Europe
JLT restructures UK business to capitalise on new MGA unit
News comes as broker reported a 14% rise in fees and commissions to £612.9m (2008: £536.1m) and a 28% jump in underlying profit excluding exceptional items to £97.1m (2008: £76.2m).
40 killed in Europe windstorm
Northern and western France and parts of Germany have been battered by a severe windstorm in the last 48 hours that has caused at least 40 deaths.
Xchanging grows revenue by 35%
Xchanging has reported a 35% increase year-on-year in revenue to £750.4m in 2009 (2008: £557.8m) while underlying operating profit also grew 35% to £63.9m (£47.3m).
Strong London market performance helps Hiscox treble profits
Hiscox has reported gross premiums written £1.44bn (2008: £1.15bn) and pre-tax profit of £320.6m (£105.2m).
Amlin results show record profit
Profits at Amlin up by over £370m from 2008. However, group results padded by £174.1m reserve releases.
Lloyd’s welcomes Geneva Association findings
Specialist insurance market Lloyd’s has backed the findings of the Geneva Association’s Systemic Risk in Insurance report.
Generali GI premiums down in 2009
During 2009, performance slipped in motor policies (-2.4%), affected by the trend in policy rates, particularly in the first nine months, Generali added, and the decrease in new vehicle registrations.
QBE Europe profits dip on back of increased claims
The business reported a rise in incurred claims to A$2.01bn (2008: A$1.76bn), whilst its expenses reduced to A$426m (2008: A$483m).
Geneva Association: Insurers not a systemic risk
Insurers and reinsurers do not carry the systemic risks of other financial intuitions, insurance think tank Geneva Association has claimed in its latest report.
Markel appoints new Swedish boss
Anne-Sofia Hedin has been appointed general manager of Markel Sweden, which is based in Stockholm and provides insurance products across Nordic countries, the Baltic states and Russia.
Towers Watson warns against Solvency II recruitment reliance
Professional services company Towers Watson has warned insurers against on an over-reliance on recruitment if they are to convince the Financial Services Authority they are making progress towards Solvency II compliance.
Allianz GI arm reports a drop in 28% drop in operating profit
The two biggest drivers were a decline of 0.6bn euros in operating investment income and an underwriting result which was down 0.7 bn euros.
RSA bullish despite 10% fall in operating profit
CEO Andy Haste hails progress in emerging markets and international arms.
Spanish insurance industry suffers under weight of recession
Spanish insurers will continue to see their profitability squeezed as a result of the tough economic environment, according to Moody’s.
Lloyd’s named UK’s strongest insurance brand
Specialist insurance market Lloyd’s has been named as the UK’s top insurance brand.
Barrie & Hibbert seal Dexia Insurance ESG deal
Belgian company Dexia Insurance has appointed Barrie & Hibbert to provide an Economic Scenario Generator to assist in its Solvency II compliance and MCEV calculations.
HSBC insurance boss to step down
Clive Bannister will be replaced by Asia boss David Fried, according to Reuters.
AM Best "positive" on global non-life reinsurance sector
The current outlook implies that the majority of 2010 reinsurer rating actions are likely to be affirmations, with only a modest number of anticipated rating or outlook changes.
Energy insurance costs expected to fall by up to 20%
Despite an increase in the size and scale of new energy infrastructure projects, national oil companies and other energy and chemical concerns are experiencing fewer and less-severe major losses than in previous years, according to Marsh.
Deutsche Bank to take on £3bn BMW longevity risks
Deutsche Bank is to take over the longevity risks of nearly £3bn of pension liabilities from BMW’s UK scheme in what will be the largest deal ever done in corporate longevity insurance in the UK.
Madeira floods cause extensive damage
Violent flooding on Portuguese holiday island kills at least 42 with reports of major damage to buildings and transport infrastructure
Torus receives $185m capital injection
$150m of the additional financing to be provided by private equity firm Corsair Capital
Allianz will not renew business in Iran
Hannover Re also says that it conducts reinsurance treaty business in the region but will only continue to do so if it complies strictly with United Nations and European Union sanctions
Q&A - Ralf Geck of Ecclesia Group
In the first of a regular focus on managers of European insurance companies and brokers, Insurance Insight talks to Ralf Geck of German-based broker Ecclesia Group.