Reinsurance
Swiss Re nearly halves Q1 COR to 85%
Swiss Re has reported "strong underwriting, good investment performance and lower than-expected major natural catastrophe claims" for a "very strong first-quarter" net income of $1.1bn compared to a loss of $665m for Q1 2011.
Lancashire profits soar despite $34m Costa Concordia claims costs
Lancashire Holdings has reported Q1 gross written premiums up 36% to $234m (2011: $172m), and said that pre-tax profit was up more than fivefold to $46.5m (2011: $8.4m), despite Costa Concordia claims totalling $34.1m.
Adverse April conditions wreak havoc across the globe
Severe weather conditions across central and southern sections of the US last month have caused upwards of $1bn (£620m) in insured losses, according to Aon Benfield's Global Catastrophe Recap report.
Diversification key to favourable ratings for mutuals
The unique characteristics of mutual insurers mean that some are being encouraged towards diversification by regulators and rating agencies, according to a report by Willis Re.
Fitch affirms Coface's 'AA-' IFS rating
Credit insurer Coface's major group insurance entities have had their 'AA-' IFS rating and 'A+' IDR ratings affirmed by Fitch.
Argo recruits space risks specialist from AGCS
Argo International has appointed Antoine Bavandi as space risks underwriter for Argo Assurances, the group's Paris-based underwriting platform for speciality products including aviation and space.
Miller hires North Asia reinsurance specialist
Miller has enhanced its North Asia reinsurance broking capabilities by appointing Gao Zu Biao who will be based in its Hong Kong office.
Canopius makes play for Omega in bid to grow PE-backed Lloyd’s insurer
Canopius chairman Michael Watson has acted on ambitions to grow his private equity-backed Lloyd's insurer, with a £164m takeover of struggling Omega in a deal that sees a slice of the business sold to US insurer Tower Group.
AAOIFI plans reform of takaful standards
Khaled Al Fakih, the new secretary-general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, outlined plans for a sweeping review of its guidelines in an interview with Reuters.
Novae posts 6% jump in GWP
Novae has reported a gross written premium of £231.1m in its Q1 results representing a 5.7% increase on last year (2010: £219.7m).
First quarter of 2012 sees record for cat bonds
There was a record issuance in the catastrophe bond market in the first quarter of 2012, with eight new non-life issues providing more than $1.3bn of risk capital, according to the latest Insurance-Linked Securities Market Update from Willis Capital…
Willis Re appoints Welsch as executive director
Willis Re has named Andrea Welsch as executive director effective from 28 May.
Indian insurer will provide liability cover for tankers carrying Iranian crude
State-owned Indian insurer General Insurance Corp of India will step forward to provide third-party liability cover of up to $50m for ships bringing Iranian crude oil from Iran, according to reports.
IRDA asked to relax branch opening rules in rural areas
India's government has asked the country's insurance regulator to be more lenient when applying branch opening norms in rural areas in the hope that the presence of more insurance firms will increase insurance penetration.
Reinsurers weakened financially by 2011 catastrophes
Reinsurers are exposed to further major catastrophe losses during 2012, according to Fitch.
'Encouraging' Aspen Q1 results affected by Costa Concordia
Aspen has reported Q1 net income after tax of $78.7m (£48.6m), leading chief executive Chris O'Kane to describe his firm's early results as "encouraging" despite insurance results being affected by the sinking of the Costa Concordia.
Mediobanca execs resign from Generali board
Two board members of Italian insurer Assicurazioni Generali have resigned from their posts, ahead of a new law which limits cross-board membership of rival financial services institutions.
Nearly 80% of Islamic firms created a risk department in the past five years
The number of Islamic financial institutions employing dedicated risk managers has increased greatly since 2007, according to Deloitte Middle East's first Islamic Finance Risk Intelligence report.
Free webinar: The property and casualty market in south east Asia
Post and Insurance Insight in conjunction with the Chartered Insurance Institute recently held a free webinar on the property and casualty insurance markets in south east Asia.
Ace appoints new leaders of UK and Ireland Retail
Ace Group has promoted a number of senior staff within its Europe, Middle East and Africa region.
Japan discusses tanker cover for sanctions-hit ships
The Japanese government may yet step in to to compensate for the insurance shortfall faced by tankers carrying Iranian oil.
Catlin given the go-ahead for Beijing office
Lloyd's reinsurer Catlin Group has been granted approval by the Chinese Insurance and Regulatory Commission to open a wholly owned representative office in Beijing.
Catlin to open Beijing office
International speciality property and casualty insurer and reinsurer Catlin has been granted approval by the China Insurance Regulatory Commission to open and operate a wholly owned representative office in Beijing.
Chubb's A++ financial strength rating affirmed
AM Best has affirmed the financial strength rating of A++ (Superior) and issuer credit rating of AA+ for the Chubb Group and its property/casualty members.