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March 2010
Zurich Financial Services Group has announced the appointment of Pascal Perritaz to the position of chief financial officer of Asia-Pacific and Middle East (APME), effective April 1 2010.
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South African property/casualty insurer, Santam, has booked an increase in profit for 2009, because of better returns on its investment portfolio.
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Axa Cooperative Insurance has secured a licence from the Saudi Arabian Monetary Agency to start its business in the Kingdom of Saudi Arabia, Trading Markets reports.
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February 2010
Allianz Takaful is negotiating with a regional Islamic institution, to offer a sukuk bond, Reuters reports.
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General Insurance Corporation of India (GIC) is setting up a natural catastrophe pool for insurance and reinsurance companies.
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Munich Re, the world’s largest reinsurer will no longer conduct business in Iran.
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Swiss Re has raised its dividend for 2009, in a sign that the world’s second-largest reinsurer is now in a position to repay a expensive convertible loan from Warren Buffett’s Berkshire Hathaway.
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The Spitzer-era ban on contingent commissions for the world’s biggest insurance brokers, Aon, Marsh and Willis, has been lifted. An equity analyst believes Aon and Marsh could now receive as much as $200m a year in contingent commissions.
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PartnerRe's acquisition of Paris Re, along with involvement in initiatives such as the Global Reinsurance Forum trade group, confirms Patrick Thiele's position as one of the most influential reinsurance executives around.
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Reinsurance pricing softened at the January 1 2010 renewals. Reactions asks what this will mean for pricing for the rest of the year.
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RSA Insurance has acquired Oman’s Al Ahlia for $49m.
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MMC today reported a decline of net income to $38m in the fourth quarter of 2009, compared with net income of $80m in 2008. Marsh’s revenue for the quarter fell 4% while Guy Carpenter’s revenue for the year was up 23%.
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Arch Underwriting at Lloyd’s has announced the opening of a Johannesburg office of its Lloyd’s operations, led by a former Chartis manager.
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Aon Corporation surpassed expectations in the fourth quarter as the company saw the benefit of restructuring savings and favourable foreign currency translation.
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Global reinsurers face the daunting prospect of eroding profitability margins over the next two to three years, S&P has warned in a new report.
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Ace Group has named Les Forrest managing director of its Egyptian life insurance unit.
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The two takaful divisions of Tokio Marine Holdings have begun operations in Egypt.
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January 2010
An Ethiopian Airlines passenger plane with 89 people on board has crashed into the Mediterranean Sea shortly after take-off from Beirut airport.
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Legal & General Gulf Takaful has rolled out its retail unit in Bahrain, Al-Bawaba reports.
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Ace Arabia Cooperative Insurance has received a licence to conduct insurance business in the Kingdom of Saudi Arabia.
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Frank O’Halloran, CEO of Australian insurer QBE Insurance Group, has been announced as the 2010 Insurance Hall of Fame winner.
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Read a selection of stories from the December 2009/January 2010 issue of Reactions.
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Allianz Global Corporate & Specialty (AGCS) is looking for business opportunities in the Middle East and North Africa region.
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Rumi Sanjana has joined Nexus as its new director of general insurance, Trade Arabia reports.
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Reactions canvassed executive search firms worldwide to produce a list of who they believe will be the top leaders of the future. Here are the names they came up with.
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Thompson Heath & Bond, THB’s Lloyd’s broking arm, has enhanced its international treaty platform by hiring three senior brokers specialising in the Latin American, Caribbean, Middle Eastern and Asia/Pacific territories.
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Takaful International, a Bahrain firm, has won the Bahrain insurance coverage tender of several ministries and governmental organisations.
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Members of the Guy Carpenter Global Reinsurance Composite saw their total net income more than double to almost $10bn in the first nine months of 2009, according to a Guy Carpenter briefing.