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Reactions - Financial Intelligence for the Global Insurance Market
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Casualty/liability

  • US P/C insurers' earnings down, capital solid 30 August 2010

    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.

  • Stanford’s D&O policy scrutinised in court 25 August 2010

    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.

  • Travelers wins $262.3m in asbestos case 25 August 2010

    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.

  • Beazley expands environmental liability team 23 August 2010

    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.

Property-catastrophe

  • Evacuations as weakened Earl nears North Carolina 02 September 2010

    Hurricane Earl weakened slightly to a Category 3 storm on Thursday as it approached the North Carolina Coast, reports Reuters.

  • Low premiums to expose reinsurers: Fitch 02 September 2010

    The reinsurance sector will be exposed to insured loss from the Atlantic storm season as their reserve capital was used to offset low premiums, according to Fitch Ratings, Reuters reports.

  • Typhoon Kompasu hits South Korea 02 September 2010

    Typhoon Kompasu hit South Korea on Thursday morning, killing three people, reports CNN,

  • Losses from Earl between $50m and $150m 01 September 2010

    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.

Specialty & other lines

  • The Hartford names medical director 31 August 2010

    US insurance and wealth management company The Hartford has named Dr David Williams medical director of its individual life Insurance division.

  • Workers' comp premiums rise in California 30 August 2010

    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.

  • EU probes marine insurance agreements 27 August 2010

    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.

  • Axa fraud suit against AIG dismissed: report 23 August 2010

    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.

Emerging risks

  • FEATURE: Coping with shocks to the system 31 August 2010

    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.

  • Nat cats could cost Caribbean 9% of GDP 19 August 2010

    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

  • COMMENT: A revolutionary holiday reveals lessons for insurers 12 August 2010

    Even when he is on vacation, Reactions’ contributing editor Garry Booth cannot help but think about the implications for the insurance industry.

  • Insurance “no panacea” to systemic risk 14 July 2010

    Lord Peter Levene, chairman of Lloyd’s of London, has warned against protectionist measures being used to slow the pace of globalisation as a result of the financial crisis.

Financial Management

  • AIG applies for AIA IPO 02 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.

  • Ping An boosts Shenzhen bank stake 02 September 2010

    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.

  • Buyers step forward for AIG’s Nan Shan unit 01 September 2010

    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.

  • Cigna acquires Belgian insurer 01 September 2010

    Global health service company, Cigna, has purchased Antwerp-based Vanbreda International.

Legal & regulation

  • France to slash insurance tax exemptions 31 August 2010

    France is aiming to slash Eu3.2bn ($405.9) of tax exemptions in the insurance sector, The Wall Street Journal reports.

  • Debate over Stanford legal fees heats up 30 August 2010

    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.

  • EU probes marine insurance agreements 27 August 2010

    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.

  • Ex-AIG chief Greenberg settles investors’ suit 27 August 2010

    Hank Greenberg, former AIG CEO, has settled lawsuits alleging he deceived investors while managing the insurer, Bloomberg reports.

Claims & Run-Off

  • Glacier Re placed into run-off 27 August 2010

    Glacier Reinsurance, the European reinsurer, has announced today that the company’s existing portfolio will be placed in to an orderly run-off with immediate effect.

  • Glacier Re placed into run-off 27 August 2010

    Glacier Reinsurance, the European reinsurer, has announced today that the company’s existing portfolio will be placed in to an orderly run-off with immediate effect.

  • Stanford’s D&O policy scrutinised in court 25 August 2010

    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.

  • Travelers wins $262.3m in asbestos case 25 August 2010

    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.

People

  • Standard Life to axe 500 jobs 02 September 2010

    Standard Life will lay off 500 employees as part of its CEO, David Nish’s efforts to cut costs, Bloomberg reports.

  • Presidential Life names chief actuary 01 September 2010

    Presidential Life has appointed Duncan Szeto as the new chief actuary of its operating unit, Presidential Life Insurance.

  • QBE denies search for new CEO 01 September 2010

    QBE has denied the truth of media reports and market speculation that the Australian insurer is looking to replace its CEO, Frank O’Halloran.

  • CNA names business development head 31 August 2010

    CNA has appointed Jerry Williams as assistant vice president of business development.

  1. CEO FORUM: Gen Re's Tad Montross on model dependency

  2. Convergence Quarterly: Q2 ILS activity

  3. COMMENT: Hurricane Katrina five years on

  4. ANALYSIS: RSA's “bold move” unlikely to work

  5. COMMENT: Bermuda not yet the weakest link

Poll

How big would insured catastrophe losses this hurricane season have to be to move reinsurance pricing up?

$0-15bn
7%
$15bn-$30bn
12%
$30bn-$50bn
37%
$50bn-$75bn
32%
$75bn-$100bn
7%
>$100bn
5%

Quote

I thought the terms were unnecessarily harsh and I think in order to have the taxpayer paid back some changes are necessary in the bail out terms, and I hope that will take place.

Hank Greenberg tells Reactions what needs to happen at AIG


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