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February 2012
UK motor insurer's shares rise after renewing of reinsurance programme with Hannover Re, Mapfre Re, New Re and Swiss Re.
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Reinsurance organic revenue increased 4% due primarily to strong growth in capital market transactions and advisory business and modest growth in global facultative placements.
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The February 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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A case marking the first time the UK Financial Services Authority (FSA) lost a judicial review concerning its own investigations could have implications for insurers.
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Events in the Middle East and North Africa have underlined the need for new thinking on political violence, civil unrest, and emergency evacuation cover products, according to Lloyd’s broker RFIB.
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The technology specialist has appointed Aviva’s former head of programme delivery to manage change delivery for all insurance projects.
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January 2012
Steven Lucas will now lead the development of Ace's Canadian business, reporting to David Brosnan.
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ARC to change name and move date and location of the ARC Congress.
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The firm hopes to benefit from Fish’s specialist insurance services to people with disabilities on a broker basis.
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Comment: Insurers have issued an ultimatum to the UK Government to produce a solution to sustaining universal flood coverage, says Garry Booth, Reactions’ contributing editor.
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As part of the acquisition deal, THB’s CEO Frank Murphy will take up an additional role as president of AmWINS’ International division.
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Carl Beardmore is to work from BMS’ newly opened New York office as the firm seeks to strengthen its US operations.
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Global business processor Xchanging announces that Barnabas Hurst-Bannister will join the Xchanging Ins-Sure Services board as a non-executive director in March.
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The Lloyd's broker will “act as a vehicle to expand our international presence and leverage our strength worldwide,” says Kaufman’s CEO, Jay Kaufman.
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The insurer has moved to strengthen its London syndicate whilst also recruiting a new director in Australia.
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Consortium of Tawa, Skuld, and Paraline has completed acquisition of Lloyd's turnkey managing agency Whittington Insurance Markets.
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The new political risk and trade credit team is led by Joe Blenkinsopp, who is also the unit’s new deputy global head
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Airline insurers make a profit in 2011 - a result of the market's loss figure falling to $1.1bn from $2.1bn in 2010, says Aon Risk Solutions.
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Comment: Guy Carpenter’s reinsurance renewals report included a handy checklist of the big themes facing the global insurance and reinsurance market this year. it is noticeable what themes don’t make the list, says Michael Loney, managing editor of Reactions.
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Douglas Young will report to Tim Rolfe, CEO of the division.
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An exciting development for the aviation insurance market and plane spotters everywhere is the long awaited introduction of Boeing’s 787 Dreamliner family of airplanes into commercial use.
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Talbot's Rupert Atkin replaces Barnabas Hurst-Bannister as chairman of the Lloyd's Market Association.
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Rating agency says excess capital and good risk management give global reinsurers a cushion against 2011’s high catastrophe losses.
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Aviation insurers are flying high after stellar results in 2011. But how long will it last?
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Reinsurance CEO Jonathan Turner is to depart the firm following a restructure to bring together Brit’s reinsurance and global markets units.
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INTERVIEW: Greg Case, CEO of Aon, believes that the insurance broker can help its customers manage their way through the tough global operating environment and rise to the challenge of new and complex risks by working on a more robust fact basis.
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The new offer by Carlson Capital-backed Barbican “offers no improvement on the earlier proposal,” Omega says.
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The Carlson Capital-backed insurer has asked Omega’s board to consider new offer that will create a “merger of equals.”
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John Cavanagh has been appointed to replace Steve Hearn, who became Willis Global CEO, in December.
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A strong fourth-quarter for cat bonds has some predicting a “banner year" for the insurance-linked securities market in 2012. Includes full-year data for ILS issuance.
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The London based intermediary’s revenue has increased 21% to £87m during the year ended September 30, 2011.
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There was plenty to consider at the 1/1 reinsurance renewals, such as near-record catastrophe losses and irksome risk modelling issues. Now that feedback is in from reinsurers, brokers and cedants, we try to make sense of it all.
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Rating agency says Aon's move of its headquarters to London highlights international focus.
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Fitch says banning referral fees for UK motor insurance firms will help combat increasing fraudulent claims.
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The broker has appointed Steven Pallett to oversee operational changes and help implement new operating systems.
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XL, RSA, Generali, Hannover Re and P&I clubs are all reportedly facing claims after the Costa Concordia grounded in the Mediterranean on January 14.
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Protectionist reinsurance markets, such as Brazil, limit global risk distribution through reinsurance, notes a coalition of reinsurance trade groups.
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Martin South will continue as chief executive of Marsh UK & Ireland until a successor is hired.
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Aon – the largest reinsurance broker in the world, and the second largest insurance brokerage – has moved its corporate headquarters from Chicago to the City of London.
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The accreditation will help “open up new markets for us”, the company’s chairman said.
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Jan Blumenthal, who replaces Burkard von Siegfried in the role, will also serve as country manager for Germany and Austria.
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The Lloyd’s insurer has appointed Chubb’ Steve Ranzetta to develop ‘competitive’ offerings as it looks to tap the accident and health sector.
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Sarah Dalgarno joined Arthur J Gallagher in 2006, and just a year later was promoted to chief risk officer and appointed to the board. Here she tells Garry Booth how the job has changed beyond all recognition.
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Frank Fiorille, director of risk management at Paychex, tells Garry Booth how he transformed the risk management discipline from a bottom-line protection measure to a “strategic value-creation engine”.
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Comment: They say that spanking is a peculiarly English vice, but whiplash is popular too, says Garry Booth. And perversely, much of the pain being felt by insurers is self-inflicted. The industry is now being called on to abandon “sharp practices”.
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John Sullivan will be responsible for the UK and US marine reinsurance business
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In light of Solvency II guidelines on how to implement Own Risk and Solvency Assessment (ORSA), many firms are looking closely at how risk and the business work together, says RSA Group CRO Jon Macdonald
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Data: AM Best data reveals world's largest insurance companies by assets and net premiums.
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Bob Deutsch, the founding CEO of Ironshore, has joined the board of Beazley’s Lloyd’s managing agency.
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The insurer will combine Provident Insurance and MMA Insurance to operate as Covéa Insurance in the UK.
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Charles Franks has been announced as a non-executive director of the board at the London market, replacing David Shipley.
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Lloyd's chairman John Nelson has mentioned underwriting discipline, Solvency II implementation and market modernisation as top priorities for 2012.
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The rating agency has maintained its stable outlook for the global reinsurance industry, but suggested that pricing may be moving upward across all business classes.
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The ratings actions follow the Atrium-managed syndicate’s merger into Lloyd's Syndicate 609.
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It has been a long time coming – but the chief risk officer role seems to have finally, quietly come of age, says Reactions' contributing editor Garry Booth.
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The influence of the chief risk officer is spreading through the insurance industry, says Axel Lehmann, chief risk officer of Zurich Financial Services Group and chairman of the CRO Forum
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The German reinsurance firm has completed a deal to assume £1bn of pension obligations held by Legal & General.
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The insurers have teamed up with Sciemus to form a consortium designed to provide coverage to power and utilities sector.
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COMMENT: Policymaker and big businesses still have a lot to learn about resilience, judging from the findings of a new report from Chatham House, says Reactions contributing editor Garry Booth.
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The broker association’s new tools will help its members comply with obligations under the Terrorism Act as well as FSA requirements.
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Mike Taylor-West will operate from a new London office as private client & marine head.
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Equity Red Star failed to better manage its cash reserves and keep track of claims payments, says Lloyd’s.
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Industry leaders must learn lessons from the 2011 disasters and overcome their “sanguine” attitude towards large risks, says Lloyd's CEO Richard Ward.
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The UK insurer has transferred US hurricanes and earthquakes, and European windstorm risks to the capital markets.
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The December 2011/January 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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The broker has merged its Italian operations with Marine & Aviation, a major Italian broker, taking a 25% stake in the new entity.
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The Liberty Mutual subsidiary has appointed Flagstone Re’s Rene Dubois to lead business advisory unit.
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The increasing demand for bullion comes with associated insurance implications, says the London market.
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Insurers and the government must reach a new agreement on high risk properties says the ABI, with the current deal due to expire in 2013.