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Aon makes first acquisition since London HQ announcement
Aon has acquired an 80 percent stake in Spanish insurance broker GDS in a deal that could foreshadow further transactions using the firm's cash surplus once its relocation is complete later this year.
24 January 2012
US P&C sector to underwrite at a loss in 2012/13: Conning
Despite forecasting "modest" premium rate increases for 2012 and 2013 and improving combined ratios, the US property casualty industry is expected to underwrite at a loss for the next two years, according to research firm Conning.
24 January 2012
Arch upgraded to A+ by AM Best
Bermudian Arch has been upgraded to A+ by AM Best for its "superior" operating performance and "excellent" capitalisation.
23 January 2012
Montpelier and Mitsui approach up-for-sale Hardy
Cat specialist Montpelier Re and Japanese big three member Mitsui Sumitomo are among the companies that have expressed interest in acquiring the up-for-sale Lloyd's (re)insurer Hardy Underwriting, The Insurance Insider can reveal.
23 January 2012
Run-off sector left hanging by Solvency II vagueness
Europe's forthcoming Solvency II regime is widely predicted to be a boon for the legacy management sector, as (re)insurers look to spin off discontinued books to professional management in order to avoid capital charges.
23 January 2012
More schemes expected from continental Europe
The increased focus on run-off portfolios created by the incoming Solvency II regime (see above story) will lead to greater use of schemes of arrangement by continental (re)insurers, according to PricewaterhouseCoopers' scheme tsar Dan Schwarzmann.
23 January 2012
Disabled US employee sues Munich Re
Elaina Apatoff, a sufferer of asthma and pulmonary hypertension, has sued Munich Re in the US after the reinsurance giant dismissed her from her job.
23 January 2012
UK brokers could get premium liability relief
Brokers will no longer be liable to pay the premium in the event that an insured becomes insolvent or refuses to pay, if proposed changes by the UK Law Commission are accepted.
23 January 2012
Converium class action opens door for non-US class action suits
A Dutch court has sanctioned a securities class action suit for investors in the late-2001 carve-out of Zurich Financial Services (ZFS)' reinsurance arm Converium, the first collective settlement to be agreed on a transatlantic basis.
23 January 2012
RBS insurance units slapped with £2.2mn FSA fine
Royal Bank of Scotland (RBS)'s newly restructured insurance operation has been fined £2.2mn by the Financial Services Authority (FSA) for failing to prevent documents submitted to the UK regulator from being improperly altered.
23 January 2012
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