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Xchanging sees insurance profits flat
Xchanging, the back office provider to the London market, said its 2008 insurance revenues and profits were flat as greater process efficiencies were largely absorbed by one-off investments and the loss of some business support income.
02 March 2009
RBSI produces record profits for state-backed parent
The Royal Bank of Scotland's (RBS) general insurance business (RBSI) produced record operating profits of £780mn in 2008, justifying its decision to rule out a sale of the well-regarded unit after a lengthy auction process failed to elicit a knockout bid.
02 March 2009
Hardy gears up for expansion with £40.3mn capital raise
Hardy Underwriting has become the latest Lloyd’s insurer to undertake capital raising measures with a £40.3mn placing and open offer it says will allow it to take advantage of opportunities from improving market conditions, as it prepares to underwrite th
02 March 2009
Buffett warns on Govt bond ‘bubble’
Those making the annual pilgrimage to the Berkshire Hathaway website for chairman Warren Buffett's letter to his shareholders were treated to a vintage exhibition of Buffettology, as the sage of Omaha warned against the "extraordinary" rush out of corpora
02 March 2009
Guy Carpenter snaps up rival Collins
Guy Carpenter has agreed a deal to buy its smaller rival reinsurance broker John B. Collins (Collins).
02 March 2009
AIG break-up plan confirmed with potential P&C IPO
"AIG is executing one of the most extensive corporate restructuring programmes in history at a time when the global economy and capital markets are in turmoil."
02 March 2009
New $30bn lifeline for AIG; P&C restructure paves way for IPO
The US government has once again come to the rescue of American International Group (AIG) with a fresh $30bn lifeline for the ailing insurance giant as part of a package that includes spinning off part of its property and casualty business in an IPO.
02 March 2009
Berkshire Hathaway makes $2.8bn underwriting profit; Ike cost $900mn
2008 was the worst year in Berkshire Hathaway’s 44-year history with the investment powerhouse recording an $11.5bn fall in net worth as its stakes in sectors as diverse as finance, retail, manufacturing and energy were all badly hit.
02 March 2009
Dinallo 'incredibly confident' in insurer solvency
An "obsession with solvency" among US state regulators has led the insurance industry to fare the best in the recent financial debacle, according to Eric Dinallo, superintendent of the New York insurance department.
02 March 2009
Berkshire Hathaway makes $2.8bn underwriting profit; Ike cost $900mn
2008 was the worst year in Berkshire Hathaway's 44-year history with the investment powerhouse recording an $11.5bn fall in net worth as its stakes in sectors as diverse as finance, retail, manufacturing and energy were all badly hit.
02 March 2009
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