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January 2011/4

  • London-listed (re)insurer Amlin has acquired UK household and commercial insurer JR Clare Underwriting Agencies (JCUA) for an undisclosed sum.
  • Lloyd's chairman Lord Levene has said that managing agents look set to spend some £300mn on Solvency II implementation, trumping the £250mn figure floated by his finance director Luke Savage earlier in the month.  
  • UK offshore domicile Guernsey has said that it currently has no intention of seeking Solvency II equivalence.  
  • Suncorp has notified reinsurers that it expects to receive gross claims of A$650mn (US$650mn) from the devastating flooding in Toowoomba and Brisbane earlier this month, based on an industry insured loss of A$2bn, The Insurance Insider has learned.
  • Bermuda-headquartered Lloyd's (re)insurer Hiscox has broken its silence on September's New Zealand earthquake by telling the market that it expects to incur claims of approximately £37mn ($58mn).
  • Willis Re A&H chief leaves for Axis; Lloyd's enters iPad age; Gallic giant PAI to offload broker CEP; AIG continues to redeem bailout; Cologne calling; Flagstone bags Housley; Willis appoints new Middle East head; JLT opens South African office; FSA freezes staff pay
  • Former American International Group (AIG) chief Hank Greenberg is set to go on trial on 2 May in a New York state lawsuit alleging he used bogus transactions to disguise the insurer's financial state.
  • A New York state appeals court has reinstated an antitrust lawsuit brought by Global Reinsurance Corp against Equitas.
  • Lloyd's general counsel Sean McGovern has praised the success of the Society's Solvency II lobbying efforts so far but warned that much work was still required.
  • The public authority that runs the Washington DC metro has sued Aon for negligence following a dispute following a train crash in June 2009 that killed nine people and seriously injured a number of others.
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  • Ryan Specialty Group has continued to build out its operations with the launch of a managing general underwriter for complex construction and property risks, Technical Risk Underwriters (TRU).
  • Guy Carpenter has hired a trio of new executives to form the core of a dedicated facultative team that will serve Spain and Portugal.
  • Independent London market broker BMS is poised to launch a new financial lines division later this year, The Insurance Insider can reveal.
  • US insurer Tower Group has built out its book of business with the acquisition of renewal rights on a portfolio underwritten by Navigators Group.
  • Navigators Group will take a 2010 fourth quarter charge of approximately $9.2mn after tax, the New York-headquartered firm revealed last week.
  • Financial magazine Barron's has focused attention on giant conglomerate Berkshire Hathaway by speculating that the company might break its 45-year run of withholding dividends.
  • London-listed (re)insurer Catlin Group has continued to build-out its US platform with the acquisition of a Wisconsin-domiciled admitted lines shell company from QBE for an undisclosed sum.
  • Lloyd's is concerned that the market will struggle to maintain profitability in 2011 as it wrestles the twin challenge of falling rates and diminishing investment yields, according to CEO Richard Ward.
  • Bermudian reinsurer Everest Re has parted company with Tom Jackson, the general manager and chief underwriting officer (CUO) of its London branch office, The Insurance Insider can reveal.
  • Marine and aviation (re)insurers are unlikely to face significant disruption from the European Union's sanctions against the Iranian regime, according to a Lloyd's market circular.
  • RSA shares shrugged off a profits warning last week despite the group admitting that its 2010 combined ratio targets will no longer be met.
  • UK retail broker Heath Lambert has caught the market's attention with an unusual nine-year insurance placement deal for the £15.9bn London infrastructure project Crossrail.
  • Aviation premium written in Lloyd's looks set to decline in 2011 as the aerospace market responds to a series of loss-making years, The Insurance Insider revealed last week.