (AIG) units have settled federal charges that they discriminated against black customers, Reuters reports.
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The amalgamation deal between Max Capital and Harbor Point to form Alterra Capital is being deemed a ‘modest positive’ by analysts.
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Andrew Moss, CEO of Aviva, said Thursday that the insurer is more interested in targeting growth in Europe than Asia, as the firm returned to profit in 2009 on higher investment returns.
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Property/casualty insurer, Fireman’s Fund Insurance, has appointed David Zona as senior vice-president of product management in commercial insurance.
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General Insurance Corporation of India (GIC) is looking to curb the risk reinsured through facultative reinsurance arrangements.
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Lloyd’s of London insurer Novae reported a dip in 2009 pre-tax profits after suffering increased aviation reinsurance and credit losses.
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Omega Insurance, which is involved in a row with shareholders over a board shake-up, has accused its broker, Cenkos Securities, of backing the measure.
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Prudential is in talks with Singapore state-investment firm, Temasek Holdings, to finance the insurer’s planned share issue.
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South African property/casualty insurer, Santam, has booked an increase in profit for 2009, because of better returns on its investment portfolio.
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The Washington Post has obtained a transcript that reveals the anger felt by employees of American International Group (AIG) Financial Product unit over the fact that they would have to give up their bonuses.
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American Capital Acquisition Corporation (ACAC) has completed its acquisition of GMAC Insurance Personal Lines.
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American International Group (AIG), which is selling its Asian life insurer to UK insurer Prudential, has said it still plans to sell its Taiwan insurer to a Hong Kong insurer, the Wall Street Journal reports.
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CNA Financial has named five commercial underwriting officers. Nancy Fallgren will be located in Seattle, Eva Gonzales will be based in New Jersey, Bruce Hay will work in Nashville, Frank Jevitz will be based in Lombard and Tony O’Sullivan will work in Columbus.
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Fubon Financial Holding is in talks with some Chinese companies on forming a life-insurance joint venture, the Wall Street Journal reports.
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Guy Carpenter has appointed senior executives in its Buenos Aires office. The company has named Roberto Glogau as country head in Argentina.
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After the ban on contingent commissions was lifted for the world’s three biggest three brokers, Reactions spoke to Pat Gallagher, chairman, president and CEO of the fourth-largest US broker Arthur J Gallagher & Co to see what his opinion is on the controversial payments.
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Marsh, the international insurance broker and risk adviser, has announced it is aggressively targeting emerging growth opportunities in the global construction industry this year.
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Consolidation rumoured on Bermuda.
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Bermudian firms Max Capital Group and Harbor Point have announced they have agreed to a merger.
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German reinsurer Munich Re is extending its offer to shareholders of Ergo Versicherungsgruppe for their remaining shares as part of a squeeze-out, reports the Wall Street Journal.
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Prudential has lost around one fifth of its market value since it announced plans to acquire American International Group’s (AIG) Asian life insurance subsidiary, American International Assurance (AIA).
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Radian Group’s mortgage insurance unit, Radian Guaranty, has named Robert Griffith as executive vice-president and chief operating officer.
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Scor, France’s largest reinsurer, said Wednesday that 2009 net income increased 17.6%, while fourth quarter-profit more than doubled to Eu92m ($125m).
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The US Senate has passed legislation that includes yet another short-term extension of the National Flood Insurance Program (NFIP).
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United States Aircraft Insurance Group (USAIG) has added two attorneys to its claims team.
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Catastrophe risk modelling firm AIR Worldwide estimates that insured losses in France, Belgium, Germany, and Netherlands from winter storm Xynthia will be between Eu1.5bn ($2bn) and Eu3bn ($4bn).
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Allianz is expecting an increase in prices in Germany’s motor insurance market, Reuters reports. The insurer expects the segment to generate Eu4-5bn of its target of Eu7.2bn ($9.7bn) in operating profit this year.
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Axa Cooperative Insurance has secured a licence from the Saudi Arabian Monetary Agency to start its business in the Kingdom of Saudi Arabia, Trading Markets reports.
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Brown & Brown has purchased the insurance agency and brokerage business-related assets of Seattle-based DiMartino Associates.
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AIG has injected $2.3bn into the loss reserves of its main property/casualty insurance unit, The Wall Street Journal reports.
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The magnitude 8.8 earthquake that occurred off the coast of Chile on February 27, 2010 could cost insurers between $3bn and $8bn, according to risk modeling firm Eqecat.
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General Re Life has made appointments to its North American reinsurance unit, Gen Re LifeHealth.
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Ironshore has announced the appointment of Daniel Sussman to head the expansion of its platform for political risk insurance lines and other trade related insurance coverages.
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Jardine Lloyd Thompson (JLT) said Tuesday that 2009 pre-tax profits rose 10%, beating analyst expectation owing to the strong performance of its risk and insurance businesses.
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Liberty Mutual Group has reported net income of $456m for the fourth quarter of 2009, an increase of $9m compared with the same period last year. The net income for the full year of 2009 was $1.0bn, a decrease of $90m from 2008.
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US insurance broker Marsh has appointed two senior executives as part of its aggressive US growth strategy.
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Independent insurance and reinsurance broker Miller has appointed Jeremy Mander to expand its treaty business.
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Moody's has affirmed the insurance financial strength ratings of Prudential and its subsidiaries following the UK insurer’s $35.5bn acquisition of American International Group’s Asian life insurance unit.
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Kermitt Brooks, a former deputy superintendent with the New York State Insurance Department, has been named associate general counsel with the AXA Equitable law department.
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RSA Insurance Group revealed Tuesday that the earthquake to hit Chile on February 27 is likely to cost the insurer £30m ($44.7m), net of reinsurance.
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American International Group (AIG) confirmed Monday that it is to sell its Asian life insurance business to Prudential for around $35.5bn.
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Before it issues outstanding retention pay, American International Group (AIG) has quizzed ex-Financial Products division employees about how much they have earned since leaving the company, reports Reuters.
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The deal is the largest insurance acquisition ever and will make Prudential south-east Asia's largest insurer.
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Amlin, the largest Lloyd’s of London insurer, posted a better-than-expected 2009 result after profits surged following a recovery in investment markets and a benign hurricane season.
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Insured losses from the earthquake that struck central Chile early Saturday February 27 will likely exceed $2bn, estimates AIR Worldwide.
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Hannover Life Re has announced the appointment of David Wheat as executive vice-president and chief financial officer.
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Hannover Re has concluded a $500m long-term letter of credit facility with Deutsche Bank to expand its life and health business.
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Lloyd’s of London insurer Hiscox said Monday that 2009 profits tripled, helped by a lack of natural catastrophes and a good investment performance.
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Favourable reserve development meant medical malpractice insurance writers achieved better operating results in 2008 and the first nine months of 2009 than S&P had predicted two years ago.
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For the second consecutive time, US Congress has failed to extend the National Flood Insurance Program (NFIP) before its expiration date and has allowed it to lapse.
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Windstorm Xynthia, which swept across western Europe at the weekend, has resulted in widespread power outages, damage and at least 50 fatalities according to RMS.
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February
A powerful magnitude 8.8 (moment magnitude) earthquake occurred offshore Maule, Chile at 06:34 UTC (3:34 am local time) on Saturday, 27 February, reports the RMS Reactions Catastrophe Centre.
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Warren Buffett’s Berkshire Hathaway’s posted a profit of $8.06bn for 2009, up from $4.99bn in 2008.
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UK insurer Prudential is in advanced talks to buy AIA, the Asian operations of bailed-out US insuerer American International Group (AIG), Reuters has reported.
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The board of directors of Ace Group will propose a 6.5% increase in the dollar-denominated dividend to shareholders.
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Aegon is not planning to take any further steps to pay the Eu3bn state aid it received during the financial crisis, Financial Times reports.
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US insurer American International Group (AIG) has reported a fourth-quarter loss of $8.9bn and warned that it may need more support from the US government.
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Brit Insurance said Friday that 2009 pre-tax profits increased 30% as the insurer posted better-than-expected full-year figures.
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Assicurazioni Generali’s gross premiums on life insurance surged 6.2% in 2009, Bloomberg reports.
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With three weeks to go until this year’s Brazilian Reinsurance Conference, the secretary of finance for the state of Rio de Janeiro tells Reactions what is keeping him busy, how the insurance market is integral to a successful Olympics and what he is looking forward to about the conference.
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Lancashire Holdings said Friday that net income for 2009 increased four-fold as the insurer experienced a low incidence of catastrophe-related claims.
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Specialty insurer, The Navigators Group, has added Marjorie Raines to its board of directors. Most recently, she was executive vice-president - chief investment officer of Chubb Group of Insurance Companies.
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Pierre Ozendo, chairman & CEO of Swiss Re America Corporation, tells Reactions about Swiss Re’s strategy in the industry’s most exciting market as well as what delegates can look forward to at the conference.
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RenaissanceRe has elevated Peter Durhager to the role of executive vice-president. He will report to the reinsurer’s CEO, Neill Currie and will continue his role as chief administrative officer.
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Low insurance penetration rates in Latin America represent untapped potential opportunities, according to an Edwards Angell Palmer & Dodge webinar on the Latin American market. But it is not only the more established markets in the region that are proving attractive.
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US insurer State Farm Group reported $777m net income in 2009, compared with a $542m net loss in 2008.
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Nikolaus von Bomhard, CEO of Munich Re, has lambasted the argument that insurance companies can be labelled as “too big to fail” based on sized alone.
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Fairfax's acquisition of Californian workers' compensation insurer Zenith National Insurance in a $1.4bn deal is a long-term play and the firm does not expect great results in the short term, Prem Watsa, chairman and CEO of Fairfax, told Reactions in an exclusive interview.
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Zurich’s North America surety, credit & political risk group has signed a memorandum of understanding (MoU) with export insurance agency, Korea Export Insurance Corporation (KEIC).
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Research released today by the Chartered Insurance Institute (CII) shows that 83% of students would never consider a career in insurance.
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Allianz, Europe’s largest insurer, said Thursday that it plans to increase its dividend by 17% after reporting a Eu1.08bn ($1.47bn) profit in the fourth quarter compared to a loss of Eu145m a year ago.
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Chartis Insurance UK (Chartis UK) has established a captive practice group, bringing together risk management, risk finance, underwriting, legal, accounting, tax and actuarial functions.
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CNinsure has inked a strategic partnership with Sunshine Property and Casualty Insurance, Trading Markets reports. The
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Bermudian reinsurance firm Everest Re Group has announced the appointment of Roger Singer to its board of directors.
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The UK government has upheld a 2007 ruling in the House of Lords that pleural plaques does not constitute actionable or compensatable damage.
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Insurance Australia Group (IAG) has reported a net profit after tax of $329m for the six months ended December 31, 2009. The firm’s insurance profit increased to $488m, indicative of an insurance margin of 13.4%.
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The insurance industry will be increasingly important to China’s future economic development, according to a study by German reinsurance firm Munich Re.
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Anne-Sofia Hedin has been appointed general manager of Markel Sweden, which is based in Stockholm and provides insurance products across Nordic countries, the Baltic states and Russia.
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The Navigators Group has reported net income of $6.1m in the fourth quarter of 2009, compared with net income of $10.0m for the same period in 2008.
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Oamps Insurance Brokers has hired former Axa Australia state manager, Michael Meysztowicz, as head of its life insurance advice division.
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Bermudian reinsurance firm PartnerRe today announced that its board of directors has approved a new share repurchase authorisation up to a total of 8 million common shares.
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The US House of Representatives has passed the Health Insurance Industry Fair Competition Act, legislation repealing the limited anti-trust exemption for health insurers.
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RSA, the UK’s largest commercial insurer, said Thursday that 2009 pre-tax profit slumped by 27%, but remained confident of “delivering excellent results” despite continued economic uncertainties.
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RSA Insurance Group is likely to declare a decline in profits owing to lower investment returns and higher claims, Bloomberg reports.
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AIG’s consumer lending arm, American General Finance, has had its credit rating cut four levels to B, as it continued to sell assets to meet debt payments.
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Zurich has added Richard Calvert and Warren Puffer to its North American environmental team.
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Edward Kelly, vice-chairman of Citigroup, will retire from the board of directors of US insurer The Hartford.
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Moody’s has a negative outlook for the financial guaranty industry in 2010.
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Caymans Island-domiciled reinsurer Greenlight Capital Re has reported net income of $57.3m for the fourth quarter of 2009.
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In a first of its kind agreement, German reinsurer Hannover Re has become the first foreign reinsurer to benefit from lower collateral requirements in the US, with an agreement it has reached with the Florida Office of Insurance Regulation.
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HSBC’s head of insurance, Clive Bannister, is resigning at the end of March 2010, The Wall Street Journal reports.
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AIG’s plane leasing unit, International Lease Finance Corporation (ILFC), is planning to raise a new senior secured loan of $750m.
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Lloyd’s of London was today announced as one of the UK’s leading business brands - ranking first in the insurance industry and 40th overall - in the 2010 Business Superbrands survey.
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Steve Peeters has joined Main Street America Group as vice-president of commercial lines product, reports. Peeters will report to the insurer’s chairman, president and CEO, Tom Berkel.
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MGIC Investment has reduced its insurance premium rates, Reuters reports. The US mortgage insurer has lowered its prices to fight loss of market share to the Federal Housing Administration (FHA).
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Richard Cordray, the attorney general of Ohio, said he is encouraged by a federal court ruling granting class certification in his securities litigation against US insurer American International Group.
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The Property Casualty Insurers Association of America (PCI) is urging the International Association of Insurance Supervisors' (IAIS) to protect insurers from bank-focused regulatory reform.
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Three shareholders of Ping An Insurance are looking to reduce their holdings in the Chinese insurer over the next five years, The Wall Street Journal reports.
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US reinsurance firm Transatlantic Holdings today announced that William Poutsiaka has resigned from the board.
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The asset protection division of Protective Life Insurance has signed an agreement with Mapfre Asistencia, a subsidiary of Spanish insurer, Mapfre.
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Spanish insurers will continue to suffer from the consequences of the recession and the restructuring of the domestic banking market in 2010, according to a special comment from rating agency Moody's.
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AIG has named UBS and Goldman Sachs senior bookrunners for the $20bn IPO of American International Assurance.
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AIG is witnessing stable revenues for its insurance divisions and better ability to repay its bailout funds, Bloomberg reports.
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Ship owners faced a more benign protection and indemnity (P&I) renewal at February 20, 2010, according to the marine division of Aon Risk Services.
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Aviva is setting up a £1bn infrastructure vehicle, Reuters reports. The UK insurer has joined with Hadrian’s Wall Capital, an infrastructure debt advisory firm, to set up a debt fund focused on infrastructure.
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Endurance Specialty Holdings has been urged to find a merger partner by its largest shareholder, as the reinsurers’ Bermuda-based rivals look to consolidate.
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South-east Asia's insurance markets offer good growth opportunities. But fierce competition could lead to serious casualties in the region, says a new report from rating agency AM Best.
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Overseas Assurance Corporation has placed a bid to buy Tahan Insurance Malaysia’s general insurance business.
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US specialty insurer HCC Insurance Holdings has reported net earnings of $84.8m for the fourth quarter, up from $71.6m in the fourth quarter of 2008.
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Reactions speaks to brokerage veteran Pat Ryan, who built Aon into a global powerhouse, about his plans for new firm Ryan Specialty Group.
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American International Group's (AIG) $2.2bn sale of its Nan Shan insurance unit to a consortium led by China Strategic has hit a snag after Taiwan’s foreign investment regulator raised doubts over the suitability of one of the buyers.
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Platinum Underwriters Holdings has enhanced its share repurchase program by $167m.
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For the fourth consecutive year, AM Best is maintaining a stable outlook for the global non-life reinsurance industry.
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AM Best has assigned the US commercial market a stable outlook despite soft market conditions, the anticipation of less favourable loss reserve releases and a contracting economy.
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A financial institution’s size should not be the determinant of systemic risk, the Property Casualty Insurers Association of America has urged.
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XL Insurance, XL Capital's global insurance operations, has appointed Seraina Maag as CEO of its North America property/casualty (P/C) unit. She succeeds Dennis Kane, who is retiring at the end of the year.
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Deutsche Bank will assume longevity risks worth about £3bn of pension liabilities from BMW’s UK scheme.
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Aegis London, the UK-based subsidiary of Aegis (Associated Electric & Gas Insurance Services Limited), has announced a move into the reinsurance treaty business.
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Societe Generale Securities Services (SGSS) has secured a safekeeping and custody mandate from Generali Group.
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Flash flooding and mudslides have killed at least 40 people and caused extensive damage to property and infrastructure after torrential rains hit the Portuguese island of Madeira, RMS/Reactions Catastrophe Centre reports.
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Medical malpractice insurance has been excluded from a bill introduced in the US House of Representatives that would eliminate portions of the McCarran-Ferguson Act, which exempts the insurance industry from certain anti-trust laws.
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Mizuho Financial Group and Sompo Japan Insurance will take part in Dai-ichi Mutual Life Insurance’s initial public offering, to be launched on April 1.
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President Barack Obama may consider giving the federal government authority to block insurers from making premium rate increases.
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Old Mutual has appointed JPMorgan to assess the sale of its US life assurance business.
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Pearl Group is preparing for a premium listing on the London Stock Exchange (LSE) in the first half of 2010.
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With Aon, Marsh and Willis now able to accept contingent commissions again, the market is abuzz with questions about which of them will accept the controversial payments, how much business this could bring and what buyers’ reaction will be.
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Torus has raised $185m in equity to support the continued expansion of its specialty insurance and reinsurance businesses.
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Fairfax Financial Holdings’ proposed acquisition of US insurer Zenith National Insurance is facing multiple investigations on behalf of disgruntled investors in Zenith over allegations of breaches of fiduciary duty by Zenith’s board of directors.
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Ace Group (Ace) has appointed senior executives to its newly-formed global client executive team.
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Allianz Life Insurance Company of North America has named Kara Barrow as the new senior counsel.
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Allstate has appointed Peruvemba Satish as managing director and chief risk officer, investments.
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Argo Group International Holdings has reported net income for the full year of 2009 that increased 87% to $117.5m from $62.9m in 2008.
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Bermuda’s regulator is making strides towards its goal of achieving regulatory equivalence. It also revealed that the island’s insurance market’s assets grew by 7% last year.
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Bermuda’s regulator is making strides towards its goal of achieving regulatory equivalence. It also revealed that the island’s insurance market’s assets grew by 7% last year.
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Strong prospects for economic growth can be found in emerging markets, such as Asia. However for those companies prepared to invest for the long haul, there will be many challenges according to Ernst & Young’s Global Insurance Center 2010 Far East Insurance Outlook.
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The unsettled economy is having a big effect on claim operations in the US, according to a survey conducted by global professional services company Towers Watson.
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As the world economy recovers, European insurers need to rebuild capital, reassess risk management, integrate changing regulations and aggressively seize opportunities for growth, both through acquisition and new product development in 2010, according to a report from Ernst & Young.
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The Hanover Insurance Group has priced a $200m debt offering. The senior unsecured notes carry a coupon rate of 7.5% and are due March 1, 2020.
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ING has restructured its pay policy for management board members, Financial Times reports.
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Lloyd's insurer Omega has made another call for the support from shareholders against investor Invesco’s demand that the company changes it board of directors.
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PartnerRe Global’s chairman, Bruno Meyenhofer, will step down. Meyenhofer, who will retire on March 31, 2010, has held the position as chairman of PartnerRe’s global, non-US operations since July 2008.
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Validus Holdings has reported net income of $165.8m in the fourth quarter of 2009, compared with net income of $37.0m for the same period last year. Net income for the year was $897.4m, compared with $53.1m for 2008.
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AIG has scrapped plans to sell the whole of the AIG Financial Products.
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Alea Group Holdings (Bermuda) has appointed Jeffrey Rosenthal as president and CEO. He is replacing Mark Cloutier, who is leaving the firm on March 31, 2010.
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Allianz Takaful is negotiating with a regional Islamic institution, to offer a sukuk bond, Reuters reports.
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Axa, Europe’s second-largest insurer, reported Thursday an almost four-fold increase in 2009 net earnings to Eu3.6bn from Eu900m in 2008. The increase comes despite Axa posting a 6% fall in underlying earnings, down to Eu3.8bn.
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Bermudian insurance and reinsurance firm Endurance Specialty Holdings today announced that, effective March 1 2010, David Cash will become its chief executive officer.
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Fairfax Financial Holdings said Thursday that it is to acquire a 100% of Zenith National Insurance in a deal that values Zenith at around $1.4bn.
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Canadian insurance and reinsurance group Fairfax Financial Holdings has announced net earnings of $79.4m in the fourth quarter, down from $346.8m in 2008. Net earnings for the year were $856.8m, down from $1.47bn.
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General Insurance Corporation of India (GIC) is setting up a natural catastrophe pool for insurance and reinsurance companies.
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Law firm Robbins Umeda has started an investigation into possible breaches of fiduciary duty and other violations of state law by the board of directors of US insurer Zenith National Insurance Corp in connection with their actions in the firm’s merger agreement with Canadian insurer Fairfax Financial Holdings, announced today.
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Munich Re, the world’s largest reinsurer will no longer conduct business in Iran.
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Reactions is pleased to announce that Adrian Ladbury has been appointed European Editor with a remit to increase coverage of the London and European insurance and risk management markets along with regulation and legislation from the EU. The appointment forms an important part of the strategic approach and investment Reactions is making to increase subscriber value with authoritative journalism and commentary from a renowned team of journalists.
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RenaissanceRe’s board of directors has approved an increase in RenaissanceRe's stock repurchase programme, bringing the total authorisation to $500m.
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Swiss Re has raised its dividend for 2009, in a sign that the world’s second-largest reinsurer is now in a position to repay a expensive convertible loan from Warren Buffett’s Berkshire Hathaway.
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The February 2010 issue of Reactions is now online. Click through to read a selection of articles from the issue.
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The board of United America Indemnity has approved a proposal to redomicile from the Cayman Islands to Ireland.
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Reinsurer Validus has appointed John Fitzpatrick to its board of directors. The appointment will increase the number of board members to 12.
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Reactions will be recognising the best companies, teams and individuals in the London market with our Reactions London Awards 2010 programme, and we need your help. Have your say now!
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Timothy Schiltz has been appointed senior vice-president of SunAmerica Financial Group and, effective April 1 2010, will be named chairman of AIG Star Life Insurance and AIG Edison Life Insurance Company.
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AmTrust Financial Services has reported a net income of $28.1m in the fourth quarter. The increase in the net profit, which was $25m last year, is attributed to a 20% rise in premiums.
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Axa Asia Pacific Holdings has reported earnings of $553.6m for the year ended December 31, 2009.
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Bermuda has long been viewed as the so-called better mousetrap, the best and most efficient place for new insurance capital. That is now changing, but the island’s leaders say observers should not underestimate Bermuda’s importance.
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Endurance Specialty Holdings today reported net income of $154.8m for the fourth quarter of 2009, compared with net income of $16.9m for the fourth quarter of 2008.
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Benita Ferrero-Waldner has joined German reinsurer Munich Re’s supervisory board.
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Flagstone Reinsurance Holdings has reported net income for the fourth quarter 2009 of $71.5m compared with a net loss of $75.6m for the quarter ended 2008.
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Italian insurer Fondiaria’s gross premiums for 2009 were at Eu4.8bn, down 2.5% on the year, The Wall Street Journal reports.
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Hiscox has appointed Graeme King as underwriter - international TMT.
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Canadian insurers, Manulife Financial and Sun Life Financial, are increasing their stake in the nation’s government bonds, Bloomberg reports.
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The Spitzer-era ban on contingent commissions for the world’s biggest insurance brokers, Aon, Marsh and Willis, has been lifted. An equity analyst believes Aon and Marsh could now receive as much as $200m a year in contingent commissions.
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Bermudian reinsurer Platinum Underwriters Holdings today reported net income for the fourth quarter of 2009 of $90.8m, compared with a net income of $61.5m in the same period last year.
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The Risk and Insurance Management Society today announced its dismay at a decision by the New York insurance department and attorney general to allow the big three brokers to resume taking contingent commissions.
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RiskProNet International has appointed Gerry O’Connor as president. Most recently, he was senior vice-president with AAI, a unit of Old National Insurance.
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The potential $15bn sale of AIG’s foreign life-insurance division to MetLife has been halted owing to a tax dispute.
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Swiss insurance firm Zurich today named Daniel Riordan president of its North America commercial specialties business unit, effective immediately.
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Lloyd’s of London’s decision to broaden its product range as part of its strategic plan will not harm the market’s position in its core lines, Sean McGovern, Lloyd’s general council, has told Reactions.
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US insurance broker Aon Corporation has today announced that it has reached an amended and restated agreement on the issue of compensation business practices with three states.
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Arch Capital Group has reported net income in the fourth quarter of 2009 of $284.7m, compared with a net loss $143.0m for the 2008 fourth quarter. For the full year of 2009, net income was $851.1m, compared with $265.1m for 2008.
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Arthur J Gallagher & Co has announced the acquisition of Brazilian broker Securitas Re, from Estater Gestao de Investimentos
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The board of Axa Equitable Life Insurance has made three appointments to the group’s senior management.
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Insurance agency and brokerage firm, Brown & Brown, has reported $23.65m net income for the fourth quarter of 2009.
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Catlin Group has expanded its Australian operations by opening a Melbourne office.
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PMI Mortgage Assurance Company (PMAC) has received approval from Fannie Mae to act as a direct issuer of mortgage guaranty insurance.
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US insurer The Hartford Financial Services Group announced today that Christopher Swift will join the company as executive vice-president and chief financial officer, effective March 1.
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Dawn Dillaway has been appointed as head of commercial underwriting for Groupama Insurance.
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Hawaii Medical Assurance Association (HMAA) will buy Summerlin Life and Health Insurance’s health plan membership portfolio in Hawaii.
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QBE European Operations has appointed Steve Dickie to the position of motor fleet portfolio manager within QBE’s motor division.
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PartnerRe's acquisition of Paris Re, along with involvement in initiatives such as the Global Reinsurance Forum trade group, confirms Patrick Thiele's position as one of the most influential reinsurance executives around.
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Iron-Starr Excess Agency has appointed Lawrence Engrissei as senior vice-president, claims manager of the Bermuda-based specialty lines entity.
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Liberty Mutual Insurance has claimed it has been a victim of fraud and asked a federal court judge to undo a recent settlement between a US regulator and General Re.
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Montpelier Re Holdings, a Bermudian provider of short-tail reinsurance and other specialty lines, today reported strong fourth quarter and record full year financial results.
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The US government will offer an online session of the healthcare bill ahead of President Barack Obama’s bipartisan summit on February 25, Financial Times reports.
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The outlook for insurance industry merger and acquisition (M&A) activity in the sector has been brightened by the move to Solvency II, PricewaterhouseCoopers (PwC) has said.
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A piece of US employment legislation introduced in the US senate that included an extension of the National Flood Insurance Programme has been scaled back to a version that does not include the NFIP.
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Insurance broker Willis Group Holdings today entered into agreement with the attorney general and the superintendent of insurance of the state of New York to amend and restate its 2005 Assurance of Discontinuance and Stipulation (the AOD).
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American International Group (AIG) has decided to keep its money-losing US mortgage guarantor after selling Canadian and Israeli subsidiaries of the unit.
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Allianz’s management board member and Allianz Deutschland’s board of management chairman, Gerhard Rupprecht, is retiring at the end of the year.
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US health insurer Anthem Blue Cross on Saturday agreed to delay its much criticised plan to raise rates for some Californian residents.
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Shares in Berkshire Hathaway, billionaire Warren Buffett's holding company, rose on February 12 as trading of its shares reached a record as it joined the Standard & Poor's 500 index.
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The British Insurance Brokers' Association (Biba) has reacted angrily to the UK Financial Services Authority’s (FSA) plan to hike insurance broker’s fees by 122%.
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Brit Insurance has appointed Ian Powell to the newly-created role of chief information officer. Reporting to chief operating officer Malcolm Beane, he takes up his position immediately.
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Warren Buffett now holds a 5.073% stake in insurer, Munich Re.
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Japan car maker Toyota’s recall of many of its cars because of braking problems exposes commercial lines carriers to personal injury and products liability lawsuits, Moody’s has said in its weekly credit outlook.
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First Bank Insurance Services has acquired Montgomery County-based The Insurance Center.
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Kwik-Fit Holdings, the UK car repair firm owned by PAI Partners, is preparing to sell its insurance business for more than £200m ($314m).
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Lincoln Financial Network has set up a general insurance and financial services agency, Coastal Financial Partners Group.
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Lockton International has appointed Robert Barron to its accident, health, sports & contingency team.
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New-York bond insurer MBIA must defend a class-action lawsuit challenging its 2009 decision to place its municipal insurance business into a new unit.
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American International Assurance, the Asian life-insurance unit of AIG, has appointed seven banks to handle its $10bn to $20bn Hong Kong initial public offering (IPO).
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John McNally has been hired by Beazley to head a new team. He will be based in London and report to the head of Beazley’s global management liability team, Neal Wilkinson.
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Chaucer Insurance, the UK Division of Chaucer Holdings, has appointed Ken Hutchinson as the head of e-commerce.
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Fresh off the back of the busiest ever fourth quarter for cat bonds, insurance-linked securities activity is predicted to be high in 2010. Reactions' Convergence Quarterly section includes all the cat bond data from 2009.
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The UK Financial Services Authority (FSA) has called for a 9.9% increase in overall funding, under new proposals announced today.
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Japan car maker Toyota’s embarrassing recall of many of its cars because of braking problems will cause headaches for people who have bought its cars, but is unlikely to cause a big problem for insurers.
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Korea Life Insurance is seeking to raise a maximum of $2bn through an initial public offering.
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Lloyds Banking Group is divesting its 70% stake in online motor insurer, esure.
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Hanwha Securities is buying two South Korean units of Prudential Financial, The Wall Street Journal reports.
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Catastrophe risk modelling firm Eqecat estimates insured losses resulting from the two February winter storms in the eastern US will exceed $2bn.
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Bermudian insurance and reinsurance firm Allied World Assurance Company today reported net income of $161.3m for the fourth quarter of 2009 compared with net income of $19.9m for the fourth quarter of 2008.
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Axis Capital Holdings has announced the formation of a renewable energy team within its Axis Insurance business.
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Brit Insurance has revamped its underwriting and business development teams within the Glasgow office.
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Catlin Group, the international specialty property/casualty insurer and reinsurer, has announced net income of $509m in the fourth quarter of 2009, benefiting from lower hurricane claims.
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Chartis, American International Group’s property/casualty and general insurer, today announced the appointment of Gretchen Hayes as chief diversity officer.
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Lloyd’s insurer Chaucer Holdings has established a new international liability division within Chaucer Syndicate 1084.
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The soft market for US directors’ and officers’ liability (D&O) insurance continues as competition and surplus business puts pressure on rates.
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Bermudian reinsurer PartnerRe today announced organisational changes, following the acquisition of Paris Re. These include Paris Re’s chief executive officer leaving the company at the end of June.
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Prudential Financial has recorded net income of its financial services businesses at $3.4bn or $7.63 per share for 2009.
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Reinsurance pricing softened at the January 1 2010 renewals. Reactions asks what this will mean for pricing for the rest of the year.
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RSA Insurance has acquired Oman’s Al Ahlia for $49m.
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The Independent Insurance Agents & Brokers of New York (IIABNY) association will go ahead with legal action to stop a new piece of producer compensation disclosure regulation that has been proposed by the New York state insurance department.
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Federal and state investigators are probing into the cause of premium hikes by a division of health insurer, WellPoint.
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Shares in UK insurer Aviva gained 5.3% in morning trading on the London Stock Exchange amid renewed talk that Prudential and Resolution could get together to carve up Aviva.
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Allied World Assurance Company (Europe) has rolled out a small to medium sized enterprises (SME) unit.
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US insurance firm Allstate Corporation has announced fourth quarter 2009 net income of $518m, compared with a net loss of $1.1bn in the fourth quarter of 2008.
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French insurer Axa has extended its bancassurance agreement with Banca Monte dei Paschi di Siena (BMPS).
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Dai-ichi Mutual Life Insurance is considering provisional details for its initial public offering (IPO).
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After getting sidetracked by the minor inconvenience of the worst economic collapse since the Great Depression, New York’s state insurance department is serious again about setting up an insurance exchange in New York city.
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Everest Re Group, the Bermudian reinsurance company, has reported fourth quarter net income of $197.2m, compared with a net loss of $16.6m for the fourth quarter of 2008.
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Former Aon chairman and CEO, Patrick Ryan, has launched Ryan Specialty Group (RSG).
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Fierce pricing competition is prompting investors to choose their stocks carefully this year. We reveal which stocks equity analysts are tipping to outperform.
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Rating agency Fitch has downgraded the issuer debt rating of Warren Buffett's Berkshire Hathaway to AA- from AA+ and the insurance financial strength ratings of its insurance subsidiaries National Indemnity Company, General Re and Geico to AA- from AAA.
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By Mark Howard, a partner at Barlow Lyde & Gilbert LLP
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MMC today reported a decline of net income to $38m in the fourth quarter of 2009, compared with net income of $80m in 2008. Marsh’s revenue for the quarter fell 4% while Guy Carpenter’s revenue for the year was up 23%.
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American International Group (AIG) has launched a new performance-based system to determine how employees get incentive pay, reports the Wall Street Journal.
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A review into UK civil litigation costs has sparked controversy.
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A Scottish ruling leaves insurers on hook for billions.
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Bermudian reinsurer PartnerRe today reported net income of $354.4m for the fourth quarter of 2009, compared with net income for the fourth quarter of 2008 of $95.3m.
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Resolution has appointed Malcolm Williamson as chairman of Friends Provident Holdings.
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The World Reinsurance Association has declared itself pleased with the response of the reinsurance industry to the Swine Flu pandemic.
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The Global Institute of Reinsurance Thoughtleaders has warned that an influx of investment bankers is threatening the market’s reputation as the second or indeed third choice of those wishing to work in the finance industry.
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The insurance blockbusters that are up for awards this year.
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Paris-based reinsurer Scor said Wednesday that the January 1 reinsurance renewals were a success as the firm recorded a 7% rise in business volume.
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Australian insurer, Suncorp-Metway, has reported a first-half profit increase of 45%.
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The Travelers Companies has appointed Bill Cunningham as executive vice-president of business insurance.
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The Terrorism Risk Insurance Program Reauthorisation Act provides important solvency protection for property/casualty insurers in the event of catastrophic acts of terrorism and a scaling back of the programme will increase property/casualty insurers’ exposure to terrorism, says rating agency Moody’s.
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Arch Underwriting at Lloyd’s has announced the opening of a Johannesburg office of its Lloyd’s operations, led by a former Chartis manager.
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Aspen Insurance Holdings today reported net income of $126.3m in the fourth quarter of 2009, compared with net income of $21.8m for the fourth quarter last year.
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Bermudian insurer and reinsurer Axis Capital Holdings has reported net income for the fourth quarter of 2009 of $282m, compared with net income of $131m for the corresponding period in 2008.
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Lloyd’s of London insurer Beazley said Tuesday that 2009 profit increased 15% to £100.7m ($157m) on higher rates and lower catastrophe claims than expected.
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Mitsui Sumitomo Insurance has appointed David Casement as general company secretary for Europe.
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Hector Sants resigned as CEO of the UK Financial Services Authority (FSA) on Monday, throwing the future of future role of the FSA into confusion.
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Hartford Financial Services has posted $557m of net income in the fourth quarter of 2009 as against a 2008 fourth quarter net loss of $806m.
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Bermudian insurance and reinsurance group Max Capital Group today reported net income of $62.6m for the quarter, compared with a net loss of $94.1m for the same quarter in 2008.
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New York-based bond insurer, MBIA, is reorganising its fixed-income asset management subsidiary.
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US life insurer MetLife is negotiating buying Alico, the AIG life unit, with a mixture of stock and cash in the rumoured $15bn deal, reports Bloomberg.
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Bermuda reinsurer RenaissanceRe Holdings has reported net income of $211.8m in the fourth quarter of 2009, compared with a net loss of $55.2m in the fourth quarter of 2008.
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SBI Holdings is selling its entire stake in the Axa Japan joint venture.
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Specialty insurer Torus has opened a west coast office located in San Francisco, California.
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W R Berkley has reported net income of $134m, or 81 cents per share, for the fourth quarter of 2009.
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Bermudian insurer and reinsurer XL Capital today reported a net loss for the fourth quarter of 2009 of $40.3m, compared with a net loss of $1.4bn in the fourth quarter of 2008.
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Ace Resseguradora, an indirect wholly-owned subsidiary of Ace, has received approval for a local reinsurance license from the Brazilian insurance and reinsurance regulatory agency.
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Ace Group unit, Ace Westchester, has appointed Bruce Kessler as president.
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American International Group announced Monday that Peter Hancock will join AIG as executive vice-president, finance, risk, and investments.
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AM Best has affirmed the financial strength rating of A- and issuer credit rating of “a-” of Scor Global Life Reinsurance Company of America (SGLRe of America).
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Rating agency AM Best expects the US property/casualty industry’s net income after taxes to improve to $30.6bn for 2009, up almost 10-fold from the $3.8bn reported in 2008.
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AMP is reconsidering its position in relation to its $11bn takeover bid for Axa Asia Pacific Holdings.
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Insurance broker, Aon, will buy back $2bn in shares, Bloomberg reports.
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Chartis, the property/casualty insurance operation of American International Group, is on the hook for millions of dollars of losses after an explosion at an under-construction power plant in Middletown, Connecticut.
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CNA Financial Corporation has reported a net income of $246m for the fourth quarter of 2009, compared with a net income loss of $336m in the fourth quarter of last year.
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Marsh has appointed Eleni Petros as a senior vice-president in its financial and professional (Finpro) practice.
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In a forthright luncheon address, Kenneth Feinberg described the challenges he faces in his role as the federal government's executive compensation special master for companies that have received Tarp payments.
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State-run Korea Deposit Insurance Corporation (KDIC) is selling its stake in the Korea Life Insurance in an initial public offering.
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Lloyd’s of London is set to reveal its biggest ever strategic review. The insurer will unveil the Deloitte-led plan following a nine-month consultation with underwriters, brokers and market associations.
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Lloyd’s today released its 2010-2012 Strategy after a detailed review of the market’s position.
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Labour MP Andrew Dismore on Friday reintroduced a Bill in the UK House of Commons to reverse a 2007 House of Lords ruling that ended rights of pleural plaques sufferers from claiming compensation.
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AIG today announced that Peter Hancock will join AIG as executive vice president, finance, risk, and investments. Some believe Hancock’s appointment positions him as a potential successor to Robert Benmosche, AIG’s CEO.
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Two brokers from RFIB’s property facultative team are set to join rival insurance broker Miller Insurance Services, Reactions has learned.
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US congressman Tom Perriello and congresswoman Betsy Markey today introduced a stand alone bill to remove the limited antitrust exemption for health and medical professional liability insurers.
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Aon Corporation surpassed expectations in the fourth quarter as the company saw the benefit of restructuring savings and favourable foreign currency translation.
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London-based insurer, Aviva, has reported improved fourth quarter sales results for 2009.
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The Republic of Bangladesh and Oman Insurance have struck an insurance coverage deal.
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A coalition of 13 US insurance groups have voiced support for US president Barack Obama’s proposal to cut what it sees as offshore tax avoidance. The coalition has urged legislation to be passed quickly.
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Warren Buffett’s investment holding company, Berkshire Hathaway, has raised $8bn through a six-part note sale.
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Larry Glasscock, chairman and member of the board of directors of health insurer WellPoint, is leaving the US health benefits firm on March 1. Angela Braly has been appointed by the board to replace Glasscock.
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Cigna has reported fourth quarter 2009 net income of $330m.
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The Lloyd’s market had a strong year and is presently experiencing a period of unprecedented profitability reports Guy Carpenter in its review of the UK based syndicate.
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The US property/casualty rates were down 4% on average in January 2010.
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Lloyd’s insurer Jubilee Managing Agency Limited (Jubilee) has merged its motor Syndicate 1231 and property and personal lines Syndicate 5820 for the 2010 year of account.
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This year firms face a stark choice over how to deploy their capital, says Kenneth LeStrange, chairman, president and CEO of Bermudian insurer and reinsurer Endurance Specialty Holdings.
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The Property Casualty Insurers Association of America has welcomed the House passage of the National Association of Registered Agents and Brokers Reform Act (NARAB II).
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Steven Udvar-Hazy has stepped down as CEO of American International Group’s aircraft leasing unit, International Lease Finance Corporation (ILFC), which he founded in 1973.
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Zurich Financial Services has nominated Josef Ackermann for the position of a member of its board of directors.
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The Brazilian federal government has decided to reduce its control of IRB Brasil Re, the former reinsurance monopoly holder in Brazil, by transferring control over to Banco do Brasil.
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Allied World Assurance Company has appointed Theana Iordanou as the vice-president and manager of the New York regional branch.
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Ascot Underwriting plans to launch a commercial motor line business, the Lloyd’s insurer said Thursday.
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American Safety Insurance (ASI) has appointed underwriters to expand its specialty property and casualty divisions.
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Conseco has added Charles Murphy to its board of directors. He is a senior vice-president at Paulson & Company and an analyst responsible for the insurance industry.
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The Hanover Insurance Group has reported a net income of $57.3m, or $1.14 per share in the fourth-quarter.
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A continued strong underwriting and investment performance at Markel International, which manages the international operations of Markel Corporation, supported a 27% increase in book value of Markel Corporation in 2009.
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Willis Group Holdings said Wednesday that 2009 net income increased 44% on greater commissions and fees.
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Rating agency Standard & Poor's (S&P) today lowered its long-term counterparty credit rating on Berkshire Hathaway to AA+ from AAA.
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SeaBright Insurance Holdings has hired Scott Maw. Maw, who will be based in Seattle, will join as CFO and senior vice-president.
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Catlin Group announced Thursday that Martin Zingg has been appointed chief investment officer of the Catlin Group with effect from March 1, 2010.
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XL Insurance and American Wholesalers Underwriting have signed an underwriting agreement to offer the wholesalers insurance programme (WIP) to wholesale distributers.
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Zurich Financial Services, Switzerland’s largest insurer, reported Thursday a five-fold increase in fourth-quarter profits and announced plans to pay its biggest dividend in 10 years.
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Aegon will sell its funeral insurance subsidiary in the Netherlands. Dutch investment firm, Egeria, will acquire the business for Eu212m.
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Around 200 American International Group employees have agreed to bonus cuts of at least 10%, enabling the insurer to return millions of dollars to the US authorities.
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US insurer MetLife's fourth quarter profits fell 70%. Its confirmation of talks over AIG's Alico unit has led S&P to put its ratings on negative outlook.
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Allianz has appointed Citigroup as its insurance custody manager for Asia.
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German carmaker, Daimler, has teamed up with Allianz for the international automotive and warranty insurance business.
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Fitch ratings has delivered a downbeat outlook for the US broking industry.
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FM Global has become an admitted reinsurer in Labuan, a federal territory in Malaysia.
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Testimony by US Treasury Secretary Timothy Geithner about the collapse of American International Group (AIG) has sparked criticism from insurers.
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Groupama has appointed Christian Collin as chief financial and risk officer.
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Hannover Re, Germany’s second-largest reinsurer, said Wednesday it is targeting a return on equity of 15% in 2010 as it expects modest premium growth in the coming year.
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US insurer Liberty Mutual has filed a lawsuit against rivals and former executives and Aspen Insurance, reports Reuters.
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Insurance broker Marsh has appointed Martin Clark as UK leader of its energy claims team.
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US insurer MetLife said Wednesday fourth quarter profits fell 70% as the firm paid out more in claims and benefits.
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QBE has announced an agreement to become the official insurance partner of England Rugby.
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A wholly-owned subsidiary of United Insurance Holdings is applying to write property/casualty insurance in seven more states.
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Willis Group Holdings has appointed Stephen Wood, the company’s global group financial controller, as interim chief financial officer.
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Insurance and reinsurance group Ace Limited has reported a record fourth quarter income of $953m, compared with $20m in the same period last year.
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US insurer AIG has named six executives, including the appointment of an ex-Lehman Brothers lawyer as general counsel.
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PineBridge Investments, a fund-management unit of AIG, has delayed its $500m sale to Pacific Century Group for the second time in two months.
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UK-based legal insurance firm Arag UK has made two further appointments; Paul Mather and Carrie-Anne Woods. These latest hires follow last week’s appointment of three new staff.
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US insurance broker Arthur J Gallagher & Co reported a net income for the fourth quarter of $19.4m compared with $11.7m in the same period last year.
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Insurance broker, Brown & Brown, has purchased the commercial, personal property and casualty books of business from a New Mexico agency.
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CV Starr & Company announced Tuesday that Michael Garrison has been appointed president and CEO of CV Starr & Company (California).
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Fairfax Financial has raised $194m through a share sale.
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The private equity arm of Goldman Sachs is seeking to buy a minority stake in Taikang Life.
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Despite the economic slowdown the Latin American insurance market held steadfast in 2008 and showed continued signs of strength in 2009, according to a Fundación Mapfre report.
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As part of its strategy to acquire high-quality independent agencies in every region of the US, Marsh & McLennan Agency today announced it has acquired Haake Companies, one of the largest independent insurance agencies in the mid-west.
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Capital Airports Holding has secured approval to divest its 50% stake in a life-insurance joint venture with MetLife.
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Munich Re, the world’s largest reinsurer, said Tuesday that it plans to raise its dividend after reporting a seven-fold increase in profits for the fourth-quarter, helped fewer natural catastrophe claims and higher investment income.
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Munich Re, the world’s largest reinsurer, said Tuesday that it plans to raise its dividend after reporting a seven-fold increase in profits for the fourth-quarter, helped fewer natural catastrophe claims and higher investment income.
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US life reinsurer Reinsurance Group of America said Tuesday that it will hike its dividend payout by 33% after net income for the fourth quarter increased to $112.4m from $9.4m in the prior year quarter.
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US life reinsurer Reinsurance Group of America said Tuesday that it will hike its dividend payout by 33% after net income for the fourth quarter increased to $112.4m from $9.4m in the prior year quarter.
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The Risk and Insurance Management Society today expressed concerns with two Obama administration US budget proposals that it feels will be detrimental to commercial insurance consumers.
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Global reinsurers face the daunting prospect of eroding profitability margins over the next two to three years, S&P has warned in a new report.
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US property/casualty insurer Tower Group is to purchase the personal lines division of OneBeacon Insurance Group, in a cash transaction valued at $180m.
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US president Barack Obama’s 2010 new budget proposal puts the issue of tax avoidance through offshore business back in the limelight as it plans to reduce the US deficit.
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XL Insurance has hired Patrick Tannock as president and country manager.
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Ace Group has named Les Forrest managing director of its Egyptian life insurance unit.
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AIG has drawn about $2.4bn under a Federal Reserve credit line to repay debt from an expiring government commercial paper programme.
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Insurance broker Aon has made six new appointments to its general aviation team, specialising in industrial aid and commercial aircraft.
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Farmers Insurance has promoted Susan Bithell to the position of vice-president and chief underwriting officer.
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Gen Re is opening a branch office for its life/health reinsurance unit in Tokyo.
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Lloyd’s of London insurer Hiscox said Monday that 2009 profits tripled, helped by a lack of natural catastrophes and a good investment performance.
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Axa, Deutsche Bank and JPMorgan Chase, along with five other firms, are forming a secondary market in longevity swaps and other derivatives, whose values are tied to life expectancy.
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Lancashire Holdings said Monday it has appointed Len Messenger chairman of energy for the company’s UK operating subsidiary, Lancashire Insurance Company (UK).
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The world’s national oil companies could benefit from lower costs of risk in the next few years as a result of a lack of natural catastrophes, plentiful insurance capacity and more sophisticated risk management techniques.
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The two takaful divisions of Tokio Marine Holdings have begun operations in Egypt.
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Global specialty insurer Torus has appointed Carl Groth as group chief risk officer with immediate effect.
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US president Barack Obama’s proposed budget unveiled today eliminates nearly $250m in federal subsidies to insurance companies for terrorism insurance, according to the AIA.
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January
Munich Re’s financial instruments owned by Warren Buffett as of January 19 are likely to raise his voting rights in the firm to 5.029%.
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Commonwealth Bank of Australia is looking to sell a part of its 49% stake in a newly launched Chinese insurance joint venture.
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US insurer Chubb Corporation posted a third straight quarter of profit, up 71% in the fourth quarter as investment gains rose in value.
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XL plans to redomicile to Ireland and the remaining Lloyd’s players headquartered in the UK are also considering leaving. We ask why firms are looking to move and to where.
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Genworth Financial has recorded a fourth-quarter profit of $40m.
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A catastrophe bond to provide The Hartford with protection against east and Gulf Coast US hurricanes has been completed.
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The investors of Pearl Group have collectively rejected a proposed bond exchange from the insurance services provider.
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Zurich has expanded its North American commercial energy casualty business unit with the two appointments.
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Axa has appointed Jacques de Vaucleroy as CEO of the northern, central and eastern Europe region as of March 15, 2010.
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Farmers Insurance Group has appointed Dan Schrock as vice-president of expansion markets.
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US Treasury Secretary Timothy Geithner and his predecessor, Hank Paulson, said they did not bail out AIG to save its derivatives counterparties.
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The new director of underwriting performance at Lloyd’s has a big challenge to fill the shoes of his predecessor, Rolf Tolle.
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MetLife has appointed Cheryl Grisé as lead director of the company’s board of directors.
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Sony Life Insurance said Wednesday that it has set up a Bermuda-based reinsurance joint venture with Dutch insurer Aegon.
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Specialist broker THB Group has announced an18% increase in fee and commission income and a 43% year-on-year increase in broking profit for the year to October 31, 2009.
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Travelers’ fourth quarter underwriting performance does not bode will for brokers’ ongoing commissions and organic growth, an analyst at Atlantic Equities has warned.
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Swiss insurer Zurich Financial Services is planning to acquire a controlling stake in its Malaysian joint venture.
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Zurich has hired Steve Gillen as global head of marine claims.
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Beazley Insurance has appointed Jayne Cunningham to its environmental liability team.
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Warren Buffett’s Berkshire Hathaway will join the S&P 500 and S&P 100 stock indexes following its acquisition of railroad company Burlington Northern Santa Fe.
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The Caribbean Catastrophe Risk Insurance Facility (CCRIF) Wednesday paid the $7.75m to the government of Haiti following the earthquake which struck close to Port-au-Prince on January 12, causing damage of catastrophic proportions.
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Conseco’s subsidiary, Bankers Life and Casualty, has coinsured 234,000 life insurance policies with Wilton Re, with an effective date of October 1, 2009.
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Endurance Specialty Holdings has appointed Nicholas Campbell. Campbell will join as senior vice-president and head of specialty treaty reinsurance at Endurance Specialty Insurance.
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Florida’s insurance market is in a state of disarray. Uncertainties about the quality, price and availability of property insurance have left homeowners desperately seeking stability, and insurers are struggling to meet demands.
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Groupama Insurance has appointed Glyn Hughes as personal lines pricing and planning manager.
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German reinsurer Hannover Re has securitised more natural catastrophe risk through its K6 transaction.
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Jacques Aigrain, the former chief executive of Swiss Re, has joined UK insurer Resolution as one of a trio of independent directors, the company said Wednesday.
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A unit of Liberty Mutual has reorganised its US specialty casualty business.
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A federal judge has ordered Lloyd’s of London to pay for the criminal defence costs for Allen Stanford, the founder and chairman of Stanford Financial Group, and two officers in his company accused for their part in a $7bn Ponzi scheme.
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Lloyd’s of London wants to build up its market share among insurance buyers in continental Europe, says the market’s chairman Lord Peter Levene.
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The sanction commission of Six Swiss Exchange, Switzerland’s stock exchange, has imposed a fine on Swiss Re.
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Towergate Underwriting has named Scott Brown chief executive officer for commercial underwriting.
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The Association of British Insurers (ABI) has suggested insurance companies in the UK may decide to relocate, due to rising taxes.
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American International Group (AIG) has decided not to sell its aviation unit, International Lease Finance Corporation (ILFC), just one day after reports claimed its CEO was leaving.
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AM Best has given the financial strength ratings of A and issuer credit ratings of “a” to the main UK operating subsidiaries of RSA Insurance.
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Aon Benfield Tuesday announced the launch of FAConnect, a proprietary facultative broking platform.
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US insurance broker Arthur J Gallagher & Co reported a net income for the fourth quarter of $19.4m compared with $11.7m in the same period last year.
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Paris-based insurer Axa Monday announced its intention to delist its shares from the New York Stock Exchange (NYSE) and to deregister with the US Securities and Exchange Commission (SEC).
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US investor Warren Buffett has taken a taken a 3% stake in German reinsurer Munich Re, the company revealed Tuesday.
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Mitsui Sumitomo Insurance is planning to strengthen its operations by merging its two Singapore subsidiaries, Mitsui Sumitomo Insurance (Singapore) and MSIG Insurance (Singapore).
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Bermudian reinsurer PartnerRe today announced that during the January 1 2010 treaty renewal season it expects to write and bind about $2.6bn of non-life premium
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Sompo Japan Insurance (Thailand) is to start selling weather index insurance to rice farmers in northern Thailand.
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Following the launch of its continental European operations in September 2009, Torus has appointed Thomas Guesde as senior vice-president of its new European casualty platform.
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US insurer The Travelers Companies has reported net income of $1.29bn for the fourth quarter of 2009, up from $801m in the fourth quarter of 2008.
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The Actuarial Profession’s UK Asbestos Working Party has updated its estimate of the future cost of UK asbestos-related claims to the insurance industry.
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Kingsway Financial Services is selling its Jevco Insurance stake to money manager Westaim for about $248.3m.
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Two senior managers at the adviser services team at AIA Australia have left the firm.
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Steven Udvar-Házy, the chief executive officer of AIG’s aviation leasing unit, is expected to leave the company as soon as this week reports the Wall Street Journal.
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US insurer AIG has restricted the personal use of its company planes for all executive officers apart from its chief executive officer Robert Benmosche, reports the Wall Street Journal.
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Tropical storm Olga made landfall over the northeast coast of Queensland, Australia shortly after 10pm local time on Sunday, January 24, RMS/Reactions Centre reports.
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Charles Taylor Consulting has renamed its Bermuda-based insurance management business, CTC Allegro, as CTC Insurance Management (Bermuda).
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Chaucer Syndicate 1084 has appointment Brian Everall as head of its specialist lines division.
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Concordis Insurance has named Caledonian Insurance Services as insurance manager in the Cayman Islands.
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An Ethiopian Airlines passenger plane with 89 people on board has crashed into the Mediterranean Sea shortly after take-off from Beirut airport.
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Specialty property/casualty insurer Markel International has appointed Simon Wilson to the role of director, international development.
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UK insurer, Prudential, has started reorganising its Asian business.
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Bermuda-based insurer Hiscox said Monday that during the January reinsurance renewal season it experienced average reductions in reinsurance rates of between 5% and 7% from the historically high rating levels of 2009.
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The US bond insurance market faces an uncertain future, while there are few prospects for a revival of the industry, Standard & Poor’s (S&P) has said in a new report.
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Last year was one of the least active of the decade for M&A of US insurance brokers and the first year that the number of M&A deals dipped below 200 since 2003, according to Hales & Company.
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Willis North America has promoted Alastair Swift to chief placement officer.
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New York’s Insurance Department will prioritise making the city a place where insurance companies want to do business by launching the New York insurance exchange, said James Wrynn, the department’s superintendent, at a Reactions US Business Club held in New York last week.
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Chartis Insurance, the general insurance unit of American International Group, is selling the US passenger plane that made an emergency landing on New York’s Hudson River last January.
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Allianz Life Insurance Company of North America has named Ross Bowen as the vice-president of profitability management.
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AM Best has upgraded the financial strength rating of Paris Re to A from A- and the issuer credit ratings a+ from a-. The ratings have been assigned a positive outlook.
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Lloyd’s insurer Amlin has completed the transfer of the insolvency practitioners’ insurance business in the UK from broker Lockton.
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Beazley Group said Friday that it intends to open a new office in Oslo, Norway to service energy business for the Beazley syndicates at Lloyd’s.
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Warren Buffett has admitted that the settlement General Re reached with the SEC for its role in finite reinsurance deals with American International and Prudential Financial is appropriate.
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Low demand continued to put pressure on US rates as carriers competed for new business, according to The Council of Insurance Agents & Brokers’ quarterly Commercial P/C Market Index Survey.
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HSBC has injected $102m in Vietnam’s largest insurance and financial services firm.
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Credit Suisse has been appointed by Investors Trust Assurance. The Cayman Islands-based insurance firm has appointed Credit Suisse as its new global custodian.
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Lockton has obtained a large equity holding in South Korean insurance broker IMI with options to purchase an increased shareholding, the privately held broker said Friday.
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Insurance broker Marsh has appointed Andrew Herring as leader for the Americas of its London-based wholesale energy practice.
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National Australia Bank (NAB) Friday moved a step closer to clinching a $12bn deal to buy Axa Asia Pacific (Axa AP)after completing due diligence, Reuters reports.
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A New York judge Wednesday dismissed criminal charges against former Marsh & McLennan Companies and Zurich Financial Services executives who pleaded guilty to charges in connection with an insurance bid-rigging investigation.
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Willis Group has renewed the contract of its chairman and CEO, Joseph Plumeri. He will stay on at global insurance broker until July 7, 2013.
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Swiss Re is expecting sales of catastrophe bonds to increase by at least 43% this year, as maturing notes are replaced.
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Symetra Financial Corporation sold 30.4 million shares on the New York Stock exchange at $12.70 yesterday, raising $364.8m. Symetra had said in October it hoped the IPO's size would hit $575m.
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The introduction of a compulsory deductible for directors and officers is causing uncertainty in the German D&O market, reinsurance broker Guy Carpenter has warned.
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Bermuda-based reinsurer Validus Holdings plans to sell $250m of debt, the company said in a US Securities and Exchange Commission filing.
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White Mountains Re announced today that it intends to acquire Central National Insurance Company of Omaha from Drum Financial Corporation.
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US specialty insurer Assurant has entered into a settlement with the US Securities and Exchange Commission that concludes the SEC’s finite reinsurance investigation of the firm.
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Tropical storm Magda is expected to make landfall on the western Australian coast in around 48 hours’ time in the Kimberly region as a low category 1 storm, RMS/Reactions Catastrophe Centre reports.
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BOC Insurance has secured the approval of the China Insurance Regulatory Commission to establish two new branches.
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BOC Insurance has secured the approval of the China Insurance Regulatory Commission to establish two new branches.
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A series of powerful winter storms have struck southern California between January 17 and January 20, bringing heavy rainfall and high winds that have caused road flooding, evacuations and property damage, RMS/Reactions Catastrophe Centre reports.
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Issuance volume of property-catastrophe bonds will be at least as strong in 2010 as it was last year, Fitch Ratings said in a recently released report.
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American International Group’s property/casualty unit, Chartis, will invest about Y13.5bn ($147m) to take majority control of Japan's Fuji Fire and Marine Insurance, Reuters reports.
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Guy Carpenter has estimated that the southeast US will experience an above average rate of landfalling tropical cyclones in the coming year.
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Lloyd’s chairman, Lord Levene, has been named the 2009 Insurance Leader of the Year by the St John’s University School of Risk Management at its 15th annual award dinner in New York last night.
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US broker Lockton has obtained an equity holding in South Korean insurance broker IMI with options to purchase an increased shareholding.
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Randall & Quilter Investment Holdings has closed its first deal of the year with the acquisition of JMD Specialist Insurance Services Group (JMD) from the existing JMD management team and BP Marsh & Partners.
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Risk Management Solutions has launched a new parametric index for estimating insured industry losses from US earthquakes.
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Samsung Life Insurance is planning an initial public offering of more than $4bn by the end of June, Financial Times reports.
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Samsung Life Insurance is planning an initial public offering of more than $4bn by the end of June.
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Standard Life has been fined £2.45m for misrepresenting the riskiness of an investment fund that buyers thought was primarily holding cash.
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UBS has rolled out an insurance and pensions industry group, which will focus on risk advisory and capital markets products to insurance and pension fund clients.
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Economic turmoil drove a surge in securities lawsuit filings in 2009, according to a new report from Advisen.
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Validus Holdings, the Bermudian reinsurer and insurer, has issued $250m of senior bonds according to IFR, the Thompson Reuters service.
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Global insurance broker Willis Group Holdings has extended the contract of its chairman and CEO, Joe Plumeri.
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MetLife’s rumoured deal for AIG’s Alico subsidiary would be a good deal for the US life insurance firm, according to an equity analyst.
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The China Banking Regulatory Commission has allowed Bank of Beijing to acquire a stake in ING Capital Life Insurance.
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Max Capital Group, the Bermudian reinsurer that lost out to Validus in its tussle for IPC Holdings last year, may still be on the look out for large-scale acquisition, the firm’s CEO has suggested.
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President Barack Obama’s plans for healthcare reform were thrown into jeopardy last night after the Republicans scored a political upset by winning Ted Kennedy's Senate seat in Massachusetts.
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Insurance industry debt and equity issuance and the top ten bookrunners for 2009 have now been published in Reactions specialist data section in partnership with Thomson Reuters.
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Great Lakes Reinsurance has appointed the former group chief executive of Global Aerospace Underwriting Managers as a non-executive director and chairman of the company.
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US brokerage firm Marsh & McLennan Companies announced today that it has elected Edward Hanway as a director.
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General Re, the reinsurer owned by Warren Buffett’s Berkshire Hathaway, has agreed to pay more than $60m to end an investigation into its role in a fraud at American International Group, Bloomberg reports.
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Grinnell Mutual Reinsurance has appointed Phyllis Steffen as vice-president of the direct claims unit.
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Prudential has named Lee Won-ki as CEO of its Korean funds business, PCA Investment Trust Management.
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In an environment that was highly competitive, Germany experienced a wide range of average rate changes across lines, Guy Carpenter has found.
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Recent analysis of near-term US hurricane models has found that models for the cumulative seasons from 2006 to 2009 have greatly overestimated losses.
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Zenith Insurance, an insurance subsidiary of Zenith National Insurance, has appointed Judge Pamela Foust.
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AIG is looking to reduce and bring forward the payment of retention bonuses at its financial products division, reports the Wall Street Journal.
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Insurers exposed to the UK property/casualty market could face elevated claims costs from asbestos should four insurers fail in their bid to appeal a legal ruling which gives victims of an asbestos-related illness the right to claim damages.
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Axa Group Solutions has appointed Pascal Buffard as CEO.
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US Federal Reserve chairman Ben Bernanke has called for comprehensive review of the AIG bailout by the US Government Accountability Office.
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Chartis, the general insurance unit of American International Group, has named ex-Validus executive Samir Shah senior vice-president and chief risk officer.
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Chaucer Holdings, one of only three Lloyd’s of London insurers based in he UK, is considering redomiciling overseas to cut its tax bill.
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German insurer Allianz has been given permission by Chinese regulatory authority CIRC to convert one of its regional offices in Guangzhou into an independent subsidiary.
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Insurance industry third-quarter debt and equity issuance and the top ten bookrunners have now been published in Reactions specialist data section in partnership with Thomson Reuters.
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Bermudian insurance and reinsurance group Endurance Specialty Holdings, today announced the appointment of Kimberly Morgan as practice leader for Endurance’s Bermuda healthcare practice.
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The Hanover Insurance Group is acquiring Virginia-based Campania, specialising in insurance solutions for the healthcare industry.
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Legal & General Gulf Takaful has rolled out its retail unit in Bahrain, Al-Bawaba reports.
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MetLife is in final negotiations to buy AIG's biggest life unit, Alico, for between $14bn and $15bn, according to a Wall Street Journal report.
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Specialist fraud police are hunting for a UK-based insurance broker who was expelled from the financial services industry for defrauding doctors’ surgeries in a £400,000 scam, UK newspaper The Times reports.
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US specialty insurer RLI has entered into a two-year agreement to become a quota share reinsurer of Producers Agricultural Insurance Company, known as ProAg, based in Amarillo, Texas.
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Christian Torkington has been hired as group information and operations director for Scottish insurer, Standard Life, Financial Times reports.
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Torus, the global specialty insurer, has appointed David Ring to lead its newly created London-based general property team.
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Patriot Risk Management, a US workers' compensation and claims services company, announced plans today to raise up to $204m in an initial public offering.
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UK motor insurer Admiral said Monday it has signed reinsurance pacts with Munich Re and Hannover Re for Elephant Insurance, its new car insurance operation in the US.
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Allianz is looking to boost its share in alternative asset classes, The Financial Times reports.
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Axa will buy Romania’s Omniasig Life, in line with its effort to expand its presence in the emerging countries, notably in central and eastern Europe.
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The British Insurance Brokers’ Association (Biba) has appointed Brendan McManus, CEO of Willis UK & Ireland and Ken Davidson, chairman of Crispin Speers, to its board.
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Prudential will suspend the sale of insurance policies in Japan, The Wall Street Journal reports.
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Peter Chung has decided to step down from the board of directors of SeaBright Insurance Holdings.
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Matthias Aellig has joined Swiss Life Group as its new chief risk officer.
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Swiss Re said Monday it has closed a reinsurance deal with Warren Buffett’s Berkshire Hathaway that the Zurich-based reinsurer said would improve its capital efficiency.
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The UK government is failing exporters by refusing to underwrite the issue of bonds needed to win overseas orders and guarantee the performance of export contracts, according to Susan Ross, director of Aon Trade Credit and chair of the British Exporters Association.
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Ambac Assurance may owe as much as $1.2bn after Las Vegas Monorail filed for Chapter 11 bankruptcy, Bloomberg reports.
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Beazley has appointed Kristen Dauphinais in its technology, media, and business services team. Dauphinais will focus on expansion and underwriting middle market risks.
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Brit Insurance has appointed Neil Russell and Joachim Tolle as underwriters in its global markets business unit. They take up their new positions immediately.
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Fubon Life Insurance will set up an office in Vietnam, Dow Jones reports. The insurer has received approval from Taiwan’s Financial Supervisory Commission.
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Groupama Insurance is planning to restructure and re-engineer its UK general insurance claims units.
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In his review of civil litigation costs, Lord Justice Jackson has called for success fees and after-the-event (ATE) insurance premiums to be irrecoverable in no win, no fee cases.
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Munich Re, the world’s largest reinsurer, has said that its losses from the earthquake in Haiti will be in the single-digit to a low double-digit million US dollars, net before tax.
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The American Insurance Association (AIA) has hit out at President Barack Obama’s proposals for a new tax on Wall Street’s largest financial institutions, warning that the imposition of such a tax would set a bad precedent for the industry.
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Out of the pieces of legislation facing the industry this year, it was “too big to fail” which received the most attention at the annual Property/Casualty Insurance Joint Industry Forum held in New York this week.
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There is a fundamental need to change thinking on global risks and how they are managed, an annual report from the World Economic Forum has found.
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Aspen Insurance Holdings has announced it will change its corporate structure to manage its insurance and reinsurance businesses under two separate brands, Aspen Insurance and Aspen Reinsurance.
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Deutscher Ring Leben and Deutscher Ring Sach, the German units of Swiss insurer, Baloise, have presented a separation plan to their negotiation partners.
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The Financial Services Authority (FSA) has banned Stephen Allen, a director of insurance broker, Fabien Risk Services, for failing in his duties as a director of a regulated firm.
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Eqecat has updated its estimate of economic damage from this week’s earthquake in Haiti to the low-single-digit billions of dollars, compared with is initial estimate in the hundreds of millions of dollars.
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The outlook is bland for the US property/casualty industry in 2010. This was the general consensus at the annual Property/Casualty Insurance Joint Industry Forum held in New York this week.
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The US property/casualty industry faces serious challenges in 2010, according to Ernst & Young’s Global Insurance Centre 2010 US P/C Insurance Industry Outlook.
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The Association of Run-Off Companies (ACR) has warned that run-off firms will be disadvantaged by the impending Solvency II directive.
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Small insurers retain a decent market share of the overall US property-casualty market and have strong positions within certain niches, according to a new study by Conning Research & Consulting.
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The US insurance industry must act with a unified voice to improve the industry’s reputation, concludes a McKinsey & Company report, Building a Talent Magnet.
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Waterland Financial Holdings is seeking to acquire MetLife’s Taiwan unit, The Wall Street Journal reports.
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There are initial reports of widespread damage and thousands of fatalities in Haiti following an earthquake yesterday, says risk modelling firm RMS.
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Ace Arabia Cooperative Insurance has received a licence to conduct insurance business in the Kingdom of Saudi Arabia.
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Insurance and reinsurance company Ace Group has announced the appointment of John Lupica to chief operating officer, insurance for North America.
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The Caribbean Catastrophe Risk Insurance Facility, a regional risk pooling facility, is preparing to make a payout to the Government of Haiti as a result of yesterday’s earthquake.
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The property/casualty insurance unit of wholesale insurance broker Crump Group is making key management changes.
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The European Commission has authorised a Danish measure that provides a state guarantee on non-life insurance against damages from nuclear, biological, chemical or radioactive terrorist attacks.
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A severe earthquake has struck in Haiti, centered about 10 miles from the capital city; Port-au-Prince. Economic losses are likely in the hundreds of millions of dollars.
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US insurer The Hartford could pay off its loan from the US government by the end of the year, says an analyst. The firm this week pre-announced fourth-quarter operating earnings per share of $1.45 to $1.65.
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An upcoming cat bond that will cover US insurer The Hartford against US hurricane risk has been rated by S&P.
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Bermudian insurer Ironshore has announced that its specialty healthcare division, IronHealth, has entered into a collaborative agreement with Allianz Global Corporate & Specialty.
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MetLife has named Peter Smyth as regional managing director for the Asia-Pacific region.
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A recent lawsuit against 14 insurance companies could be the start of a trend in Chinese drywall legal action.
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The New York Insurance Association has filed a lawsuit to stop what it claims is New York state’s illegal diversion of insurance assessments to fund non-insurance programmes.
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Frank O’Halloran, CEO of Australian insurer QBE Insurance Group, has been announced as the 2010 Insurance Hall of Fame winner.
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Read a selection of stories from the December 2009/January 2010 issue of Reactions.
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XL Insurance today announced the expansion of its US aviation underwriting team with the opening of an aviation branch office in San Francisco and an addition to its New York-based underwriting staff.
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Michael McGavick, chief executive officer of XL, wants to move his firm’s holding company to Ireland because of the stability the country offers. However, JP Morgan analysts warning that the move could mean the company’s shares are removed from US stock market indexes.
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Michael McGavick, chief executive officer of XL, wants to move his firm’s holding company to Ireland because of the stability the country offers, he has told Reactions.
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An $825m collateral transaction for ING Insurance has reopened the Regulation XXX securitisation market.
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Allianz Global Corporate & Specialty (AGCS) is looking for business opportunities in the Middle East and North Africa region.
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Brit Insurance has appointed Sean Norris as head of group services.
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Thomas Scherer has been named senior vice-president and general counsel for Chartis, the general insurance operations of American International Group.
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Ironshore has announced that its Bermuda property division has increased its available line size to $25m effective immediately.
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MetLife has won the Prime Super insurance mandate, Investor Daily reports.
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Rumi Sanjana has joined Nexus as its new director of general insurance, Trade Arabia reports.
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Prudential Financial is planning to sell its South Korean unit and its fund management affiliate in a deal valued at about $900m, Reuters reports.
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Reactions canvassed executive search firms worldwide to produce a list of who they believe will be the top leaders of the future. Here are the names they came up with.
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Finex National, a division of the financial, executive and professional risks unit of insurance broker Willis Group, has entered into a strategic alliance with Dominion organisations.
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XL Capital has announced today that it proposes to change the parent holding company's place of incorporation to Ireland from the Cayman Islands, with the parent holding company to be renamed XL Group.
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US property-casualty insurer Zenith National Insurance has appointed Janet Frank as an executive vice-president.
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Zurich Financial Services Group today announced the transfer of the majority of its general insurance portfolios in Italy, Portugal and Spain to local branches of its EU-based risk carrier Zurich Insurance in Ireland.
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Ace European Group has appointed Iain Ainslie as the technology and cyber liability underwriter.
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UK insurance and reinsurance firm Brit Insurance has appointed Peter Grocock as head of its Bristol office, effective today.
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Delegates discussed the worrying implications of new regulation for the industry at the Reactions Global Insurance Conference on November 10 and 11.
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International brokerage Arthur J Gallagher & Co today announced that Scott Hudson has joined its property/casually subsidiary, Gallagher Bassett Services, as its president and chief executive officer.
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Cooper Gay, the global independent reinsurance and specialist retail insurance broker, has announced the appointment of Sam Hovey as chief financial officer of the group’s UK subsidiary, Cooper Gay & Co.
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US insurer AIG has asked Thomas Russo, a former top lawyer at Lehman Brothers, to be its next general counsel, according to the Wall Street Journal.
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Hank Greenberg has questioned the role of investment bank Goldman Sachs in the collapse of AIG.
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Insurers have lost a legal battle to invalidate a Scottish legislation, which gives victims of an asbestos-related condition the right to claim damages, Financial Times reports.
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The US life insurance industry will likely face an extended period of weak earnings, slow growth and greater regulatory oversight as the economy slowly recovers from the financial crisis, according to Ernst & Young.
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Mexican life insurer Argos Aegon is looking to strengthen its ties with partner, Dutch insurer Aegon,
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The mixed reinsurance rating environment is a disappointment against last years’ expectations says Bermudian reinsurer Aspen Re.
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US treasury secretary Tim Geithner is facing pressure from a congressional committee investigating the circumstances of $27.1bn in payments to AIG’s counterparties.
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Markel’s approach to investments cost the firm millions in 2008. Reactions asked its vice-chairman Tony Markel whether this has heralded a change at the firm.
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PruProtect has appointed Paul Gyseman as its director for claims and underwriting, Financial Times reports. Previously, he was working as chief underwriter for Munich Re in the UK.
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Bermudian reinsurer RenaissanceRe Holdings today announced a consolidation of its global underwriting organisation.
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Lack of quality, consistency and transparency in financial reporting could hurt insurance companies by creating uncertainty about their financial condition and business drivers, according to a PWC report.
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If the Noughties was the decade of hurricanes, terrorism and financial meltdown, what will the next 10 years bring? RISKbitz asked a number of industry insiders for their predictions.
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Global reinsurer Mega Re has unveiled its new brand image.
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The World Insurance Institute (Wii) has announced the list of the all-time greatest films.
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Depending on where you were in the world, this incredible decade was the hottest, warmest, driest, wettest, iciest, windiest, coldest, noisiest, scariest 10 years since records began.
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Modernisation and Solvency II, two of the London market’s biggest challenges for 2010, will be closely linked and interdependent, predicts Dave Matcham, chief executive of the International Underwriting Association.
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Swiss Reinsurance and Zurich Financial Services have reached an agreement to plan advisory polls of shareholders, The Wall Street Journal reports.
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Thompson Heath & Bond, THB’s Lloyd’s broking arm, has enhanced its international treaty platform by hiring three senior brokers specialising in the Latin American, Caribbean, Middle Eastern and Asia/Pacific territories.
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The Asia Special Situation Acquisition Corporation is seeking shareholder approval to acquire up to three insurance companies and $650 million of assets of two families of hedge funds.
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The fourth quarter saw a big fall in cat bond spreads, according to a report issued today by reinsurance broker Aon Benfield. This trend was especially seen in the US wind and multi-peril sectors, which decreased by 36% and 26% respectively on a non-seasonal adjusted basis.
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The gross premiums written by the Guy Carpenter European Reinsurance Composite, which the reinsurance broker uses to track the performance of the European reinsurers it follows, increased by a 6% weighted average to $102bn during the year to date ending September 30 2009.
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Predicting the future direction of the market is not a simple exercise. In today’s climate it is a genuine challenge. Nevertheless, a number of events and recent judicial developments are helpful indicators.
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Investors in UK life insurance run-off investment group Pearl Group are set to reject a debt swap offer by the firm, the Financial Times reports.
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QBE Regional Insurance, the US property/casualty specialty insurance company, has named Andy Doll as commercial lines senior vice-president.
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RSA Insurance Group has announced the acquisition of 80.8% of Sveland P&C, for SEK138m ($19m) in cash.
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Ship owners are facing a modest increase of 4.54% for protection and indemnity (P&I) premiums at the February renewal, that will generate an extra $159m for P&I clubs, predicts Aon.
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Takaful International, a Bahrain firm, has won the Bahrain insurance coverage tender of several ministries and governmental organisations.
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The excess and surplus lines business segment of Argo Group International Holdings has announced the appointment of Michael Denton as senior vice-president of its specialty property department.
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Bermudian reinsurer Harbor Point has announced that its affiliate, New Point Re is continuing to offer collateralised retrocessional reinsurance coverage for contracts taken up from January 1 2010 onwards.
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The Hartford Financial Services Group has appointed Liam McGee president of the company, in addition to his roles as chairman and chief executive officer.
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The catastrophe bond market recovered in 2009, with issuance returning to the pre-crisis levels, says Munich Re in a briefing.
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The US state of Vermont licensed 39 new captive insurance companies in 2009, nearing it closer to a 900-licence milestone, according to data released by the Vermont Department of Banking, Insurance, Securities and Health Care Administration.
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Aspen Insurance Holdings has announced an accelerated share repurchase program with Goldman Sachs to buy back $200m of Aspen's ordinary shares within the next 10 months.
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The Bermuda firms tracked by reinsurance broker Guy Carpenter experienced strong recovery in their balance sheets as net income improved to $7.28bn in the first nine months of 2009, from a $440m loss in the first nine months of 2008.
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A division of AIG is required to pay more than $517m of reinsurance to five workers’ compensation insurers in liquidation.
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After the announcement that US Risk Insurance Group has expanded into the specialty reinsurance brokerage marketplace, Reactions quizzed Randall Goss, chairman and chief executive officer of US Risk Insurance Group about his intentions for 2010.
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Last year saw the most active fourth quarter ever for catastrophe bond issuance and insurance-linked securities (ILS) activity looks set to remain high in 2010 as a record volume of catastrophe bonds mature, according to risk modelling firm RMS.
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MetLife Global Funding I, a unit of MetLife, has raised $2.5bn in a two-part note sale.
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David Paterson, the New York state governor, today vowed to revive the New York insurance exchange.
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UK insurer Prudential is to acquire the life insurance arm of the Singapore’s United Overseas Bank as part of a long-term strategic partnership with the group.
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Members of the Guy Carpenter Global Reinsurance Composite saw their total net income more than double to almost $10bn in the first nine months of 2009, according to a Guy Carpenter briefing.
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If insurers and company managers fail to address the increased risks that have followed the financial crisis, then a "perfect storm" may be seen in the UK commercial insurance market, according a report from Mactavish.
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Symetra Financial, a life insurer owned by an investor group led by Berkshire Hathaway and White Mountains Insurance Group, has disclosed terms for an initial public offering that would mean the life insurer raises less money than it initially hoped.
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XL Insurance, the global insurance unit of XL Capital, has signed an underwriting agreement with Dentists National Insurance of Coral Springs, Florida.
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Zurich has named Doug Bergen as south-west US regional property manager. Bergen will join Zurich’s Global Corporate in North America business unit and will be based in the Glendale, California office.
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Insurance and reinsurance group Ace expects its operating income per share to be between $6.25 and $6.75 for 2010.
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The role of an actuary has been ranked as the best job for 2010 by the online job site CareerCast.
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American International Group has named a number of senior appointments including a new head of human resources and a chief administrative officer, reports the Wall Street Journal.
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A private investor group, in which equity investors Ontario Teachers’ Pension Plan is the lead sponsor, has entered into an agreement to acquire AIG's Canadian mortgage insurance business.
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Aviva Investors, the global asset management business of UK insurer Aviva, has agreed to buy 100% of River Road Asset Management, a US equity manager, as a part of its North American strategy.
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A subsidiary of Brown & Brown Insurance has acquired the assets of San Antonio, Texas-based Alamo Insurance.
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US insurance broker Brown & Brown has announced Jim Henderson, its vice-chairman and chief operating officer and a member of its board of directors, will retire in August of this year.
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FBL Financial Group has appointed James Hohmann as CEO, after eight months of his serving as interim CEO of the company.
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HCC Insurance Holdings has named Frank Ahlborn as vice-president and treasurer. He will report to Tobin Whamond, executive vice-president and chief financial officer of HCC.
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Global specialty insurer Torus has appointed a renewable energy team from HSBC Intermediary Solutions to write primary lines of general liability and auto liability for renewable energy.
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QBE has appointed Chris Tomkins to the position of senior property underwriter at its Birmingham-based operation in the UK.
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Reinsurance Group of America has concluded the acquisition of some of ReliaStar Life Insurance’s businesses.
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South Korean non-life insurer Samsung Fire & Marine Insurance is planning to start an auto insurance business in China, Yonhap News reports.
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Swiss Re, the world’s second-largest reinsurer, has completed a $150m catastrophe bond deal to protect it against Californian earthquake risk.
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Swiss Reinsurance has secured a $1bn long-term letter of credit facility with JP Morgan.
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Last year finished with a pattern of US rate decreases not dissimmilar to that for most of the year, with the property/casualty composite rate index for December down 4%, according to online exchange MarketScout.
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Insurance broker Willis said Tuesday that it is expanding its UK Willis Commercial Network (WCN) business model into Northern Ireland with the addition of three new independent brokers.
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XL Insurance, the global insurance operations of XL Capital, has appointed two financial institutions underwriters to its London-based professional lines team.
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American International Group is planning to use stock units matching the value of its common stock to pay the 2009 stock salary grants to executives, Reuters reports.
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Insurer security remains a top priority for corporate buyers despite a recent easing of concerns over insurance company financial strength, according to a survey of Association of Insurance and Risk Managers (Airmic) members.
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Canopius Managing Agents, the largest privately-owned Lloyd's insurance business, has extended its portfolio of specialist construction products with the addition of construction and engineering insurance cover.
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Insurance companies in China have secured the approval of their regulator to buy AAA-rated non-guaranteed bonds, The Wall Street Journal reports.
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Prolonged lower investment income will likely cause US property/casualty insurers to focus on improved underwriting, according to an AM Best report.
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Liberty Syndicate Management, a member of Liberty Mutual Group, has appointed Kirk Maddern to the position of chief operating officer.
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Privately owned reinsurance broker Lockton Re has expanded its presence in the US with the appointments of three new executives at its offices in New York and Kansas City.
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Bermudian Max Capital Group has appointed Joseph Monk as global chief actuary.
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Reinsurance rates across most lines of property-catastrophe business declined at the January 1, 2010 renewal, according to a briefing released by Guy Carpenter.
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US-based consultancy company Watson Wyatt completed its merger with rival Towers Perrin to form a combined company called Towers Watson & Co that will make its US listing debut on Monday.
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Source: Goldman Sachs
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