Europe
PwC: ECJ ruling throws a spanner in the works for outsourcing plans
Pricewaterhouse Coopers has warned outsourcing costs for insurers could jump by 20% following what it described as "unexpected decision".
Moody's outlook on the German insurance sector remains negative
The outlook for the German insurance market remains negative due to the continued rate pressure in property & casualty lines, particularly in motor insurance, and the low interest-rate environment pressurising the profitability of life products with…
Axa third quarter GI result boosted by 35% increase in UK motor reveune
Axa group this morning reported that property & casualty revenues increased by 0.7% to €21.4 bn (£18.7bn) largely as a result of a 3.9% growth in individual lines (largely driven by a 3.4% average price increase).
Aspen hit by reserve strengthening in financial and professional lines
Aspen has announced that its insurance segment recoirded an underwriting loss for the third quarter, which excludes investment income, of $13.4m £8.5m) compared with an underwriting profit of $20.9m in the third quarter of 2009.
Willis Group nine month profit remains static at $357m
Willis Group has reported net income from continuing operations for the nine months ended September 30, 2010 was $357m ($226.4m), compared with $357m, in the same period a year ago.
MIB to appeal to the Supreme Court over Spanish unisured driving case
The Motor Insurers' Bureau is to challenge a Court of Appeal ruling that Russell Jones & Walker claims now asserts that a person resident in the UK, but wrongfully injured in another EEA state, will recover damages on the same basis as a person resident…
KPMG welcomes Solvency II equivalence transitional measures
KPMG today welcomed the announcement by Karel van Hulle, head of insurance and pensions unit at the European Commission, of transitional measures under Solvency II’s equivalence, claiming the arrangements will be welcome news to insurance groups.
Mapfre revenues up 9.2% as net result drops 5.2%
Mapfre has revealed its revenues have increased by 9.2% in the first 9 months of 2010 - however its net attributable result has fallen in the same period.
Supply chain failure: new report
Supply chain failure is increasingly common according to a new survey from the Business Continuity Institute. The research from 35 countries shows that over 70% of organisations recorded at least one supply chain disruption in 2010.
JLT Insurance Management Malta welcomes new shareholder
JLT Insurance Management Malta a joint venture between JLT Insurance Management Limited (JLTIMG) and Elmo Insurance Limited, a Maltese domestic insurer, has confirmed that Risk and Reinsurance Solutions SA (2RS) will become a 33% shareholder in JLTIMM…
APC unveils fast food insurance product
Underwriting agency APC has launched a bespoke take-away fast food franchise insurance product for Irish businesses.
QBE given green light for Belgian acquisition
QBE has received approval from the Belgian regulator for the acquisition of reinsurer Secura NV.
Concerns raised over post-acquisition capital structure of Brit
AM Best Europe has placed the financial strength rating of A (Excellent) and issuer credit rating (ICR) of “a” of Brit Insurance and the ICR of “bbb” of Brit Insurance Holdings, the ultimate parent of the Brit Insurance group of companies, under review…
Munich Re acquires Windsor Group
German reinsurance firm Munich Re has agreed to acquire Windsor Health Group.
Brit reports 8.5% drop in GWP
Brit Insurance has reported an 8.5% reduction in gross written premium to £1.22bn for the nine-month period ended 30 September 2010 (3Q 2009: £1.33bn), a decrease of 9.0% at constant exchange rates.
Brit agrees cash offer with bidders
Brit Insurance has reached agreement with Apollo Management and CVC Capital Partners that will see the insurer’s shareholders receive up to £11 per Brit share.
AIG CEO Benmosche says he "feels fine" after chemotherapy
AIG has announced that its president and chief executive officer, Robert H. Benmosche, has been diagnosed with cancer and is undergoing aggressive chemotherapy.
Hannover Re subsidiary anticipates stable prices in Germany
E+S Rück, which bears responsibility for German business within the Hannover Re Group, is predicting a stable environment in Germany in 2011.
Torus boosts Swiss professional lines team
Torus has appointed Michael Kuprianczyk as a professional lines senior underwriter based in Zurich.
Domicile: does it really matter for (re)insurance buyers?
Reinsurance buyers increasingly view reinsurers as global entities able to move capital easily between business units rather than as geographically discrete counterparties, insisted Chris Klein, director of reinsurance market management at Guy Carpenter.
Munich Re: renewable energy premium volumes set for 240% growth
In line with political targets, the share of renewable energies in power generation in Germany is expected to increase from a current 10% to 60% by the middle of the century.
Cooper Gay unveils re-brand
Specialist marine insurance broker, Junge & Co, has rebranded its reinsurance broking operations as ‘Cooper Gay Germany’.
Apollo sets sights on international treaty with Braddock hire
James Braddock is to join Apollo Syndicate 1969 in December as an underwriter specialising in international property treaty business.
Quinn administration fees approved
Further fees have been agreed for the joint administrators, Grant Thornton in charge of Quinn Insurance, according to the Irish Times.