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  • The dispute at the heart of the potential building of a new high-volume low-value claims processing service (VCS) for the Lloyd's market appears to have found a possible compromise solution
  • Tawa subsidiary Hamburger Internationale Re (HIR) has purchased parts of a run-off portfolio from Austrian insurer Oberösterreichische Versicherung (OV), the firm announced on 28 May.
  • IAG's up-for-sale UK motor business may require a run-off solution to attract buyers to the underperforming business, according to market sources.
  • Lloyd's syndicates are predicting a 1.57 percent mid-point loss on capacity in the first indication of results for the catastrophe-laden 2011 year of account, while showing a modest improvement on the prior year's results
  • Swiss Re is set to book a US GAAP loss of $900mn for the second quarter from the sale of its life and health legacy segment US Admin Re (Realic) to Prudential of the UK's US subsidiary Jackson National Life Insurance.
  • Run-off specialist Randall & Quilter (R&Q) has been ordered to pay Ace Property and Casualty Insurance for its asbestos-related claims, after the legacy reinsurer tried to argue over the "loss" and "expense" terminology in the policies.
  • The Office of Fair Trading (OFT) has accused UK motor insurers of competing in a "dysfunctional" way that pushes up premiums by £225mn a year, and said it expects to refer the market to the Competition Commission for investigation.
  • Despite three storms already making headlines ahead of the official 1 June start to the 2012 North Atlantic hurricane season, weather forecasters continued to predict a below-average-to-average season
  • The US House of Representatives voted in a 60-day extension for the National Flood Insurance Program (NFIP) to follow its 31 May expiry date.
  • More than a third of UK insurers are concerned the European industry will fail to meet the 1 January 2014 implementation deadline for Solvency II despite the date already having been pushed back, according to Deloitte's annual survey.