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  • Suncorp has released an update on its cat reinsurance renewal, confirming many of the details revealed by The Insurance Insider over the past month.
  • The Lloyd's Market Association (LMA) is rationalising the market's model binding authority agreements.
  • In an apparent re-run of the group's abortive first sale process in 2008-09, UK media reports that private equity houses are again circling Royal Bank of Scotland (RBS)'s personal lines insurance group Direct Line
  • Eleven global banks linked to the Libor rate-fixing scandal could face more than $15bn in aggregate regulatory fines and settlement of litigation brought by investors and counterparties, according to estimates from Morgan Stanley.
  • There are fears that the European Union may have to push back the January 2014 launch of its Solvency II capital regime after talks on a final draft of the new framework failed ahead of the start of the EU parliamentary summer break.
  • Five outbreaks of US tornadoes accounted for almost half of the $12bn tally of global natural catastrophe losses hitting (re)insurers in the first half of 2012.
  • The Federal Reserve Bank of New York (FRBNY) has requested bids for 20 securities contained within the Maiden Lane III portfolio in a move that could herald the completion of the bank's attempt to wind down its bailout of American International Group (AIG).
  • Catastrophe risk modeller Eqecat is set to launch a complete and fundamental overhaul of its modelling software with the launch of RQE in October this year.
  • Japanese agricultural mutual Zenkyoren has increased its ground-up loss notification for last year's Tohoku quake from 890bn yen ($11.2bn) to 955bn yen ($12.0bn) to exhaust its vast open market cat programme
  • A US congressman has accused the US National Association of Insurance Commissioners (NAIC) of acting beyond its powers, and urged the newly created Federal Insurance Office (FIO) to review its role.