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AIG collapse tied to value collapse in life sector
(BESTWIRE) The continued deterioration of American International Group Inc. is tied to the asset value collapse that is wreaking havoc across the life sector, AIG Chief Executive Officer Edward Liddy said after the company reported a record $61.7bn…
Capita snaps up LV broking arm Hero for £15m
The Capita Group has acquired Hero Insurance Services from insurance and investment group LV for a consideration of approximately £15m on a cash free, debt free basis.
Biba calls for risk based pricing in age debate
Following the launch of the Association of British Insurers’ report: Age and Insurance: Helping older customers find the cover they need , the British Insurance Brokers' Association has pledged to work with the government and trade bodies to ensure a…
S&P removes AIG from Credit Watch
Standard & Poor's Ratings Services has affirmed its supported 'A-/A-1' counterparty credit rating on AIG and its 'A+' counterparty credit and financial strength ratings on its insurance subsidiaries.
AM Best: AIG ratings remain unchanged despite $61.7bn loss
AM Best has commented that all financial strength ratings and issuer credit ratings are unchanged for AIG and its subsidiaries. The rating outlooks remain negative.
Admiral unveils US launch plans as Confused profit drops in face of competition
Admiral Group today announced plans to launch into America on the back of reporting a profit before tax of £202.5m for the year to December 2008, an increase of 11% over the previous year. Turnover, comprising total premiums and other revenue, rose 13%…
JLT CEO expects further progress despite 3% dip in profits for 2008
Jardine Lloyd Thompson has reported a 3% drop in profit before tax to £92.8m for the 12 months ended 31 December 2008(2007: £95.2m) despite a 13% leap in turnover to £526.1m (2007: £473.2m).
JLT profits fall 3%
Jardine Lloyd Thompson said that pretax profits fell 3% to £92.8m from £95.2m in 2007.
Munich Re scraps outlook for 2009
Munich Re reported a drop in consolidated profits of more than 61% this year, and said that it is making no forecasts for the future because of the current financial climate.
D&O liability pricing skyrockets
Directors' and officers' liability insurance costs for the S&P Financials Sector increased 50% in the fourth quarter of 2008 compared to that of 2007 according to the Quarterly D&O Pricing Index released today by Aon Corporation's Financial Services…
Property claims fraud focus
Baden Smith, head of fraud management at insurer Legal & General will open this year's Post Property Claims conference on 23 April with an insight into the impact of the recession on property claims fraud and more importantly how claims handlers can put…
Max, IPC shares tumble on merger news
Shares in Bermudian (re)insurers Max Capital and IPC Holdings tumbled on the NASDAQ after companies said they had agreed on a merger.
Aon CEO in support of AIG
Aon's chief executive has said that his broker will continue to support stricken insurer AIG, which received another bailout from the Federal Reserve Bank on Monday.
Guy Carpenter acquires US reinsurance broking giant
Guy Carpenter has agreed to acquire John B Collins Associates (Collins), a privately-held company which claims to be the seventh largest reinsurance intermediary in the world for an undisclosed sum.
NU signs £700m outsource contract
Three hundred Norwich Union staff working at two of the insurer's data centres have transferred to a new employer after NU signed a 10-year £700m data centre services contract with HP-owned EDS.
Helpucover offers car value protection
Helpucover.co.uk has increased its portfolio of products with the launch of its Car Value Protection cover.
Ecclesiastical appoints regional director
Jonathan Harker has been appointed regional director for Ecclesiastical's southern region, based at their Gloucester head office.
US Government confirms new bail-out measures for AIG
The Federal Bank of New York has confirmed supportive measures for stricken US insurer AIG.
AIG reports $99.3bn annual loss
American International Group has reported a net loss of $99.3bn (£69.82bn) in 2008 compared to net income of $6.2bn for full year 2007.
AIG confirms placing of AIA and ALICO into trusts
AIG said that that it will put two of its biggest units in special purpose vehicles.
AIG forms new general insurance holding company
AIG said that it is intends to form a general insurance holding company, including its Commercial Insurance Group, Foreign General unit, and other property and casualty operations, to be called AIU Holdings, Inc., with a board of directors, management…
AIG reports $61bn fourth quarter net loss
AIG, the embattled US insurer, reported net losses of $61.7bn for the fourth quarter of the year.
Former Axa boss Hubbard returns
Law firm Keoghs has appointed Peter Hubbard as non-executive director.
Chubb looks to Ace for new senior underwriter
Chubb Insurance has appointed Neil Marking as senior accident and health underwriter for the London region at Chubb Insurance Europe, with immediate effect.