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Ace books solid $663mn Q4 operating profit despite Brandywine charge
Shares in Ace Ltd are expected to react positively tomorrow after the (re)insurer shrugged off $155mn of Q4 cat losses to book solid after-tax operating profits of $663mn for the period - excluding net realized gains or losses - just 6 percent down on the same quarter of 2010.
01 February 2012
Lloyd’s CEO: Darwin 'no comparison' with Kinnect
Lloyd's CEO Richard Ward has reassured the London market that Project Darwin should not be compared to the ill-fated electronic placement initiative Kinnect, which cost the Lloyd's market at least £70mn before it was finally killed off in early 2006.
31 January 2012
RKH acquires Caribbean D&F team from Tysers
RK Harrison and Tysers have reached an agreement for the latter's Caribbean direct and facultative (D&F) property team to join Elliot Richardson's burgeoning facultative unit, The Insurance Insider can reveal
31 January 2012
Willis hires global solutions MD from Marsh
Willis has announced that Bruce Trigg will join its global solutions team as managing director on 1 April. Based in Frankfurt, Bruce will report to Alistair Lester, CEO of global solutions (international).
31 January 2012
Run-off body ARC proposes name change
Legacy trade body the Association of Run-Off Companies (ARC) is to change its name to the Insurance and Reinsurance Legacy Association (IRLA).
31 January 2012
Lloyd’s CEO warns 2011 could bring record major loss burden
Lloyd's CEO Richard Ward has tried to manage expectations ahead of the market's full-year results release in March by warning that 2011 could end up being Lime Street's worst ever year for major losses
31 January 2012
Fitch downgrades Mapfre on ‘intrinsic link’ to Spanish sovereign
Fitch Ratings has downgraded the insurer financial strength (IFS) ratings of Spanish (re)insurance group Mapfre and its core operating subsidiaries by one notch from A+ to A.
31 January 2012
China IPOs to cost D&O market $250mn+
Underwriters of directors' and officers' (D&O) policies covering the IPOs or reverse takeovers (RTOs) of Chinese companies listing in the US could face claims of more than $250mn, The Insurance Insider understands
31 January 2012
Contingent commissions to agents expected to rise 12% in 2012
Contingent commissions paid by property casualty (P&C) insurers to agents are expected to be 12 percent higher in 2012 than 2011, according to a study from research firm Ward Group.
31 January 2012
Travelers wins $420mn asbestos reinsurance dispute
A New York Court upheld a $420.4mn ruling in favour of Travelers last week over reinsurance payments due to the insurer over complex asbestos related cases dating back decades.
30 January 2012
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