Reinsurance
Former Indie deputy MD Condon passes away
The former Independent Insurance deputy managing director Philip Condon, pictured right, passed away at the weekend aged 63.
Hardy suspends Singapore underwriting amid refocus on US risk
Hardy Underwriting is refocusing its property treaty business on US risk and away from the international business that brought catastrophic losses over the past two years.
Global non-life premiums expanded 1.9% in 2011
Global reinsurance premiums declined 0.8% in real terms in 2011, according to Swiss Re's latest Sigma study.
Emerging markets drive global premium growth
Economic growth in emerging markets and selective rate increases in developed markets helped drive a 1.9% increase in global non-life insurance premiums in 2011.
'Unresolvable differences' forces Axis Capital chairman to step down
Bermudian reinsurer Axis Capital's non-executive chairman, John Charman has stepped down after he was unable to "resolve differences" with the board of directors over "his understanding of the role and responsibilities of the chairman position".
Disagreement sees "house guest" Charman axed as ex-Axis chairman Butt reinstated
Axis Capital has appointed board member and former chairman Michael Butt as non-executive chairman of the board of directors, succeeding founder and former chairman John Charman.
Brit offloads legacy liabilities to Riverstone
Brit Group has agreed the sale of its Financial Services Authority-regulated Brit Insurance Limited to Riverstone Group.
Japan to allow sovereign guarantees for tankers
Japan's cabinet plans to approve a bill giving sovereign guarantees for the nation’s oil tankers, circumventing sanctions aimed at stalling Iran's nuclear programme, according to Bloomberg.
Aon estimates €5bn loss from Italian quake
The magnitude 6.0 earthquake in Italy's Emilia-Romagna region last month caused an estimated €5bn in economic losses, according to Aon Benfield's monthly global catastrophe report.
Ex-Willis man Mikrut takes up JLT Re executive VP role
JLT Reinsurance has appointed Henry Mikrut as executive vice president.
Mapfre Re downgraded amid fears over future of Spanish economy
Mapfre Group’s reinsurance arm’s issuer credit rating has been downgraded by AM Best Europe following an assessment of the consolidated group’s financial strength and ongoing risks in the Eurozone.
Willis Re appoints regional director for APAC and ME
The reinsurance arm of broker Willis Group today appointed Kieran Angelini-Hurll as regional director of its Indian Sub-Continent, Middle East, North Africa and Turkey operations.
Barnier "hopeful" of political agreement on Solvency II
Despite "rapid progress" being made, Solvency II may not apply from 1 January 2014 if political consensus is not reached in the next few weeks, according to Michel Barnier.
Willis restructure aims to integrate "siloed and independent businesses"
Willis Global, the reinsurance, specialties and wholesale arm of Willis Group, will implement a series of "client-centric" structural changes aimed at growing the premiums placed annually through its three core segments.
Scor and key subsidiaries upgraded to A+
French reinsurer Scor has had its insurer financial strength rating upgraded from A to A+ by Standard and Poor's along with core subsidiaries.
Bangladesh reinsurer SBC inroduces liability cap
Sadharan Bima Corporation, Bangladesh's only state-owned reinsurer, has put a cap on its liabilities following a host of recent disaster losses.
Olympics cancellation could cost $5bn, says Munich Re
Munich Re has warned that cancelling the London 2012 Olympics in the event of a terrorist strike or natural disaster would cost the insurance industry as much as $5bn (£3bn), according to The Telegraph.
Munich Re pulls Indian reinsurance support over premium concerns
Munich Re has almost pulled out of India entirely, it has been reported.
ISA 2012: Chinese cool on Western insurance brands and MNC employment
The outlook for the Chinese insurance sector continues to be attractive, but international players are challenged on many fronts, such as limited geographical reach and restrictions over the way they conduct businesses.
Admiral investors advised to “sell” as analysts question future growth
Admiral stock has been branded too expensive despite the motor insurer being highly profitable in an “inherently unprofitable” industry.
Novae Zurich reinsurance CEO and CUO quit
Two bosses at Novae Zurich's reinsurance division have resigned.
Miller hires Asia treaty reinsurance specialist
Broker Miller has recruited south east Asia treaty reinsurance specialist Chin Kim Sun from Aon Benfield.
Two hurricanes predicted to strike US in 2012
Hurricane activity this season is expected to be close to average, with scientists predicting four tropical storms including two hurricanes to strike the US between June and November.
Japan may provide cover for nation's Iran crude tankers
Japan's government may provide cover for tankers bringing in Iranian oil once a European Union ban on insurance takes effect in July, Reuters reported on Wednesday.