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  • The MH17 disaster could cost the aviation market in the region of $500mn-$600mn, according to early estimates from aviation market sources
  • It was another tough five days for P&C (re)insurance stocks last week, as The Insider 30 index of share prices retracted by 0.9 percent overall.
  • The International Association of Insurance Supervisors (IAIS) has launched a public consultation on its proposed basic capital requirements for global systemically important insurers (G-SIIs), despite reservations from the insurance industry.
  • A number of Tower Group shareholders are suing the firm, its departed CEO Michael Lee and several of its directors and officers for allegedly neglecting their fiduciary duty to investors.
  • The US Senate last week (17 July) passed legislation to extend the Terrorism Risk Insurance Act (Tria) by seven years, in a move that has been widely welcomed by the P&C insurance industry.
  • The government of Gibraltar has received confirmation that the UK Treasury will sanction Part VII asset transfers to (re)insurers based on the Rock.
  • Allstate halved the top traditional layers of its nationwide catastrophe reinsurance programme for 2014 after placing the $750mn Sanders Re cat bond this year, according to recent disclosures from the insurer.
  • Four of the top 10 specialist insurance-linked securities (ILS) managers kept their assets under management (AuM) stable in the first half of 2014, but the group of leading capital providers still added $2bn to its circa $38bn combined asset base.
  • Despite coming under pressure from various headwinds, London-listed carriers still look set to deliver a fairly solid performance for the first half of 2014 given the moderate catastrophe losses so far this year, but profits overall will likely be down.
  • RLI was yet another beneficiary of the buyers' reinsurance market during the second quarter, as the US specialty insurer was able to obtain significant cost savings on its reinsurance spend.