April 2009/3
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Catlin Group is launching a new Lloyd’s Syndicate and has opened a Guernsey branch office to write term life (re)insurance business.
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April's reinsurance renewals for life and personal accident (PA) reinsurance saw the average rate on line decline by 3.8 percent, and in some cases there were falls of as much as 10 percent.
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The value of fraudulent UK insurance claims rose 30 percent to £730mn in 2008, while the number of fraudulent claims rose 17 percent against 2007 to 107,000, according to figures released by the Association of British Insurers (ABI).
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American International Group (AIG) agreed last week to sell its 21st Century US personal auto business to Zurich Financial Services for $1.9bn, representing the biggest insurance disposal in its asset sale programme so far.
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Bermuda-headquartered insurer Hiscox has re-jigged its group reporting structure as it continues its US expansion.
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German insurance giant Allianz's Blue Fin II cat bond – which increased in size to $180mn earlier in the month – was over-subscribed at its close last week (14 April).
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Talbot Underwriting has become the latest Lloyd's (re)insurer to reveal a hike in 2009 stamp capacity, confirming a 23 percent rise to £400mn on its Syndicate 1183, as it looks to take advantage of what it claims are rising rates across its portfolio.
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Capital is willing to pour into the catastrophe reinsurance sector, but only when 30 percent+ returns become a realistic prospect once again.
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Bliss & Glennon, a Californian-based wholesale broker inherited by Willis Group as part of its $2.1bn acquisition of Hilb Rogal & Hobbs, was sold by the international broker last week.
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Ratings agency Moody's has revised its outlook for the US commercial lines insurance sector to negative from stable.
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Last year's apparently freakish total of 1,700 US tornadoes - which cost the industry more than $10.5bn in insured losses - may not be so unusual after all.
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Willis Group estimates that directors’ and officers’ (D&O) losses as a result of claims relating to the credit crunch and sub-prime will total $5.9bn, with $5.3bn of that attributable to settlement and defence costs.
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