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Only the best allowed to opt-out of Lloyd’s volume claims service
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
31 May 2012
Tawa’s HIR completes liability and marine run-off deal
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.
31 May 2012
IAG sale ‘could require legacy solution’
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.
31 May 2012
Lloyd’s syndicates forecast second consecutive loss year
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
31 May 2012
Swiss Re takes $900mn loss on US legacy sale
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.
31 May 2012
R&Q to pay Ace after ‘loss’ definition defence fails
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.
31 May 2012
OFT calls for probe into UK motor insurers
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.
31 May 2012
Early storms belie ‘near normal’ 2012
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
31 May 2012
Obama to approve 60-day NFIP extension
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.
31 May 2012
UK fears grow over Solvency II deadline
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.
31 May 2012
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