United States of America (USA)
US P&C rates rise after six soft years
US Composite P&C rates have finally risen after six years and eight months of soft market pricing, according to the Dallas-based insurance exchange Market Scout.
Dual strikes Aspen and Pembroke capacity deals
Specialist underwriting agency Dual Corporate Risks has entered into a strategic partnership with Aspen Managing Agency (Syndicate 4711) and Pembroke Managing Agency (Syndicate 4000) to provide additional capacity for directors' & officers' liability.
US reinsurers report worsening COR
The Reinsurance Association of America has reported that 19 US property-casualty reinsurers wrote $18.3bn of net premiums during the nine-months ended 30 September 2010 compared to $18.7bn for the same period in 2009.
Howden announces two new hires
Howden Insurance Brokers has appointed Karen Kutger and Dawn Sequeira to its wholesale and reinsurance division.
Perkins Slade rings the changes
Despite a relatively quiet quarter for broker recruitment, Perkins Slade named three new directors this week. The intermediary was not the only firm making changes, with Jelf and Willis also naming new starters. Among insurers I was a bust seven days for…
Stonepoint to reduce interests in Cunningham Lindsey and Lockton
Global claims management group Cunningham Lindsey and broker Lockton International are both looking at options that may see private equity giant Stonepoint Capital divest or reduce its interests in the groups, Post understands.
Editor's comment: Oxygen offers lessons for all
The ‘breath of fresh air’ puns were never too far away when the London market broker Oxygen was launched in 2004 with bullish enthusiasm.
Towers Watson hires five to make telematics programme global
Towers Watson has made five senior appointments to help roll out a programme that aims to support insurers in creating products priced according to the driver’s behaviour.
Hiscox cuts GWP in favour of profit
Hiscox has said its gross written premiums year on year reduced in the first nine months of the year by 3.0% to £1,169.5m (2010: £1,205.3m) as the group maintained underwriting discipline and walked away from poorly rated risks.
EU & US conduct tests for cyber attacks in 'Cyber Atlantic 2011'
The first test of trans-Atlantic responses to cyber incidents, including cyber attacks, has taken place in Brussels.
Strong US ties help rate Axa's entities as 'AA-'
Axa has had all its entities' insurer financial strength ratings affirmed at 'AA-' by Fitch Ratings.
US expected to achieve Solvency II equivalence
The US solvency regime for insurers is expected to achieve equivalence with the European Union's Solvency II requirements according to Fitch Ratings.
McGovern named on US Treasury insurance committee
Lloyd’s North America director and general counsel Sean McGovern has been appointed to the US Treasury’s committee on insurance.
AIG reveals $972m payment to US Treasury after MetLife deal
AIG has announced that it had paid the United States Department of the Treasury $972m to reduce the liquidation preference on one of the special purpose vehicles created as part of the government's assistance to AIG.
Rina to reach Mexico in 36 hours
Hurricane Rina is expected to hit popular tourist destination Mexico in the next 36 hours.
Market moves: All change at Zurich and Willis
Following a slow period, large insurers made a number of key appointments this week, including major moves at Zurich, Allianz and RSA.
NW England bodily injury claims largest in UK and America
The Institute and Faculty of Actuaries has welcomed the government decision to ban referral fees after its research found claims management companies (CMCs) pocketed almost £500m last year.
Zurich names chief underwriting officer for North America
Zurich has announced Mary Merkel is to replace Time Carter as regional chief underwriting officer for the insurer in North America, with immediate effect.
In series - Lloyd's & London Market: An eye on the future
Lloyd’s and the London market has a fantastic reputation and its inherent creativity and principle of continuous self-improvement should be feared by its competitors.
Willis teams with science academy on event management
Global insurance broker Willis and the leaders of the US National Academy of Sciences have pledged to continue to explore activities aimed at increasing the physical and financial resilience of populations to extreme events.
Coface downgrades forecasts
Trade credit insurer Coface has downgraded its forecasts for the US and much of Europe claiming financial market volatility “has spread to the real economy”.
Bermuda is US’s biggest insurance ally
Business Bermuda’s 2011 Economic Impact Study claims that for the first time ever Bermuda became the most important international provider of insurance services to the US last year.
Insurance Insight weekly update live
Insurance Insight’s weekly update is live with an article on how European insurers will be affected by US Asbestos, Pollution and Health Liabilities when Solvency II is implemented; and a guest blog on brokers putting business out to auction.
European insurers and US Asbestos, Pollution and Health liabilities
European insurers may not currently be focused on US Asbestos, Pollution and Health liabilities but according to John Winter they need to act now to avoid problems as Solvency II is implemented.