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February 2011/3
  • Ryan says no to reinsurance, retail and London wholesale broking
    Aon founder Patrick Ryan has vowed that his start-up Ryan Specialty Group will avoid retail, reinsurance and London-market wholesale broking.
    14 February 2011
  • THB’s higher margins offset by impairment costs
    Independent London market (re)insurance broker THB group saw healthy 2010 broking profits undermined by losses in its UK retail business and significant impairment costs.
    14 February 2011
  • Brown & Brown endures organic revenue fall
    US retailer Brown & Brown registered a 3.3 percent decline in organic revenues for the final three months of 2010.
    14 February 2011
  • Strong earnings for Willis as cost review unveiled
    Willis posted sound group-wide fourth-quarter earnings including a strong London market performance, but its numbers were overshadowed by the announcement of a new cost review as its deferred compensation scheme begins to eat away at margins.
    14 February 2011
  • Queensland flood claims reach A$2bn
    Claims from the flooding in Queensland after Christmas and in the New Year have now breached the A$2bn threshold, the Insurance Council of Australia (ICA) said last week.
    14 February 2011
  • Beazley returns $62mn after Hardy bid
    Beazley Group has returned $62mn to its shareholders since it walked away from takeover negotiations with Lloyd's rival Hardy in mid-December.
    14 February 2011
  • Chartis strengthens reserves by $4.1bn
    American International Group's (AIG) P&C (re)insurer Chartis confirmed fears of under-reserving when it said last week that it will add $4.1bn to its loss reserves to protect it against adverse development in long-tail casualty classes.
    14 February 2011
  • Zurich net income falls 13%
    Global insurance giant Zurich Financial Services reported a 13 percent year-on-year drop in net income to $3.4bn for 2010, led by falling returns from its general insurance division.
    14 February 2011
  • IAG profits again hit by Equity Redstar losses
    Insurance Australia Group (IAG) has issued a profits warning covering the six months to 31 December 2010 after it suffered a further A$121mn loss from Lloyd's motor insurer Equity Redstar.
    14 February 2011
  • UK and China deals help boost Scor’s 1 January revenues
    Scor increased its gross written premium for its 1 January renewals by 13 percent to EUR2bn as the French reinsurer continues to outgrow its rivals.
    14 February 2011
  • Freddie and Fannie proposals could reshape US cat market
    The Obama administration has laid out proposals for winding down mortgage giants Freddie Mac and Fannie Mae that could increase demand for earthquake (re)insurance and reshape the wider US cat market.
    14 February 2011
  • Validus underwriting profits slide despite reserve releases
    Underwriting returns deteriorated by 46 percent to $242mn for Validus in 2010, as it felt the impact of above average catastrophe losses.
    14 February 2011
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