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Allianz Ireland downgraded on sovereign rating action
Allianz PLC, the Irish subsidiary of global insurance giant Allianz, has had its financial strength rating downgraded to A- from A by S&P to reflect the corresponding downgrade for Ireland's sovereign debt.
03 February 2011
Ryan Specialty launches US casualty MGU
Ryan Specialty Group has launched a managing general underwriter (MGU) for US excess casualty business - its second MGU launch in the last fortnight.
03 February 2011
Oxford hires PI duo after cash injection
Oxford Insurance Brokers, the UK subsidiary of Randall Goss-led US Risk, has recruited Tony Coleman to spearhead its bid for growth in the UK wholesale professional indemnity market following a cash influx from BP Marsh last year.
03 February 2011
Ace braced for further cat losses after $400mn hit in 2010
Global specialty insurer Ace has revealed a threefold increase in pre-tax catastrophe losses for 2010 to more than $400mn, along with guidance that this figure for 2011 already stands at $370mn.
03 February 2011
Duperreault: ‘Market psyche' will turn market
The catalyst for a turn in the pervasive soft market conditions of the insurance underwriting cycle does not have to be a major event, according to MMC chairman and CEO Brian Duperreault.
03 February 2011
Rebounding Mapfre shrugs off Chile hit
Spain and Latin America's largest (re)insurer Mapfre achieved an 8.7 percent increase in revenues for full year 2010, despite a EUR 106.1mn hit from the Chilean earthquake.
03 February 2011
QBE linked with Balboa acquisition talks
Australian insurer QBE is in advanced negotiations with Balboa over a potential takeover bid for around $2bn, according to reports.
03 February 2011
WR Berkley full-year net income up 45%
US-based casualty specialist WR Berkley's full-year net income rose by 45 percent to reach $449mn as the firm bounced back from heavy investment losses in 2009
03 February 2011
Executive Liability Review 2011
It pains me to watch, in agonising slow motion, the impending carnage in the executive liability sector as capacity continues to flood a market that is turning its back on outstanding claims.
03 February 2011
Large reserve releases drive Markel Q4 earnings leap
Markel Corp posted a 97 percent combined ratio for 2010, with large prior-year reserve releases in the final quarter enabling the firm to beat Wall Street earnings expectations
03 February 2011
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