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September 2010
American International Group (AIG) has filed an application with the Hong Kong Stock Exchange to list its Asian life insurance unit, AIA, reports Reuters.
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South African insurer, Metropolitan, has posted results for the first half of 2010, Reuters reports. The firm’s profit has increased by 13% in the first six months of this year.
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China’s second largest insurer, Ping An Insurance, will combine its bank unit into Shenzhen Development Bank (SDB) in a deal valued at about $4.3bn.
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Sterling National Corporation, a subsidiary of Australian insurance firm QBE, has acquired Seattle Specialty Insurance Services.
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Standard Life will lay off 500 employees as part of its CEO, David Nish’s efforts to cut costs, Bloomberg reports.
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Taiwan's Fubon Financial has come forward as a possible buyer of American International Group's Taiwan unit after the collapse of a planned $2.2bn sale to a Chinese-led group, reports Reuters.
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Global health service company, Cigna, has purchased Antwerp-based Vanbreda International.
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European insurers' first half reporting data, which represented a continuation of sales and profitability levels witnessed during 2009, combined with the challenges faced by these insurers for the remainder of 2010, reinforce the negative outlook on the wider European insurance industry, according to Moody's Investors Service.
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As Hurricane Earl approaches the east coast of the US, AIR Worldwide has estimated that already insured losses from Hurricane Earl’s passage near the northern Leeward Islands earlier this week are between $50m and $150m.
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Lloyd's of London insurer Omega Insurance has recorded a pre-tax loss of $34.2m in the six months to June 30, a decline from a profit of $22.9m a year earlier, The Financial Times reports.
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Presidential Life has appointed Duncan Szeto as the new chief actuary of its operating unit, Presidential Life Insurance.
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QBE has denied the truth of media reports and market speculation that the Australian insurer is looking to replace its CEO, Frank O’Halloran.
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August 2010
AM Best has affirmed the Best’s Syndicate Rating of A (Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 1084 and affirmed the ICR of “bbb” of Chaucer Holdings in the UK.
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AM Best has raised the issuer credit ratings (ICRs) to “a+” from “a” and has also provided the financial strength rating (FSR) of “A” to Ameriprise P&C Companies and its members.
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CNA has appointed Jerry Williams as assistant vice president of business development.
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Globalisation has opened up a dazzling amount of opportunity for the business world. But it has also produced an unprecedented level of risk for the insurance industry to deal with.
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France is aiming to slash Eu3.2bn ($405.9) of tax exemptions in the insurance sector, The Wall Street Journal reports.
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Hurricane Earl is moving up the eastern US seaboard. If its course follows the western most forecasts, Earl could make contact with the US coast this weekend, according to catastrophe modelling firm AIR Worldwide.
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Canada-based Manulife Financial is offering a mixed shelf of up to $9.4bn of securities in Canada and the US, Reuters reports.
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Government officials have rejected the planned $2.15bn sale of American International Group’s Taiwanese life insurance unit, Nan Shan, to a Hong Kong consortium, reports the Wall Street Journal.
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Taiwan will review an offer for Nan Shan this week, The Wall Street Journal reports.
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US insurance and wealth management company The Hartford has named Dr David Williams medical director of its individual life Insurance division.
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Amil Participacoes, a Brazilian health insurance provider, is planning to raise $513.8m in a bond sale, Bloomberg reports
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China Pacific Insurance Group’s net profit attributable to equity holders of the parent for the first half of the year reached $590.83m, representing an increase of 66.8% compared with the same period last year.
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The sixth, seventh, and eighth named storms of the northwest Pacific season are approaching the Asian mainland bringing high winds and expected heavy rains, according to catastrophe risk modelling firm AIR Worldwide.
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The lawyers of Allen Stanford and two accounting executives who worked for him want to distance their clients from the alleged financial wrongdoing insurer Lloyd's of London cites as a reason to void a policy covering their defence fees, reports Reuters.
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Tropical Storm Earl became a hurricane over the weekend and is likely to become a category three hurricane later today, before heading north towards the US East Coast, reports the RMS/Reactions catastrophe centre.
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Japanese and Qatari investment firms may place their bid for AIG’s Taiwan unit if the present bid gets cancelled, Reuters reports, citing Taiwan’s Commercial Times.
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Now firmly established in the Tokio Marine fold, Kiln is expanding in Asia and elsewhere, according to its CEO Charles Franks.
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Royal Bank of Scotland (RBS) is lining up advisers to review options for its insurance business, including a sale, The Telegraph reports.
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Royal London group CEO, Mike Yardley, is planning to step down from his role at the British insurer.
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Second-quarter 2010 earnings for US publicly traded property/casualty insurers were down, largely as a result of catastrophe losses, but capital positions remain solid, according to Moody's Investors Service.
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California workers compensation written premium was around $2.9bn in the first quarter of 2010, approximately 12% above the written premium reported for same period last year.
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Ace Asia Pacific has made two senior appointments for its property/casualty business unit in the region.
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American International Group has scrapped plans to sell a strategic stake in its Asian life insurance business ahead of an initial public offering on the Hong Kong stock exchange, AIA, reports Reuters.
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The insurance-linked securities market had an impressive second quarter. It was so good some believe full year cat bond issuance could now beat last year’s total.
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Hurricane Danielle has reached major hurricane status, becoming the most intense storm of the 2010 season, while Tropical Storm Earl is likely to intensify to a hurricane in the next few days, according catastrophe modelling firm Risk Management Solutions.
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The European Commission is probing whether certain practices used by ship insurers breach the European Union’s rules on fair competition, The Wall Street Journal reports.
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Hank Greenberg, former AIG CEO, has settled lawsuits alleging he deceived investors while managing the insurer, Bloomberg reports.
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Manulife Financial and Switzerland’s Ace are among potential buyers for New York Life Insurance’s Asian assets, Reuters reports.
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A number of private equity firms are reviewing the books of Transamerica Reinsurance, which its Dutch parent Aegon has put up for sale, reports the Wall Street Journal.
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Bermuda insurer White Mountains Insurance Group has announced that it has been authorised by its board of directors to repurchase up to 600,000 common shares, from time to time, subject to market conditions.
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Bermuda-based Axis Capital Holdings has announced that executive vice-president and chief financial officer David Greenfield will resign from his position, effective November 30 2010.
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UK insurer Chaucer Holdings has recorded profit before tax in the first six months of 2010 of £7m ($10.9m) compared with £17m in the same period last year.
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Endurance Specialty Holdings has announced a new hire to lead the expansion of Endurance's global reinsurance portfolio in the Latin American market.
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UK insurer Admiral has reported a half-year profit before tax at £126.9m, a 21% increase from the same period last year.
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Aetna has raised $750m in a sale of 10-year notes, The Wall Street Journal reports.
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CNA has appointed James Stegemiller as commercial underwriting officer for San Francisco.
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The approach of Solvency II has a classic sci-fi feel to it, says Reactions' contributing editor Garry Booth. And now that attention is being focused on the fifth quantitative impact study, QIS 5, an insurance remake of the cult sci-fi movie The Fifth Element is in pre-production.
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Despite the material operational and financial exposure that European insurers have to certain heavily indebted countries within the Eurozone, rating agency Moody's says that it does not expect this to weigh down the credit profiles of large European insurers.
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The UK FSA has fined the UK branch of Zurich Insurance for a lack of adequate systems and controls. The fine is the highest levied to date on a single firm for data security failings, said the FSA.
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European Union regulators have approved MetLife’s $15.5bn acquisition of American Life Insurance (Alico) and Delaware American Life Insurance.
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US insurer American International Group is expected to decide early next week whether to enter formal negotiations with strategic investors for its Asian life business, AIA, reports Reuters.
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US-listed property/casualty insurers grew their book values and posted respectable operating earnings per share and returns on equity in the second quarter of 2010, according to a Morgan Stanley review.
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The question of where or not the attorney fees of Allan Stanford and his co-defendants are covered by directors’ and officers’ liability (D&O) insurance is being debated in a three-day US bench trial.
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Suncorp Metway reported in its full-year earnings that its net profit rose to $688.4m from $307.6m a year ago.
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Swiss asset manager, Alternative Beta Partners, has unveiled a securities cat bond index, Reuters reports.
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New York state judge has awarded US insurer Travelers $262.3m plus interest in a 17-year-old reinsurance asbestos coverage case, the facts of which date back to the late 1940s, reports CNBC.
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AIG has said it is confident it will get regulatory approval for the $2.2bn sale of its Taiwan unit Nan Shan Life to a group led by China Strategic, reports Reuters.
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Cathay Life Insurance is seeking to increase its overseas investments, The Wall Street Journal reports.
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The system over the open waters of the Atlantic has strengthened to become Hurricane Danielle – the second hurricane of the 2010 Atlantic season, reports the RMS Catastrophe Centre.
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US insurer Eastern Insurance Holdings has unveiled its succession plan for the CEO role.
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ING is planning to raise about Eu2bn in a sale of covered bonds, Bloomberg reports.
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HDFC Ergo General Insurance, a venture between India’s biggest mortgage lender and a Munich Re unit, is likely to turn profitable by March 2012, Bloomberg reports
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AIG's aircraft leasing unit ILFC has repaid nearly $4bn in debt to its parent, after completing a $4.4bn bond sale to investors on Friday and it is now expected to be able to fund itself. AIG has used the payment to reduce its debt to the Federal Reserve.
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AM Best has provided financial strength rating of A and issuer credit rating (ICR) of “a” to Catlin Insurance companies.
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Amlin has reported profit before tax of £108m ($168m) for the first half of 2010, down 39% from £177m in the first half of 2009.
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Aviva has renewed its contract with Spanish bank Banco Santander.
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AIG has won the dismissal of a $34.4m judgement in a lawsuit accusing it of fraudulently inducing an Axa affiliate to enter two reinsurance contracts, Reuters reports.
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Beazley, the international specialist insurance businesses, is expanding its environmental liability team on both sides of the Atlantic with the recruitment of two senior underwriters, James Wilkins and Nicholas Pearson.
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The insurance brokerage industry remains financially solid despite the weak US economy and soft commercial property/causality insurance market, according to the Moody's Investors Service Industry Scorecard report.
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The Dutch Finance Ministry has given the investment bank Nomura authority to review the options for the sale of the state-owned insurer ASR Nederland, reports the M&A Navigator.
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Bermudian run-off consolidator Enstar Group’s executive chairman, John Oros, has quit from his position and as a member of the board of directors.
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The Federal Reserve is planning to lower American International Group (AIG)’s credit line by around $3.6bn, Bloomberg reports.
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Lloyd’s of London underwriter Equity Red Star is under investigation by the Financial Services Authority (FSA), amid concerns about the impact of bodily injury claims on its balance sheet, reports the Sunday Telegraph.
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Hiscox has today reported net income of £97m ($151m) for the first half of 2010, down from £141m in the same period last year.
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Despite a challenging capital markets environment, ILS continue to provide value to sponsors and investors, according to Aon Benfield Securities, the investment banking division of Aon Benfield.
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The CEA, the European insurance and reinsurance federation, has called on all European insurers to take part in the European Commission’s fifth quantitative impact study in preparation for the EU’s new regulatory regime, Solvency II.
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Japan's three largest property/casualty insurance groups are strengthening their risk management processes in order to comply with tougher Solvency II capital regulations, reports the Nikkei English News.
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US insurer Liberty Mutual Group has been given operating approval for its branch in Zhejiang, China.
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Managing agents at Lloyd’s have seen 49% growth in actuarial resources over the past three years as the demands on managing agents from Solvency II develop, according to a new survey.
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The US National Hurricane Centre has said that the Tropical Storm Danielle may become a hurricane by the night of Tuesday August 24.
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Allianz Commercial has promoted Russell Warren to the division’s new SME underwriting manager.
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Allianz Life Insurance Company of North America has appointed Marty Vanderzanden as director of Special Investigations.
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Atradius has appointed Mark Palmer to head its London special products team, Creditman reports.
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Underwriters and their bosses that fear that they may be liable for claims to arise from the Deepwater oil spill in the Gulf of Mexico will have breathed a sigh of relief if they read the New York Times this week.
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Reserve releases have helped prop up the US property/casualty industry’s results. But releases are running out and a period of reserve deficiencies lies ahead.
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Gjensidige Forsikring is planning to raise about Eu1bn ($1.3bn) in an initial public offering (IPO), Bloomberg reports
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PMA Capital has appointed John Cochrane as its senior vice president and CFO.
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Tawa, a UK-based insurance service provider and run-off investor, has entered into a share purchase agreement to acquire 94.3% of the issued shares of Island Capital, a run-off credit and political risk insurer.
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Vienna Insurance Group's profit amounted to Eu255.6m ($324.2m) in the first six months of 2010, 11% more than last year, despite natural disasters.
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AMP has witnessed a rise in underlying profit to A$383m for the six months to June 2010, a 4.4% increase on the six months to June 2009.
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The excess and surplus lines division of the international specialty insurer and reinsurer Argo Group International Holdings has appointed Michael Fleischer as E&S division chief underwriting officer.
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A federal appeals court has decided to partly restore part of a nationwide class-action lawsuit that accused a large group of insurers and brokers of bid-rigging.
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European insurers would be able to withstand an external shock derived from a hypothetical Greek sovereign default, including an assumption of ancillary stress for other key euro zone nations, according to a Fitch Ratings sovereign stress test of its rated portfolio of European insurers.
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Climate change could increase the risk of hurricanes and storms in the Caribbean and threaten future development in the region, according to a new study released by the Caribbean Catastrophe Risk Insurance Facility
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QBE Insurance’s net profit fell to $440m in the first half of 2010 as compared to $720m in the first half of 2009.
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Australian insurance group QBE has revealed that it is reviewing its equity strategy because of an increase in capital charges by the Australian regulator.
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AIG is preparing for its first debt offering since the troubled insurer nearly went under during the financial crisis, reports the Wall Street Journal.
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Aon Benfield Securities has announced the launch of the Aon Benfield ILS Indices, which provide a quantitative view of monthly ILS returns since December 2000.
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Brit Insurance, the international general insurance and reinsurance group, has promoted Ray Cox to chief executive officer of its UK strategic business unit.
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China Taiping Insurance has received total revenue of $3.574bn in the first half of 2010 as compared to $1.978bn in the first half of 2009.
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US insurer Hartford Financial Services Group has named Andy Napoli as president of consumer markets.
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The trend of strong returns for the insurance-linked securities market since the financial crisis has continued in the first half of 2010 and could beat last year in terms of issuance, according to a Swiss Re ILS market update.
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Canadian life insurer Manulife Financial is seeking to raise $900m through a sale of unsecured senior debt notes.
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The NAIC's Solvency Modernisation Initiative Task Force has released an updated SMI Roadmap during its Summer National Meeting in Seattle, Reactions’ sister website Insurance Capital Risk reports.
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UK life insurance consolidator Resolution’s pre-tax profit from continuing operations rose to £139m ($217m), as opposed to a £7m loss in 2009, The Wall Street Journal reports.
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RMS has announced the phase one release of its Australia Severe Convective Storm Model, covering damage from hailstorm, water ingress, downburst winds, and tornadoes.
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Torus, the global specialty insurer, has appointed Michael Kim to the newly created role of global head of project management. Kim will also be a member of Torus’ executive management team.
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Swiss insurance group Zurich Financial Services Group has appointed Thomas Sepp to the position of chief claims officer, effective September 1 2010.
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Dutch insurer Aegon has reached a deal with the European Commission to repay the remaining Eu2bn ($2.6bn) it received in state aid from the Dutch government during the financial crisis.
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Aviva and analysts alike do not believe the value of the offer adequately recognises the fact that Aviva is a leading general insurance business in the UK and Ireland, and the number two player in Canada.
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Axis Global Accident & Health has appointed Giles Allen as senior vice-president, international accident and health insurance operations.
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Chubb has become the first insurer to be awarded chartered insurer in the UK.
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Covea and Aviva are looking to acquire a majority stake in the life insurance business being sold by Italy’s Banca Popolare di Milano.
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The overhaul of accounting standard proposed in the IASB’s recent exposure draft would be a pain for insurers to comply with. But the benefits outweigh the inconvenience.
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The UK Financial Services Authority has banned five individuals for insurance fraud. It has also imposed one of its largest ever fines of £150,000 ($233,755) on one of these individuals and £50,000 on another.
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Danish insurer TrygVesta has reported a large fall in second-quarter net profit to Dkk128m ($22.1m) in 2010 from Dkk710m in the same period in 2009.
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The 22 members of the Association of Bermuda Insurers and Reinsurers have reported an improved compliance rate for insurance and reinsurance contracts.
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A consortium of Chinese companies, including Industrial and Commercial Bank of China and China Life Insurance, plans to bid for a 30% stake in AIG's Asian life insurance business, AIA.
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Endurance Specialty Holdings is buying back ordinary shares of up to seven million in an open market transaction
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Kingsway Financial Services has posted its financial results for the second quarter of 2010. The company’s net loss was $18.5m for the second quarter of 2010 as compared with $38.4m in the second quarter of 2009.
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A 6.3-magnitude earthquake has hit Papua New Guinea, ABC Online reports
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The board of RSA Insurance has released a statement saying it remains open to discussions following the rejected offer to buy the general insurance operations of Aviva.
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The remnants of Tropical Depression Five have reorganised after losing strength last week and the system has a 60% change of becoming a tropical cyclone in the next 48 hours, according to catastrophe risk modelling firm AIR Worldwide.
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Aegon’s underlying earnings before tax rose to Eu522m ($669), supported by improved financial markets, in the second quarter of 2010. The Dutch insurer’s impairments dropped to Eu77m.
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UK insurer RSA has been turned away in a £5bn ($7.8bn) approach to buy the general insurance business of Aviva, reports the Financial Times.
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Chartis, Ace and Zurich, alongside BP’s other directors’ and officers’ liability insurers, could face substantial exposure to claims stemming from the Deepwater Horizon disaster, according to law firm Edwards, Angell, Palmer & Dodge.
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Brit Insurance Holdings has nominated Scott Egan as the group’s CFO.
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The China Insurance Regulatory Commission has permitted insurance companies to invest up to 15% of their total assets in overseas capital markets, Reuters reports.
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Ecuador and parts of Peru have been hit by a 7.1-magnitude earthquake, AFP reports.
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Florida voters believe changes to the insurance laws over the past four years that promised to improve conditions for consumers have failed, with 86% of homeowners believing their homeowners’ insurance situation has either stayed the same or become worse, according to a public poll.
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The US government’s failure to gather information about which countries’ institutions would benefit from some of its rescue actions meant the US bore the brunt of the risk and costs associated with the financial crisis bailout, according to a Congressional Oversight Panel report.
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Sampo Group’s profit before taxes for the first half of this year increased to Eu621m ($795m). The Finnish insurer’s total comprehensive income for the period, taking changes in the market value of assets into account, was Eu773m.
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The Workers' Compensation Insurance Rating Bureau of California has submitted a filing to the California Department of Insurance recommending an approximate 29.6% increase in pure premium rates effective January 1 2011.
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US insurer Ace has announced that John Keogh, chairman, insurance – overseas general, has been named to the additional position of vice-chairman, Ace Limited and Ace Group Holdings.
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American International Group (AIG) has begun discussions with potential investors to sell stakes in its Asian life insurance unit AIA in preparation of an initial public offering, Reuters reports.
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Chinese insurer CNinsure is reshuffling its senior management team to reassign resources for the creation of its four new profit centers.
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Even when he is on vacation, Reactions’ contributing editor Garry Booth cannot help but think about the implications for the insurance industry.
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Dai-ichi Life Insurance has reported a $121.91m group net profit for the April to June period, compared with $346.98m in the previous year.
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The second quarter net profit of ING Group increased to Eu1.09bn ($1.4bn) from Eu71m in the same quarter last year.
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Ironshore, the broker-sourced specialty commercial property and casualty insurer, has announced that its UK-based Pembroke Syndicate 4000 has introduced a professional indemnity product to provide comprehensive coverages for the oil and gas industry worldwide.
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The Navigators Group has appointed Robert Mendelsohn to its board of directors.
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UK insurer Prudential has reported a better-than-expected 34% rise in first-half operating profit, reports Reuters.
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Tropical storm Dianmu is approaching the north of Japan, according to the Japan Meteorological Agency, Bloomberg reports.
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Zurich’s UK General Insurance unit has named Peter Clark head of property and strategy exposure management for commercial lines, the Financial Times reports.
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Ace European Group, part of the global insurer and reinsurer Ace Group, has announced the appointment of Steve Dixon as regional managing director, Ace Middle East and North Africa (MENA).
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Ace Canada, the Canadian-based operating division of the Ace Group, has appointed Bruce Walker as chief financial officer.
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AM Best has provided a financial strength rating of “A” (Excellent) to Abu Dhabi National Insurance Company (ADNIC). The ratings firm has also assigned an issuer credit rating of “a” to the company.
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While capacity is still abundant in the aviation market, the string of losses in June and July look set to bring 2010 perilously close to a fourth consecutive year with limited returns for many underwriters, according to Aon.
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Chinatrust Financial Holdings has reiterated that it is willing to buy American International Group’s Taiwan life insurance unit if the joint deal with China Strategic Holdings and Primus falls through, Reuters reports.
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Fortress Investment Group has announced it plans to acquire 80% of American International Group’s consumer credit unit.
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As the fifth anniversary of Hurricane Katrina approaches, the Property Casualty Insurers Association of America has released a white paper that shows the lessons learned from the event continue to have a profound effect on the industry.
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Mondial Assistance has appointed Beth Godlin as managing director of Mondial Assistance USA.
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Moody's has assigned a rating of B1 to International Lease Finance Corporation's $500m senior unsecured notes due 2017 and revised the AIG aircraft leasing unit’s outlook to stable from negative.
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A London law firm, Reynolds Porter Chamberlain (RPC), says the Financial Services Authority (FSA) in the UK is in the throes of staff turmoil.
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The drought that is presently occurring in Russia will increase interest in the emerging Russian crop insurance market as farmers reassess the risk of crop failure, according to Swiss Re, Reuters reports.
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Tower Group has reported net income of $28.3m in the second quarter of 2010 as compared with $30.6m in the second quarter of 2009.
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International Lease Finance Corporation (ILFC) is planning to raise about $2.5bn of senior secured notes in three parts.
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AIG's underlying insurance operations show continued signs of stability, which bodes well for the troubled insurer. But analysts remain concerned about the impact of the government’s exit and the company’s recapitalisation efforts.
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Chartis, the property/casualty arm of AIG, today announced an increase in underwriting capacity from the oil rig unit of its global marine and energy division.
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Chaucer Holdings has announced the appointment of Tim Carroll as a non-executive director of Chaucer Syndicates Limited, its managing agency and main operating company.
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Great-West Lifeco has raised $485m in a bond sale.
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The Association of Mexican Insurance Companies has said that a hurricane and earthquake that struck northern Mexico earlier this year caused insured losses of about 5.25bn pesos ($414m).
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New York Life Insurance has appointed John Kim as CIO in addition to his other duties.
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Royal Bank of Canada (RBC) is seeking buyers for its US insurance unit, Bloomberg reports.
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Samsung Life Insurance has posted the results of its quarter ending on June 30, 2010, Reuters reports.
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Allied World Assurance has bought back $250m of its common shares from its founding shareholders, GS Capital Partners and other investment funds.
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Warren Buffett’s Berkshire Hathaway has reported net earnings of $1.96bn in the second quarter of 2010 compared with $3.30bn in the second quarter of 2009.
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Net income doubled in 2009 over 2008 for a composite of 195 US captive insurers followed by rating agency AM Best, driven by the recovery of the industry’s investments.
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Eight catastrophe bond transactions totalling $2bn in risk capital were completed in the second quarter of 2010, making it the second most active second quarter on record, according to a new report by Guy Carpenter.
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Australian insurance group QBE has been restructured into three main operating divisions – Europe, the Americas and Australia Asia Pacific.
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Resolution’s 95.5% shareholders subscribed to its rights issue, Bloomberg reports. The share sale will help in funding the buyout firm’s acquisition of Axa’s UK life insurance unit.
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US insurer The Hanover Insurance Group today announced that Gerald Merritt has joined the company as president of its professional liability business.
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American International Group fell to a $2.7bn loss for the second quarter as a result of charges associated with the sale of one of its Asian life insurance units.
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Catlin Group, the international specialty property/casualty insurer and reinsurer, has reported net income of $57m in the first six months of 2010 compared with net income of $196m in the same period last year.
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China’s insurance regulator has set rules governing insurers’ investments, The Wall Street Journal reports.
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CNA Financial is selling $500m of senior notes in a public offering.
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US insurance firm CNA has announced John Ryszetnyk and Roger Ecoff have joined its ocean marine operation as assistant vice-president and as risk control consulting director, respectively.
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Assicurazioni Generali’s second-quarter net profit has decreased by 16% due to lower returns from its investments, The Wall Street Journal reports.
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Manulife Financial has posted a loss of $2.4bn for the second quarter that ended June 30, 2010.
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US insurance firm Markel Corporation has reported net income per share of $2.12 for the quarter ended June 30 2010 compared with $3.34 for the second quarter of 2009.
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Global insurance broker Aon has responded to the US President's Working Group on Financial Markets' request for comment on the long-term availability and affordability of terrorism risk insurance.
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As of Thursday 5 August, Tropical Storm Colin has regenerated over the Atlantic, just over 48 hours after it dissipated as a tropical system, reports the RMS/Reactions Catastrophe centre.
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According to the US Government Accountability Office, the Treasury team that manages the AIG bailout investment has been investigating a number of possible exit strategies but will not employ one until AIG has repaid its debt to the FRBNY.
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Allstate has reported a $441m operating income increase in the second quarter of 2010 compared to $297m in the same period of 2009.
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Axa is reshuffling its senior management team. Nicolas Moreau will be CEO of Axa France and Paul Evans will become CEO of Axa UK and will join the executive committee.
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Hardy Underwriting Bermuda reported that first half net profit plummeted by 90% after the insurer suffered a number of large catastrophe losses.
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Analysts have praised the ‘stunning’ second quarter performance of Lancashire Holdings after the Bermuda-based insurer reported only modest exposure to the Deepwater Horizon oil rig disaster.
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Liberty Mutual Group has reported net income of $220m for the three months ended June 30 2010, a decrease of $48m from the same period in 2009.
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New changes to financial services legislation in the US will increase business opportunities for the London market and make it easier for companies to insure US risks, believes Dave Matcham, chief executive officer of the International Underwriting Association.
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The National Oceanic and Atmospheric Administration has cut its forecast for hurricane activity in the Atlantic Basin this hurricane season, but is still expected to be very active.
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Novae Group has rebounded to first half profit despite a number of large losses hitting the market.
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Sun Life Financial has received net income of $213m in the second quarter of 2010 as compared to $591m in the second quarter of 2009.
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US insurance firm The Hartford has reported net income of $76m for the second quarter, compared with a net loss of $15m in the same quarter last year.
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Zurich Financial Services reported that first half profit fell by 10% on higher catastrophe claims, reduced investment income and provisions against banking loans.
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Jens Reisch has been appointed as CEO of Allianz Malaysia and Allianz Life Insurance Malaysia. Reisch, who joined the firm in 1983, will start in his new role with immediate effect.
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Santander has appointed Aviva to provide life insurance policies to its UK customers from June 2011.
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Axa Asia Pacific Holdings has posted its financial results, new business and funds flow for the first half of 2010.
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French insurer Axa said that first half net income fell 28% to Eu944m ($1.2bn) as a result of a Eu1.5bn charge related to the sale of part of its UK life operation.
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Chartis has appointed Makoto Ozeki as COO and executive vice president of Chartis Far East Holdings.
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Bermuda is not going away but it is under threat, says Reactions' editor Michael Loney.
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HCC Insurance Holdings' net earnings for the second quarter of 2010 were $83.4m as compared with $91.6m during the second quarter of 2009.
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Taiwan’s Financial Supervisory Commission has agreed to allow local insurers to invest up to 10% of their overseas allocation quota in Chinese securities, Bloomberg reports.
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Torus has expanded its casualty platform with the appointment of David Whyman as senior vice-president, UK head of casualty, based in London.
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The Association of British Insurers (ABI) has appointed Alain Dromer as chairman of its investment committee. Dromer is CEO of Aviva Investors.
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Bermuda insurance and reinsurance firm Axis Capital Holdings has reported net income for the second quarter of 2010 of $205m compared with $159m for the second quarter of 2009.
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Builders Insurance Group has appointed Owen Dwoskin as CFO. Dwoskin will be in charge of financial reporting and record-keeping, asset management, financial modelling and forecasting.
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Liberty Syndicates Management, a member of Liberty Mutual Group, is entering the UK and Irish motor insurance markets through the hiring of a team of specialist motor underwriters.
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MetLife is seeking to sell 75 million shares of common stock to the public. The US insurer is also planning to offer about $3bn in senior debt in several series with varying maturities and interest rates.
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Malaysia’s Pacific & Orient (P&O) is planning to sell its stake in its insurance unit, Pacific & Orient Insurance. The insurer is in talks with Prudential Holdings for the sale.
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Insurance rates in the power sector are expected to soften further in 2010, despite conditions that would normally foreshadow a hardening market, according to the latest Power Market Review from Willis, a member of Willis Group, the global insurance broker.
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Bermudian insurance and reinsurance company XL Group has reported net income for the second quarter of 2010 of $191.8m, compared with $79.9m for the second quarter of 2009.
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Bermudian insurance and reinsurance group Argo Group International Holdings has reported net income for the second quarter of 2010 of $26.1m compared with $21.9m for the second quarter of 2009.
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CNA Financial Corporation has reported a net income of $283m in the second quarter of 2010 compared with a net income of $105m in the second quarter of 2009.
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The good news in the recently-passed US financial services reform is that the insurance industry has not been anywhere near as badly swept up in the backlash as some feared. The bad news is, says Reactions' editor Michael Loney, is it will still be a pain for the industry.
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The New York attorney general has subpoenaed six more life insurers to probe into how they make payouts to policy beneficiaries, The Wall Street Journal reports.
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Deepwater Horizon will not be a market-turning event for the property/casualty insurance industry, according to Towers Watson. However, the insurance policies of all parties directly involved are likely to be exhausted and other corporations that were indirectly involved will be targeted.
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Iran was struck by two earthquakes in less than 24 hours, The Associated Press reports. The first quake had a magnitude of 5.7 and hit villages and towns in the northeast on July 30, injuring more than 200 people.
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A New York monoline bond insurer has filed a lawsuit suit against its reinsurer for backing out of a contract and forcing the insurer to take responsibility for a bond insurance policy after the policy became risky and unprofitable, according to law firm Goldberg Segalla.
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QBE and Towergate Underwriting have announced that QBE will be the insurer of an arrangement for commercial property owners business.
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Aviva USA, part of Aviva, the world's fifth largest insurance group, has named Christopher Welp as executive vice-president of insurance operations for the Des Moines-based company.
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July 2010
The Federal Reserve Bank of New York has said that the toxic assets the US government took over from American International Group (AIG) during the financial crisis are gaining value for the first time, the Associated Press reports.
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Allianz Life Insurance of North America has appointed 11 regional vice-presidents for Allianz Life Financial Services.
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Global insurance broker Aon Corporation has reported results net income for the second quarter of 2010 of $153m, compared with $149m for the same quarter last year.
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Argo Group US, a subsidiary of Bermuda based Argo Group International Holdings, has announced the formation of its Argo Management Liability platform, an expansion of the company’s management liability and professional lines capabilities.
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OneBeacon Insurance Group has reported 2010 second quarter net income of $8.6m compared with $134.4m in the same period in 2009.
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Canadian insurance firm Fairfax Financial Holdings has announced net earnings of $325.2m in the second quarter of 2010, compared to net earnings of $275.4m in the second quarter of 2009.
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US insurance broker Arthur J Gallagher has acquired the remaining 60% equity interest in Specialised Broking Associates (SBA), headquartered in Perth, Western Australia.
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The International Accounting Standards Board (IASB) in London has announced proposals for the introduction of standardised book-keeping measures to give investors better data. The news been met with mixed reactions among insurers.
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The property/casualty insurance industry has suffered from sharp declines in asset values resulting from weak investment conditions and other difficulties in the financial markets, but generally to a lesser degree than other sectors, according to Standard & Poor's Ratings Services.
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Frank O’Halloran has a tough return target for Australian insurance and reinsurance group QBE and he is not budging, despite stagnant pricing, falling investment returns and first-half catastrophes.
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Qatar Insurance Company (QIC) is planning to start a new subsidiary specialising in life and medical insurance, The Peninsula reports.
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RSA Insurance group has acquired 123 Money, an Irish personal lines insurance company, making RSA the second largest general insurer in Ireland.
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W R Berkley has appointed Douglas Powers as president and CEO for Carolina Casualty Insurance. He has replaced William Haines, effective immediately.
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Lincoln Financial Group has reported $255m net income for the second quarter of 2010. The US insurance group reported a net loss of $161m in the second quarter of 2009.
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Torus has hired Esther Fittinghoff as professional lines manager and Kurt Fleischmann as senior casualty underwriter.
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WellPoint has received net income of $722.4m in the second quarter 2010 as compared to $693.5m in the second quarter of 2009.
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Aetna received net income of $491m in the second quarter of 2010 as compared to $346.6m in the second quarter of 2009.
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Aflac received total revenues of $5bn in the second quarter of 2010 as compared with $4.3bn in the second quarter of 2009.
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Brit Insurance said Wednesday that it has opened its books to Apollo Management after the US private equity firm raised its takeover bid to £10.75 a share.
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Bermuda based insurance and reinsurance firm Aspen Insurance Holdings has reported net income in the second quarter of 2010 of $108.9m, compared with net income of $110.4m for the second quarter last year.
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Atradius has restructured its management board. Peter Ingenlath has been named chief market officer for the credit insurance business and for the outward re, Dutch state business, special products and global units.
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Catlin is the lead insurer for the Airblue passenger plane that crashed in Islamabad, Pakistan, insurance sources told Reactions.
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A study by the Government Accountability Office into state regulation of risk retention groups has been welcomed by the National Risk Retention Association.
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The Italian insurance regulator is planning measures to cut high motor insurance premiums and lower the costs for providers, Reuters reports.
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Large losses sustained in the Gulf of Mexico will not have the same market-changing impact on the upstream energy insurance market as other events such as Hurricane Katrina, according to a new report published by Marsh.
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With such a diverse range of damages and costs, legal experts and attorneys have predicted the Deepwater Horizon disaster could be one of the most drawn-out and costly battles in US legal history, the Associated Press reports.
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Australian insurer QBE has appointed Steven Gransbury underwriting leader for its Specialty Accident & Health Division.
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Zurich Financial Services Group has appointed four regional CEOs within its global life division for Europe, Asia Pacific and the Middle East, North America and Latin America.
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US insurer Ace today reported net income for the second quarter of $677m, compared with $535m in the same period last year.
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AM Best has revised the outlook to positive from stable and affirmed the financial strength rating of A- and issuer credit ratings of “a-” of Lancashire Insurance Company in Bermuda and Lancashire Insurance Company in the UK.
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Axa Equitable Life Insurance has appointed David O’Leary as its executive vice-president .
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International insurance company, Ageas, is selling its pension and life activities in Turkey to BNP Paribas Assurance.
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Although it is early in the reporting season for US insurance firms second-quarter results, already it can be seen that catastrophe losses are hurting results. Both Chubb and Travelers have reported second-quarter catastrophe losses.
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Floridian homeowners insured by the Citizens Property Insurance will experience an average 10.2% rate hike next year if approved by the Florida Office of Insurance Regulation, reports the Palm Beach post.
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Endurance Specialty Holdings has reported net income of $58.6m for the second quarter of 2010 compared with net income of $149.1m in the second quarter of 2009.
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G Thompson Hutton has decided to leave XL Group’s board of directors to start a new business focused on risk and insurance in renewable energy.
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Insurance Australia Group said that it expects to report a 50% fall in profits for the year to June 30 and has announced the departure of Neil Utley, the CEO of its ailing UK operation.
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Global reinsurer Swiss Re has announced a first-of-its-kind agreement with the Alabama State Insurance Fund, to provide a three-year parametric insurance cover for the state's primary catastrophic hurricane exposure.
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Bermuda insurance and reinsurance group Arch Capital Group has reported a net income in the 2010 second quarter of $237.0m.
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U2 frontman Bono's has cost his insurers £11m ($17m) since suffering from a slipped disk during rehearsals, reports UK newspaper The Sun.
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FBR Capital Markets has reduced the second quarter profit of U.S. home and auto insurer, Allstate, by more than half, Bloomberg reports.
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Citigroup and JPMorgan Chase, along with other banks, sold protection to Goldman Sachs against a failure of AIG, Bloomberg reports.
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Kardan Financial Services (KFS) has sold its 40% shareholding in TBIH Financial Services Group to Vienna Insurance Group (VIG) for Eu126m.
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Navigators Management Company, the principal underwriting agency subsidiary of Navigators Group, has introduced an enhanced suite of environmental liability coverage tailored specifically for contractors and consultants.
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QBE Insurance’s first-half insurance profit margin missed the company’s target range. The Australian insurer has warned first half profit would decline 40% because of lower investment income.
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WR Berkley Corporation has reported net income for the second quarter of 2010 of $110.2m compared with $97.4m for the second quarter of 2009.
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Lloyd’s insurer Beazley said first half pre-tax profit nearly quadrupled, boosted by a one-off foreign exchange gain and higher sales, which helped offset the competitive rate environment.
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Chartered Insurance Institute (CII) has appointed its new president. The professional organisation has named Allianz general manager, Chris Hanks, as its new president.
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Tropical Storm Bonnie could worsen the environmental toll of the oil spill as it crosses the southern Florida peninsula and enters the Gulf of Mexico early Saturday morning, according to catastrophe risk modelling firm AIR Worldwide.
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Fairfax Financial will sell eight million preferred shares ‘Series G’ worth nearly $200m in Canada to a syndicate of underwriters.
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Hyatt Legal Plans, a subsidiary of MetLife, has bought Allstate’s group legal plans business. The Cleveland-based unit acquired Signature LegalCare for an undisclosed amount.
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Resolution’s shareholders have approved the £2.75bn ($4.2bn) acquisition of Axa’s UK life operations, The Wall Street Journal reports.
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A set of scribbled notes helped the head of AIG Financial Products unit avoid prosecution for deceiving investors on the state of AIG’s financial health in the run up to the $182bn US federal bailout in 2008, reports the Wall Street Journal.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act should not have an immediate credit impact on ratings and could even help US insurance/reinsurance companies maintain their competitive positions in the global marketplace, according to S&P.
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Axa Asia Pacific has posted results for its second quarter ending on June 30, 2010. The company’s operating earnings from south east Asia are expected to be nearly $33m in 2010 as compared to $17.2m in 2009.
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The plan to set up a state-owned insurer in Brazil has shifted the goalposts for international firms, says Reactions' contributing editor Garry Booth.
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US insurance group The Chubb Corporation has reported net income in the second quarter of 2010 of $518m compared with $551m in the second quarter of 2009.
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Fidelity National Financial (FNF) has earned revenues of $1.5bn in the second quarter that ended June 30, 2010, down from $1.56bn in 2009.
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Spanish insurer Mapfre said Thursday that profits for the first half of 2010 fell 5.7% to Eu500.2m ($643.4m), owing to the parent company failing to reproduce the ‘extraordinary’ performance of 2009.
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Legislation that would have expanded the National Flood Insurance Program to include wind was pulled from a final vote by the US House of Representatives today.
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The Travelers Companies has cut its full-year profit outlook by 10 cents after posting a fall in second quarter income.
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Leslie Margolin has quit from her role at US health insurer, WellPoint, The Wall Street Journal reports. She was acting as the president of the Anthem Blue Cross unit in California.
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Westcor Land Title Insurance (Westcor) has expanded its business to enter the New England market. Chris Strynar will head the team as the regional manager and Harold Clarke will be senior underwriter for New England.
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Admiral is seeking to expand its business into household insurance, Reuters reports. The UK car insurer is looking to make its first foray outside the motor market.
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The Asian life arm of AIG could get an outlook upgrade from Moody’s to stable from negative if the company successfully completes its IPO and generates consistent premium growth and profitability, according to Moody’s rating agency.
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Insurance broker Aon Corporation has announced it will start receiving contingent commissions again. Rims is not happy with the decision.
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Willis Group Holdings, the global insurance broker, has responded to the announcement by Aon Corporation that it would resume accepting contingent commissions “where appropriate and legally permissible”.
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Swiss insurance group Baloise has acquired the Belgian insurance business of Avéro, a subsidiary of the Dutch Eureko Group, making Baloise the sixth-largest non-life business in Belgium.
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CNA has named Michael Furlong as vice-president of underwriting for its specialty lines group. He will be responsible for the global insurer’s lawyers professional liability programme.
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The aviation division of Bermuda based insurer Ironshore has entered a treaty reinsurance program with the Starr Group to provide protection against commercial satellite risk.
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MGIC Investment’s net income for the quarter ended June 30, 2010 was $24.6m as compared with a net loss of $339.8m for the same quarter in 2009.
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Kiln, the international insurance and reinsurance underwriting group, has announced two appointments in Asia.
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The Dodd-Frank bill was signed into law today. PCI has urged a careful approach to adding federal oversight to the state-based insurance regulatory system with the creation of a Federal Insurance Office.
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RSA has appointed Derek Walsh as its new general counsel, with effect from July 19, 2010.
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UnitedHealth Group has received revenues of $23.3bn in the second quarter of 2010. The firm reported earnings from operations to be $1.9bn and net earnings to be $1.1bn in the second quarter of 2010.
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Ace Group has made two promotions in its European claims team.
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American International Group’s Asian life insurance arm has begun talks with investors as it seeks backing for a potential break up from its American parent, reports the Financial Times.
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Allied World Assurance Company Holdings announced today that approval has been received from the Monetary Authority of Singapore and Lloyd's Asia to register and operate a service company, Capita 2232 Services Pte. Ltd.
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CIGNA International has appointed Jason Sadler as CEO of the Health, Life & Accident operations.
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The German Ambassador to the US, Klaus Scharioth, has sent a letter to the US House Ways and Means Committee chairman, Sandy Levin, registering the opposition of the German government to the Neal bill.
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Guarantee Insurance Company has appointed Chris Rhoden as underwriter, alternative markets.
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In an era of increasingly frequent, costly and uncertain litigation in the insurance and reinsurance industry, mediation offers a relatively inexpensive way for parties to resolve disputes, according to Katherine Billingham and Peter Scarpato, the CEO and president respectively of the Re/insurance Mediation Institute.
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Ironshore has appointed Rod Todd as head of the Lloyd’s property operation.
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This year looks to be a difficult one for Lloyd's of London. However, a stable outlook rating from Fitch indicates the insurance and reinsurance group can cope with what lies ahead.
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QBE has hired Maureen Robertson as new head of its business in Scotland,
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Excess capacity chasing market share in the commercial property/casualty marketplace has resulted in another quarter of declining renewal pricing, according to the CIAB second-quarter Commercial P/C Market Index Survey.
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Catastrophe risk modelling firm AIR Worldwide has released its latest US hurricane model, including updates to the hazard and vulnerability components of the model.
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The Aon/Hewitt transaction announced last week is the latest in a long run of acquisitions in the insurance brokerage market. This trend looks set to continue, according to rating agency Moody’s.
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Insurance broker Aon has signed a four year shirt sponsorship deal with Manchester United football club, replacing AIG. Reactions' contributing editor Garry Booth, says he hopes they know what they are doing.
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Action over Solvency II is picking up as the 2012 deadline looms, such as Ceiops last week naming Switzerland, Bermuda and Japan as leading contenders for the first round of EU equivalency testing. In recent weeks a series of papers and letters have also given clarification on capital requirements and supervisor readiness. Reactions asks what it all means.
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Nick Starling, head of general insurance at the Association of British Insurers (ABI), was left in a tricky situation at an industry conference last week, following the unexpected departure of the group’s chief executive.
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RMS has updated its US Terrorism Risk Model to include places of worship, and the cities of Dallas in Texas and Jersey City in New Jersey have been upgraded in their threat. Overall, the expected annual insured loss in the US for 2010 was cut by 12%.
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The Brazilian government’s plan to create a state-owned insurer would be a negative credit development for some of Brazil’s private market insurers and could have negative implications for the insurance market’s development.
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Ohio attorney general Richard Cordray has announced a $725m securities class action settlement against AIG and certain individual directors and officers.
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As CEO of the International Underwriting Association of London (IUA) Dave Matcham is the voice of the company market – and he’s never been busier.
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Torus Executive Risks, the joint venture between Nexus Underwriting Management and global specialty insurer Torus, has entered the professional lines market.
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The proposed scrapping of the Financial Services Authority has worried the UK insurance industry.
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Ace UK has announced the appointment of Matthew Shaw as president, Ace Global Markets (AGM) and active underwriter for Syndicate 2488.
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The insurance arm of Bermudian insurance and reinsurance firm Axis Capital has formed a design professionals and environmental liability unit.
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The value of insurance-linked securities (ILS) listed on the Bermuda Stock Exchange (BSX) has reached more than $1bn.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act financial services regulatory reform legislation has been passed. Trade groups expressed approval of the act, which includes long-awaited surplus lines reform.
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Harvey Golub, chairman of American International Group (AIG), has quit the US insurer after clashing with CEO Robert Benmosche.
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Kerrie Kelly is stepping down from her role as director general of the Association of British Insurers (ABI) to return to Australia for personal reasons.
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Lloyd’s was once reviled for its Byzantine systems - but now it is leading the way with the new Lloyd's Exchange project. Progress on the Claims Transformation Project is also continuing apace.
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Insurance broker Marsh has launched a new global rail practice and appointed three industry veterans to lead it.
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The US House has passed the Flood Insurance Reform and Priorities Act of 2010 – legislation that will extend that National Flood Insurance Program for five years.
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Sentry Insurance has appointed Peter McPartland as president and COO, The Business Journal reports. He will be joining in August and will be based in Stevens Point.
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Ace Group’s US-based retail operating division, Ace USA, has set up a specialised underwriting unit to meet the insurance needs of the rapidly developing renewable energy market.
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Berkshire Hathaway scaled back its most unusual and risky insurance policies as prices declined and the company prepared for its biggest acquisition, Bloomberg reports.
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The 16 private insurance companies that participate in a US federal crop insurance programme have agreed to a plan to cut their subsidies by $6bn over the next 10 years.
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Essent Guaranty’s parent company, Essent Group, has secured an additional $100m in capital commitments from investors.
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Once the epitome of old school insurance, the Lloyd’s model now looks so modern it has spawned an imitation. We ask what the market’s strategy for the near future is.
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US specialty insurer Markel Corporation and Aspen Holdings have entered into a definitive agreement for the acquisition by Markel of subsidiary Aspen, a privately held insurance group.
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The US House Ways and Means Select Revenue Measures Subcommittee has held a hearing on the taxation of reinsurance between affiliated entities.
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European catastrophe insurance data provider Perils has reported that total placements of insurance risk transactions based on its industry loss index exceeded $250m in the first half of the year.
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RSA has appointed Soledad Vitale as a renewable energy underwriter.
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The Australian Prudential Regulation Authority (Apra) has released two further papers detailing its plans to recalibrate insurance industry capital standards for the country’s life and non-life insurance companies, Reactions’ sister website InsuranceCapitalRisk.com reports.
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A $325m reserve financing transaction has closed between two principal life and annuity operating subsidiaries of Aviva USA Corporation and Crédit Agricole Corporate and Investment Bank.
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Credit Suisse is urging a New York judge to dismiss an Ambac Financial Group lawsuit related to mortgage-backed securities transactions, Bloomberg reports.
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The investment firm managed by Bruce Berkowitz has increased its share in AIG, Bloomberg reports.
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AIG has received approaches from four Chinese consortiums for its Asian insurance division, AIA Group, South China Morning Post reports.
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The Hartford Financial Services Group, the insurance and wealth management company, has appointed Hedley Blane as chief underwriting officer of the company’s subsidiary, Hartford Financial Products International
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Underwriters face a big challenge assessing the risk to a film project that uses celebrities that have got into trouble.
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Brit Insurance has appointed Tom Taylor as liability portfolio management underwriter in its London office. Reporting to Jamie McNab, UK portfolio manager for liability, he takes up his position immediately.
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Lloyd’s remains the “go to” market for unusual, hard to place risks. Lloyd’s is famous for insuring the unusual all over the world. But these headline-grabbing policies mask the real value of the market – its ability to insure difficult or emerging risks.
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The Hartford Financial Services Group, the US insurance and wealth management company, has announced that Gail McGovern has decided to resign from The Hartford’s board of directors.
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The takaful and retakaful market is likely to continue to grow in 2010, according to a new report from rating agency Standard & Poor’s. The market provides Islamic insurance compliant with Sharia law.
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US property/casualty insurer Hanover Insurance Group has announced estimated second-quarter losses from catastrophes of approximately $85m.
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Insurers received a break last month when the US bill “Dodd-Frank Wall Street Reform and Consumer Protection Act” preserved the role of state insurance regulators, but according to Deloitte there are still areas of the act involving consumer protection and measures to “de-risk” the financial system that will have broad implications for insurers.
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The US property/casualty insurance industry’s profits increased to $11.5bn from a loss of $900m in the first quarter of 2010 despite an unusually high level of natural catastrophe losses.
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Zurich in North America, part of the global insurance-based financial services provider Zurich Financial Services Group, has named Sean Dalton head of marine for Global Corporate in North America business unit.
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Berkshire Hathaway may post an $800m writedown related to asset drops in the second quarter, a Stifel Nicolaus & Company analyst told Bloomberg.
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The latest developments on Solvency II have shown regulators are commited to a technical approach. This is good news, says Reactions’ European editor Adrian Ladbury, because the last thing that is needed is a bunch of supervisors playing politics.
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The London market likes a scrap – which is just as well. It has plenty to fight over, such as Solvency II, the new UK coalition government and tax concerns.
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Fireman’s Fund Insurance has decided to increase its reserves for asbestos and environmental risks.
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Fitch Ratings has revised American International Group (AIG)’s rating outlook to stable from evolving, reflecting Fitch's view that AIG's re-structuring plan and improving capital market conditions have increased the strength of the company.
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QBE has promoted Petko Tonchev to general manager for central and eastern Europe, while Felix Jenny will take up the interim position of general manager of QBE's German operation.
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Taiwan's insurance regulator may issue rules letting local insurers invest in Chinese securities, Bloomberg reports.
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Panellists at S&P’s annual UK Insurance Symposium were particularly gloomy about the prospects of a turn in the underwriting cycle.
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Aegon has raised Eu1bn from a sale of Class A residential mortgage-backed securities, Reuters reports. The Dutch insurer is looking to use the proceeds to finance a part of its existing Dutch mortgage portfolio.
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Allianz Life Insurance Company of North America has appointed Debra Repya as the new senior director of advanced markets.
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Brit Insurance has appointed Denon Ambris as liability underwriter in its Birmingham office. Ambris will be reporting to Rosie O’Gara, central and south west regional manager.
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German reinsurance firm Munich Re has completed a catastrophe bond on behalf of the Massachusetts Property Insurance Underwriting Association.
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The combined impact of lower insurance costs and lower risk management administrative costs led to a 3.1% drop in average total cost of risk (TCOR) per $1,000 of revenue in 2009, according to Rims.
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The New York Insurance Department will hold a public hearing on August 20 to explore the possibility of increasing insurance capacity in New York by easing unauthorised insurers’ access to excess and surplus lines.
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The Ace Group of insurance and reinsurance companies has appointed David Furby as division president, commercial property/casualty, for Ace’s overseas general operations.
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Standard & Poor’s has announced it will add the property/casualty insurer to its S&P 500 stock index after close of trading on July 14, reports Reuters.
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Aviation insurance looks set to deliver strong returns in 2010 for the first time in four years. However the line remains fragile and a single loss could lead to a dramatic change, according to an Aon report.
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The UK Financial Services Authority (FSA) has banned three individuals from working in regulated financial services after they were found guilty of a £2m ($3m)fraud.
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Guardian Life Insurance Company of America is purchasing a non-controlling interest in Lowe’s investment management subsidiary, Lowe Enterprises Investors.
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QBE Insurance Group has appointed Robert Byler as president and head of programme business for its Americas division based in New York.
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The Committee of European Insurance and Occupational Pensions Supervisors (Ceiops), a committee of all Europe's national insurance regulators, has warned that more work in needed to get supervisors up to speed for the implementation of Solvency II.
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The Ace Group of insurance and reinsurance companies has appointed six additional global client executives: Jeff Carr and Shaun Edwards in London, Olivier Roussel in Paris, Wolfgang Ruffert in Frankfurt, Andrea Pearson in Los Angeles and Karen Sawyer in New York.
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After receiving approval as an admitted reinsurer in Brazil, Ariel Reinsurance Company, a Bermuda-based insurance and reinsurance company, is planning to open a representative office in Rio de Janeiro, Brazil.
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Aspen US Insurance has announced the formation of a new management liability team led by Fred Cooper, who will serve as executive vice-president and chief directors’ and officers’ underwriter.
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Chaucer Syndicate 1084 has signed a new energy partnership with ScandIns (Scandinavian Insurance Management Company) to write Scandinavian marine risks.
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CNinsure will acquire an additional 45% equity stake in Henan Zhongrui Insurance Agency.
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The news that Catlin is to set up shop in Zurich has been headlined as a Solvency II story. But, wonders Reactions' contributing editor Garry Booth, is this really a Bermuda story?
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The first half of 2010 natural catastrophe losses have exceeded the total for 2009, according to Munich Re.
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A US judge has thrown out the bid-rigging convictions of two former Marsh & McLennan Company (MMC) executives, reports Reuters.
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Ahead of mid-year reinsurance treaty renewals, rates for US property/casualty business continued to decline, according to MarketScout.
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The Taipei City government has blocked four Primus Nan-Shan Holding board members from serving as directors, The Wall Street Journal reports.
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Tokio Marine Life Insurance Malaysia has signed an agreement with commercial bank RHB Bank.
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A US federal judge has authorised for AIG to pursue a lawsuit that accuses its rivals of illegally conspiring to cause AIG harm in the workers compensation market, Reuters reports.
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Chinatrust Financial Holding is looking to buy the Taiwanese life-insurance operations of AIG, The Wall Street Journal reports.
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The CIRC has granted approval for the China based subsidiary of US insurance group The Chubb Corporation to establish a branch in Nanjing, Jiangsu Province.
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Hiscox, has secured a $750m syndicated three-year revolving credit and letter of credit facility.
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Tokio Marine yesterday announced plans to expand its international reinsurance and large commercial property operations. Tatsuhiko Hoshina, president and CEO of Tokio Millennium Re, says...
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Several flood and severe weather events in China, Brazil, the US, and parts of Central Europe caused billions of dollars of economic losses in June according to an Aon Benfield report.
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Photos from the Reactions London Market Awards Dinner 2010, which took place at the Grange City Hotel on June 30, are now available for free download.
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US corporate risk managers are reporting a serious and growing detachment between themselves and their insurance brokers and carriers, according to strategy management research firm Greenwich Associates.
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Ace International has appointed Perrine Kalina to the new role of engineering coordinator and assistant underwriter to its environmental risk team.
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Argo International, a specialist Lloyd’s insurer and subsidiary of Argo Group International, has appointed Tony Cabot to support its active international growth strategy.
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Aviva is expecting to boost its capital to £1.3bn in 2010, the Financial Times reports. The UK insurer's life insurance business may generate £33bn over the next 20 years.
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BP, the UK oil company at the heart of the Deepwater Horizon disaster, last month asked Anadarko Petroleum and Mitsui Oil Exploration Company of Japan, to pay $383m out of around $1bn in cleanup costs for the well in May, the New York Times reported.
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Connecticut is probing a large security breach that occurred at US health insurer WellPoint, Bloomberg reports.
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Fremch mutual insurer Groupama is planning an initial public offfering of its stock in 2011 or 2012, The Wall Street Journal reports.
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Property/casualty trade groups have praised the passing of the House passage of the “Dodd-Frank” Wall Street Reform and Consumer Protection Act (HR 4173), especially now that the $19bn bank tax, which would have effected the largest p/c companies, has been scrapped.
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Australian insurer QBE is to acquire Secura, a Belgian-based specialist reinsurer for Eu267m ($334m), which will be funded from internal resources.
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All 16 members of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their policies for hurricane and earthquake coverage for the 2010/11 year beginning on 1 June – the start of the hurricane season.
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Brown & Brown of South Carolina has purchased Commonwealth Insurance Group.
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Robert Benmosche, American International Group’s (AIG) CEO, has threatened to quit following a deep rift with Harvey Golub, the company’s government controlled chairman, the Wall Street Journal reports.
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Mark Watson, CEO of Argo Group, gives his thoughts on the future of Bermuda.
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Shares in Brit Insurance jumped in morning trading on the London Stock Exchange after the Lloyd’s insurer rejected an improved takeover proposal from US private equity firm Apollo.
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Ageas, formerly known as Fotis, is to acquire Kwik-Fit Insurance Services for £215m ($326m) . The transaction is expected to be completed in the third quarter of 2010 subject to regulatory approval.
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OneBeacon Insurance Group has completed the sale of its traditional personal lines business to Tower Group.