United States of America (USA)
AIG approves $380m bonuses in 2010
AIG has approved a plan to award executives $380m based on their performance according to newswire Bloomberg.
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).
Liberty Mutual net income soars
US insurance giant Liberty Mutual has reported net income of $315m for the three months ended March 31, 2010 an increase of $293m over the same period in 2009 despite $411m catastrophe losses in the quarter.
New Jersey targets captive and reinsurance markets
New Jersey Insurance Commissioner Tom Considine has praised new legislation that would grow the reinsurance market and create a captive insurance market in the state.
Fairholme increases AIG stake
Fairholme Capital Management, the investment firm run by Bruce Berkowitz, has raised its bet on the recovery of AIG by increasing holdings to 25.5 million shares, following the release of the insurance giant’s first quarter results.
Gulf spill to harden US energy rates - MarketScout
The premium and corresponding rates for all lines of commercial property and casualty business in the United States were down 4% for the month of April 2010.
Johnston Re cat bond completed
Johnston Re, the US hurricane catastrophe bond for the North Carolina Joint Underwriting Association (NCJUA) and the North Carolina Insurance Underwriting Association (NCIUA), closed on Monday at $305m.
Cunningham Lindsey sets up global power group
The loss adjuster announces formation of global initiative to handle major operation loss involving a variety of power related risks.
Zurich reports increased first quarter profits despite high volume of weather and catastrophe-driven events
Zurich has reported a business operating profit of $1.3 bn (£864m), an increase of 19%.
Willis Risk Solutions adds to senior team
Willis has confirmed George Haitsch has been appointed as practice leader for Willis Risk Solutions, the business unit that serves the broker’s large, complex corporate clients in North America.
Mapfre Q1 results decline
Mapfre achieved in the first quarter of the year a net attributable result of €273.1m, 4.8% less than in the same period of the previous year, “as the extraordinary results obtained in 2009 by the group’s parent holding company were not repeated.”
Bowring Marsh names global business development boss
International placement broker Bowring Marsh has named George Jones as its first ever global head of business development.
QBE outlines refinancing arrangement
QBE has launched an issue to institutional investors of 20 year zero coupon senior convertible securities raising $850m ($1.31bn).
PCI weighs in on Senate regulatory reform debate
The Property Casualty Insurers Association of America (PCI) has voiced concerns over the reform of payments into resolution funds.
Transatlantic Q1 results dip
Transatlantic has reported net income of $16m for the first quarter of 2010 compared to $75m for the first quarter of 2009.
Allstate report Q1 net income upswing
Allstate said that net income in the first three months of the year rose to $120m from a loss of $274m this time last year.
Willis international arm hit by "weak" UK and Ireland
Willis has reported net income from continuing operations for the first quarter of 2010 was $204m, compared with $192m in the same period a year ago.
Willis international arm hit by "weak" UK and Ireland
Willis has reported net income from continuing operations for the first quarter of 2010 was $204m, compared with $192m in the same period a year ago.
Deepwater Horizon oil rig continues leaking oil as claims rise
Owner BP expects its self-insurance and captive insurance to cover costs associated with a massive clean-up effort, which has been said to be costing $6m a day.
Assurant purchases $150m reinsurance through cat bonds
Assurant subsidiaries have entered into reinsurance agreements providing for $150m in multi-year, fully collateralized reinsurance from Ibis Re, a special purpose reinsurance company domiciled in the Cayman Islands.
Montpelier appoints US CEO
Short-tail (re)insurer Montpelier Re has named Dick Nenaber CEO of Montpelier US Insurance Company (MUSIC).
AIG “relatively stable” – US government
AIG has remained in “relatively stable” financial shape since September last year, the United States Government Accountability Office said.
W R Berkley swings to Q1 profit
W R Berkley has reported net income for the first quarter of 2010 of $119 compared with a loss of $20m for the first quarter of 2009.
US financial reforms stumble in Senate
The most sweeping overhaul of US financial services rules since the Great Depression stumbled in the Senate on Monday as Republicans united to prevent action on the bill.