Europe
Quinn administrator pulls plug on UK PI business
Quinn Insurance will not reopen its professional indemnity business in the UK despite the likelihood it will recommence underwriting other commercial lines.
Amlin benefits from ACI acquisition with 32.1% hike in GWP
Amlin this morning reported gross written premium (before deduction of brokerage) was up 32.1% for the four months ended 30 April 2010 at £964.0m (30 April 2009: £729.7m).
XL remains in S&P 500 index
XL Capital will remain in Standard and Poor’s 500 index following redomestication of the parent holding company from the Cayman Islands to Ireland.
Generali sees GI profit reduced by 25.4% in Q1
Italian insurance giant has recorded a non-life combined ratio of 98% in quarter one 2010 (96.3% 1Q09; 99.5% 4Q09) after an increase in catastrophic events.
Ageas records loss in quarter one
Ageas today reported a 20% increase in premium over the first quarter of 2010 to EUR 5bn when compared with Q1 2009.
Aviva signs three year deal with trade union
Aviva France has signed a three-year agreement on the employment of older people.
PZU share prices soar on first day’s trading
The share prices in Polish insurer PZU rose 13% on their first day of trading in Warsaw, Bloomberg has reported.
FSB welcomes Con-Lib pact plans on CGT and personal tax
Business leaders have welcomed the agreement between the Conservative and Liberal Democrat parties to form the next Government.
Allianz hit by high cat losses
Allianz Group has reported that its property & casualty business wrote gross premiums written of €14.0bn (Q1 2009: €13.9bn) in the first quarter of 2010.
Hiscox to enter aviation as it reports £10m Deepwater hit
Hiscox’s gross written premiums grew year on year by 6.4% in local currencies to £504.1m in quarter one 2010(2009 Q1: £486.5 m).
Harrison to lead European business
Combined Insurance has appointed Chris Harrison as executive vice president and general manager, Europe, assuming overall leadership responsibility for Combined Insurance’s European business – sales and operations.
Fitch more positive about German GI sector
Fitch Rating has today revised the outlook for the German non-life insurance sector to stable from negative due what it described as "increased investment income in 2009 and an increase in motor insurance premium rates in early 2010".
Aviva sees "potential signs" of return to UK GI growth
Aviva today said it is "seeing signs of a return to volume growth" in its UK general insurance book.
Mondial reports €56m profit for 2009
Mondial Assistance has reported €1.673bn turnover in 2009 (+4.8% or +5.4% at a constant exchange rate) and a return of €56m. Its combined ratio was 95.9 %.
Quinn administrators pushing for UK commercial return
The administrators for Quinn Insurance are applying to the Financial Regulator this week to re-open some commercial lines of business in the UK, according to reports.
Industry puzzled by EC Block Exemption changes
A seminar held at law firm Clyde and Co found that many insurers and brokers are unclear about what constitutes anti-competitive behaviour, following the recent changes to the EC’s Insurance Block Exemption Regulation, according to attendees at a seminar…
Munich Re Q1 profits rise
Munich Re has reported a quarterly profit of €485m up from €437m in Q1 2009 due to large gains from the disposal of investments but natural catastrophe costs “unusually high.”
Crawford appoints EMEA legal chief
Crawford & Company has named Christopher Pinney head of legal for its Europe, Middle East and Africa and Asia-Pacific regions.
Catlin confident Deepwater and Chile quake will have positive impact on pricing
Catlin this morning reported gross premiums written increased by 9% to US$1.3bn during the three month period ended 31 March 2010. Using constant exchange rates, gross premiums written rose by 5%.
Mapfre and Banco Do Brasil agree link-up
Spanish insurer Mapfre has formed a strategic alliance with financial institution Banco Do Brasil to form one of the largest insurance groups in the South American country.
Axa appoints new procurement boss
Régine Lucas has been appointed executive vice-president, procurement for the Axa Group.
Marsh warns European financial firms over insurance cuts
Broking giant Marsh has warned financial institutions against cutting back on their insurance despite the economic climate.
Axa UK motor book grows 31%
Axa has reported that property & casualty revenues were stable at $9.24bn (£7.83bn) compared to the first quarter of 2009 ($9.1bn).
Swiss Re profits up 22%
Profits at reinsurance giant, Swiss Re have risen, but figures show total premiums have fallen and property casualty unit income has dropped 69% on heavy cat losses.