Reinsurance
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Munich Re promises 2012 turnaround
Munich Re has claimed it has made a good start to 2012 and is aiming for a profit of around €2.5bn after announcing 2011 profit was slashed to €712m (2010: €2,430) in what it called "an extremely difficult environment".
French appointment builds Towers Watson European brokerage
Towers Watson has reinforced its position in the French reinsurance brokerage market with the appointment of Faiza Lefèvre as a senior broker.
Ahmed takes up new Aon Benfield MENA CEO role
Aon Benfield has appointed Ahmed Rajab as CEO, Middle East and North Africa.
Indian insurers delay reinsurance treaties as primary premiums harden
Indian general insurers have delayed finalisation of the reinsurance treaties for the next financial year, according to a new report.
US targets global insurers with growing Iran sanctions
US lawmakers plan to introduce legislation that would extend the remit of sanctions on trading with Iran to global insurers, according to Reuters.
Scor 'resilient' in the face of nat cats
French reinsurer Scor absorbed natural catastrophe losses of €138m from the Thai floods to record net income of €330m for 2011.
Aviva bemoans 'challenging' UK commercial sector as CEO Moss heralds 2011 progress
Aviva's UK general insurance continuing operations saw a decrease in operating profit and underwriting result in 2011 to £540m (2010: £567m) and £129m (2010: £184m) respectively. This was mostly as a result of the reduced contribution from Aviva Re.
QBE to launch global reinsurrance team under new brand
QBE is in the process of combining its worldwide reinsurance operations under a single management team which will come together under the unified brand QBE Re.
QBE expands Dubai office capabilities
QBE's Dubai branch is now offering GAP insurance and auto extended warranty on a reinsurance basis to cedants dealing with auto dealers and banks operating in the GCC market.
QBE launches new motor products in Dubai
Business insurance specialist QBE has started offering Guaranteed Auto Protection insurance and auto extended warranty on a reinsurance basis for cedants dealing with auto dealers and banks within the GCC market.
Arch acquires Ariel Re's Zurich-based credit business
Arch Capital Group is to acquire Ariel Re's Credit & Surety reinsurance operations based in Zurich.
Swiss Re targets European marine with two new teams
Swiss Re Corporate Solutions has expanded its marine insurance footprint in Continental Europe through the formation of two dedicated underwriting teams in Zurich and Genoa, which will be led by Patrizia Kern-Ferretti and Andrea Cupido, respectively.
Assurant makes senior European appointments
Assurant Solutions today announces the appointments of Graham Luckett as senior compliance officer for Europe and Robert Moorehead-Lane as European chief risk officer.
Premium rates set for Thai cat fund
The Thai government has settled on premium rates for the state-initiated disaster fund.
Willis appoints Rainbow MD for Willis Re Europe
Willis Re, the reinsurance arm of global broker Willis Group, has appointed David Rainbow to lead the company's European reinsurance business as managing director for Willis Re Europe.
PPOs up motor excess of loss reinsurance
Fear that periodical payment orders for accident victims create uncertain liabilities has led to reinsurers refusing to offer excess of loss cover to motor insurers, the FT reports.
JLT to reveal international underwriting ‘success’ in 2013
Footman James CEO will join Thistle in July to spearhead global roll-out of application.
Novae suffers £6m loss before tax in "torrid year" for general insurance
Specialist insurer Novae has reported an underlying loss before tax of £6m for the year to 31 December 2011 in a "torrid year for the non-life insurance industry" compared to £36.2m profit in 2010.
Hardy chairman blames 'challenging years' for £50m losses
Hardy Underwriting Bermuda chairman David Mann has bemoaned the past two "challenging years" for a loss before tax of £42.1m against the previous year's £10m profit.
India considers guarantees for Iranian oil
India's shipping secretary K Mohandas said on Tuesday that the country is considering sovereign guarantees for shipping and buying Iranian oil on a delivered basis, when EU sanctions on Iran come in to effect, according to Reuters India.
Munich Re transfers US hurricane and European windstorm risks to the capital markets
Munich Re has acquired coverage for US hurricane and European windstorm risks with a total volume of $75m from the special purpose insurer Queen Street V Re Limited, which in turn has placed a catastrophe bond for this amount in the capital markets.
Talent deficit could scupper financial services firms' growth plans
A serious talent shortage could derail the growth plans of financial services companies globally, according to PwC's latest CEO survey.
Swiss Re reports $2.6bn profit despite nat cats hitting P&C combined ratio
Global reinsurer Swiss Re exceeded analyst expectations to report net income of $2.6bn for the full year 2011.