Tag: Insurance Journal
Willis Post $225 Million Q1 Net Income; Strong Growth
Willis Group Holdings reported net income from continuing operations for the quarter ended March 31, 2012 of $225 million, or $1.28 per diluted share,...
Swiss Re Team Favored to Acquire Groupama’s Brokerage Unit – Sources
Swiss Re and its private equity partners Apax and PAI are in pole position to acquire Groupama’s GAN Eurocourtage unit for about €600 million...
Chubb: $506M Q1 Income, Business Insurance Renewal Prices Edge Up
The Chubb Corporation reported $506 million in net income for the 2012 first quarter, down slightly — 0.59% — from $509 million income reported...
Insuring the Olympic Games: Major Risks, Much Secrecy, Heavy Coverage
100 days to go before the 2012 Olympic Games open in London. As that day moves closer, preparations, which have been going on for...
Are Some Insurers Globally Systemic Important Financial Institutions?
A report from the Geneva Association, “Reflections on a High-Quality G-SIFI Designation Process in Insurance,” authored by Daniel Haefeli and Patrick M. Liedtke, gives...
Aon Benfield Reports Reinsurers’ Capital Remains Strong Despite near Record 2011 Cat Losses
Aon Benfield’s latest edition of its Aon Benfield Aggregate (ABA) report, which analyzed the year end 2011 financial position of the world’s leading reinsurers and...
Microinsurance in Rapid Expansion Says ILO, Munich Re Report
According to the Microinsurance Innovation Facility of the International Labor Organizationand the Munich Re Foundation, “the number of microinsurance schemes worldwide has increased substantially over...
Obesity Now Accounts for 21% of Healthcare Costs: Study
Obesity now accounts for almost 21 percent of U.S. healthcare costs — more than twice some previous estimates, reports a new Cornell University study. An...
Treasury Freezes Pay for CEOs at Bailed Out Firms AIG, Ally, GM
The chief executives of General Motors, AIG, and Ally Financial had their 2012 compensation packages frozen for a second yearin a row by the U.S....
AIG May Take Airplane Leasing Unit Public in Q2: CNBC
Bailed-out insurer AIG is considering launching the initial public offering of airplane leasing business International Lease Finance in the second quarter, CNBC reported on...
Hartford to Repay Allianz’s $2.4 Billion of Crisis Aid
The Hartford Financial Services Group plans to repay most of a rescue it received during the financial crisis, buying back debentures and warrants from...
Marsh Acquires Cosmos Services, a U.S. Brokerage Unit of Itochu Corp.
Marsh, a wholly-owned subsidiary of Marsh & McLennan Companies, acquired Cosmos Services (America) Inc., the U.S. insurance brokerage subsidiary of global trading firm Itochu...
Special Report: Top 10 Innovative P/C Insurance Products
In the past few years, dozens of property/casualty insurers have announced innovative protections for risks involving new technologies, current economic concerns, personal and family...
30% of Teen Drivers in Crashes Suffer Head Injuries: Study
Thirty percent of teens involved in serious car crashes suffer head injuries, including concussion, skull fractures and traumatic brain injuries (TBI), new research from...
Liberty Mutual Acquires KIT Finance, Enters Russian Auto Insurance Market
Liberty Mutual, one of the largest insurance companies in the world, said it would enter the Russian market with a deal to acquire KIT...
10.36% Stake in MAPFRE AMERICA Sold for $324 Million
Banco Financiero y de Ahorros (BFA) has sold its 10.36 percent stake in MAPFRE AMÉRICA for a consideration of € 244 million to...
Lloyd’s Posts $822 Million Overall Loss for 2011
The loss, announced today by Lloyd’s of London, shows just how severe the second costliest year for catastrophes on record for the insurance industry...
AIG CEO Benmosche Says Taxpayers Will Profit on Bailout
AIG expects American taxpayers to end up with a profit of $5 billion to $10 billion on the company’s 2008 rescue when all is said and...
Allianz Analyzes Marine Risks – 100 Years after Titanic Disaster
Specialist marine insurer Allianz Global Corporate & Specialty (AGCS) has taken an in depth look at the current state of marine insurance 100 years...
AIG Makes Final Payment for AIA Aurora Stake
American International Group Inc. has made a final $1.5 billion payment to the United States Treasury Department to retire the Treasury’s interest in AIA...
Hartford Bows to Shareholder Paulson, Sells Most Life Insurance Units
The Hartford Financial Services Group yielded to demands from its biggest shareholder, famed hedge fund manager John Paulson, and said on Wednesday that it...
A. J. Gallagher Acquires Canadian Broker BenefitLink Resource Group
Arthur J. Gallagher & Co. announced the acquisition of BenefitLink Resource Group, Inc., in Calgary, Canada. Terms of the transaction were not disclosed. The bulletin said...
AIG to Sell $6 Billion Worth of AIA shares to Repay U.S. Bail-out
American International Group is selling part of its stake in AIA Group to raise about $6 billion to help the U.S. insurer repay a...
AIG Sells $500 Million Stake in Blackstone
Bailed-out insurer American International Group Inc. sold its entire $500 million stake in private equity firm Blackstone Group LP on Friday, according to a...
Asia Insurer AIA Boosted by Surge in New Business
AIA Group Ltd, Asia’s No.3 insurer, reported a 40 percent rise in value of new business for its fiscal full year and growth in...
AIG Posts Huge Q4 Profit on Tax Benefit; Chartis Reports $348M Income
Bailed-out insurer American International Group reported a $19.8 billion profit for the fourth quarter, after an accounting change that allowed the company to record...
Lloyd’s Estimates Thai Flood Losses at $2.2 Billion
Lloyd’s announced that it is estimating its overall net claims from the flooding in Thailand last year to be in the $2.2 billion range....
AIG In No Rush to Sell Key Assets: CEO Benmosche
American International Group Inc. may raise its stake in Asian insurer AIA Group someday and is open to offers for its airplane leasing business...
Have Insurers Lost the Capacity to Run an Underwriting Profit?
We frequently hear people ask, “When is the next hard market going to come?” And by that they typically mean double-digit increases in premium...
The Hartford Reports $127M Q4 Profit, Down 79% From One Year Ago
Hartford Financial Services Group reported $127 million for its 2011 fourth-quarter net income, down 79 percent from one year ago when the company posted...
P/C Insurers’ Combined Ratio for 2011 Estimated at 107.5%
The U.S. property/casualty (P/C) industry reported its largest underwriting loss since 2006 and saw its operating performance deteriorate sharply in 2011, as catastrophe-related losses...
Aon Revenues Up 3% in Q4
Global insurance broker and risk management firm Aon Corp. reported that net income rose 19 percent in the fourth quarter 2011 to $277 million...
Allstate Doubles Q4 Profit
Allstate Corp. reported that its profit more than doubled in the fourth quarter thanks to lower catastrophe losses and improved homeowners business. The big insurance...
Munich Re Sees $933 Million 2011 Profit Despite Cat Losses
Munich Re’s estimated earnings figures for 2011 confirm a net profit from its three sectors – reinsurance, primary and health –of €710 million ,...
Japan Cabinet Approves Cap on Nuclear Reactor Lifespan
Japan’s Cabinet approved bills Tuesday aimed at bolstering nuclear safety regulations following last year’s Fukushima disaster, including one that would put a 40-year cap...
MetLife to Acquire Aviva’s Czech, Hungarian, Romanian Operations
MetLife, Inc. announced that it has agreed to acquire the life insurance businesses of UK-based Aviva plc in the Czech Republic (Aviva Czech Life) and...
AIG Thinking about Buying Back More of AIA
American International Group Chairman Steve Miller said on Thursday the bailed-out insurance company may eventually want to buy a life insurer outside the United...
2011 Piracy Attacks Totaled 439; 275 off Somalia: ICC/IMB Report
According to the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report attacks in East and West Africa accounted for the...
S&P Follows up on Euro Zone Rating Actions
Standard & Poor’s Ratings Services has followed up on the rating actions it announced in December concerning a number of Europe’s largest insurers. S&P has lowered its...
AIA May Bid $6B for ING Asian Business
AIA Group Ltd, Asia’s No.3 insurer and about one-third owned by American International Group Inc., may bid for the $6 billion Asian insurance operations of ING...
Australia’s QBE Slashes 2011 Forecast; Shares Dive
Australia’s QBE Insurance Group said on Thursday its 2011 net profit would fall by as much as 50 percent after record catastrophe claims and...
AXA, Japan Post Top Best’s List of World’s Largest Insurers
Axa tra i top della classifica mondiale A.M. Best France’s AXA S.A. has again topped the list of the world’s 25 largest insurance companies, based...
Ground Shifting for Medical Liability Insurers: Moody’s
Although it comprises just over two percent of annual direct premiums for the U.S. property and casualty insurance industry, the medical professional liability (MPL)...
Insurers Worry 2012 Will Top 2011 for Record Weather Disasters
Assicuratori preoccupati per gli effetti del cambiamento climatico, danni sempre più ingenti da catastrofi naturali From floods that crippled countries, to mega cyclones, huge blizzards,...
Catastrophes Erode P/C Insurers’ Results for 9 Months of 2011
Perdite nette per 34,9 mld $ nei primi nove mesi per il ramo P/C a causa delle catastrofi Private U.S. property/casualty insurers’ net losses on...
Top 10 Most Stolen Vehicles in U.S.
Two Honda models top the list of U.S. thieves’ favorite vehicles. The National Insurance Crime Bureau examined vehicle theft data submitted by law enforcement to...
Aon to Pay $16.2 Million to Settle Bribery Charges
? Insurance brokerage firm Aon Corp. will pay $16.2 million to settle criminal and civil charges that it paid bribes to foreign government officials over...
Tokio Marine to Buy Delphi Financial for $2.7 Billion
Tokio Marine said on Wednesday it will buy U.S. insurer Delphi Financial Group for $2.7 billion, the latest in a string of deals by...
S&P Puts Allianz, Aviva, AXA, Generali, Mapfre Units, 10 Other EU Insurers on CreditWatch/Negative
S&P: sorveglianza negativa per numerosi assicuratori europei Standard & Poor’s Ratings announced that it has placed its ratings on the following insurers (and certain related...
Renewable Energy Sector Presents Rising Risks, Demand for Insurance
Il settore delle energie rinnovabili deve migliorare il risk management. Rischi crescenti e necessità assicurative The renewable energy sector needs to improve risk management and...
Insured Loss Estimate from Hurricane Irene Rises to $4.3 Billion
I danni assicurati stimati per l'uragano Irene salgono a 4,3 mld $ An insurance industry service that tracks catastrophe losses has sharply raised its estimates...
Best Places Generali, Main Subsidiaries’ Ratings under Review/Negative
A.M. Best, sotto osservazione i rating di Generali e controllate, outlook negativo A.M. Best Europe – Rating Services Limited has taken action in the wake if...
Starr International Files $25B Suit Against U.S. Over AIG Takeover
Starr International (guidata da Greenberg) fa causa al governo USA per il salvataggio di AIG A company run by former American International Group Inc Chief...
Allianz Asia CEO Says Thai Floods Could be Costliest Disaster in a Decade
I danni assicurati derivanti dalle alluvioni in Thailandia potrebbero essere a due cifre (in mld di dollari) secondo Allianz Asia Insured losses from Thai floods...
Zurich Reports $3.2 Billion 9-Month Net Income; Operating Profit $3.258 Billion
Zurich F.S. registra un risultato operativo nei nove mesi di 3,25 mld di dollari (-8%) Zurich Financial Services Group reported a business operating profit (BOP)...
Health Costs of U.S. Climate Disasters of Last Decade: $14 Billion
I costi della salute legati alle catastrofi naturali negli USA negli ultimi dieci anni sono ammontati a 14 mld di dollari, secondo una stima Deaths...
Berkshire Hathaway Q3 Profit Falls on Derivatives
I profitti di Berkshire Hathaway del terzo trimestre colpiti dai derivati Warren Buffett’s conglomerate Berkshire Hathaway Inc. reported a smaller third-quarter profit Friday after losing...
Aon Benfield Monthly Cat Report Says Thai Floods Insured Loss over $5 Billion
Secondo il report di Aon Benfield le compagnie sono esposte per almeno 5 mld di dollari all'alluvione tailandese Aon Benfield’s latest edition of its Monthly Cat...
Marsh & McLennan Q3 Net Profit Fell, But Revenues Continue to Rise
Marsh & McLennan Companies reported $130 million for third-quarter net profit, down 23 percent from $168 million reported during the same period last year....
Allstate Suffers $1 Bilion in Disaster Losses in Q3
Allstate Corp. posted a sharply smaller profit for the third quarter, as the largest publicly traded home and auto insurer in the United States...
Movie Star Stallone Sued, Accused of Copyright Infringement Over Screenplay
Sylvester Stallone accusato di aver copiato la sceneggiatura di "The Expendables" , "sorprendentemente simile, e in alcune parti identica" a "The Caper Cordoba" Action movie...
Willis Group Reports 4% Growth in Q3
Global insurance broker Willis Group Holdings plc said it achieved overall 4 percent growth in revenues with 2 percent organic growth in commissions and...
Chubb Profit Falls in Q3
Profitti in calo a 298 mln di dollari al terzo trimestre per Chubb (contro I 572 dello stesso periodo del 2010) The Chubb Corp. reported...
BP Settles for $4 Billion from Anadarko for Oil Spill Costs
Anadarko Petroleum Corp will pay BP Plc $4 billion toward clean-up and victim compensation for the Gulf of Mexico oil spill. The amount is...
BlackBerry Maker Scrambles to End Global Outage; Repair Damage to Brand
The company that makes the BlackBerry smart phone is working frantically to end a three-day global service disruption that has frustrated millions of its...
Allstate Closes on $1 Billion Acquisition of Esurance, Answer Financial
The Allstate Corp. said it has obtained all required regulatory approvals and closed its acquisition of Esurance and Answer Financial from White Mountains Insurance...
FERMA’s President on the Risk Managers’ Role, Transparency, Innovation
Peter den Dekker has been a busy man. However, the President of the Federation of European Risk Management Associations* (FERMA) took time out to...
Med Liability Insurers in Strong Financial Shape, Report Says
Medical professional liability insurance (MPLI) carriers are in a strong financial position overall and the insurers are exhibiting rate discipline in soft market conditions,...
RSA launches Global Specialty Lines
RSA has combined its risk managed and specialist businesses across the globe to create the Global Specialty Lines (GSL) division.Led by Paul Donaldson, group...
Chubb Reports Q3 Disaster Losses Up to $475 Million
Property insurer Chubb Corp. Wednesday warned it would report up to $475 million in pretax catastrophe losses in the third quarter, most of it...
More Than 800,000 Vehicles Recalled in U.S. Last Week
Automakers, including Hyundai Motor Co. and Subaru recalled more than 800,000 cars and trucks last week for defects including faulty airbags, according to federal...
Transatlantic Dismisses Fresh Berkshire Offer
Reinsurer Transatlantic Holdings Inc said it received a renewed buyout offer of $52 a share in cash from Warren Buffett’s Berkshire Hathaway Inc but...
Good News – Bad News from the Reinsurance Rendezvous
Generally speaking the reinsurance industry is in good shape, certainly better than it was in 2008 and 2009, when even mighty Swiss Re needed...
Allstate Reports $500M in Losses from Hurricane Irene
Allstate Corp. lost $500 million on Hurricane Irene, the largest publicly traded home and auto insurer in the United States said Thursday, much less...
Hannover Re Sees Reinsurance Prices Rising Up to 8%
Hannover Re , the world’s third-biggest reinsurer, said it saw reinsurance prices rising by 3-8 percent next year, a brighter outlook than that of...
The Hartford Warns Q3 Disaster Losses Up Due to Irene
Insurer Hartford Financial Services Group warned Monday that its third-quarter catastrophe losses would be substantially higher than a year earlier, mostly as a result...
Willis’ Exec Sees Possible Historic Change’ in Reinsurance Market
The long awaited end of the reinsurance pricing cycle may be obtainable, but is that necessarily good news? In his keynote speech at the PricewaterhouseCoopers...
9/11 and Terrorism Risk 10 Years Later
The Sept. 11, 2001, terrorist attacks forever changed how the insurance industry views terrorism risk, says Robert Hartwig, president of the Insurance Information Institute.For the...
Swiss Re Report Estimates 2011 First 6 Months Cat Losses at $70 Billion
Preliminary estimates from Swiss Re’s newly released sigma report indicate that “total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached an estimated...
ACE to Acquire Penn Millers
Penn Millers Holding Corp., which provides property and casualty insurance through its wholly owned subsidiary, Penn Millers Insurance Co., has agreed to be acquired...
Update: Irene State by State Estimates
Catastrophe modeling company Eqecat, whose software is used by insurers to predict exposure to disasters, estimated the economic losses in the United States from...
S&P Changes Willis Group Outlook to Positive; Affirms Ratings
Standard & Poor’s Ratings Services has revised its outlook on Ireland-domiciled Willis Group Holdings PLC to positive from stable, and has affirmed its ‘BBB-’...
Marsh Acquires Brokerage Business of Africa’s Alexander Forbes
Global insurance broker Marsh said it will acquire the brokerage business of African insurance firm Alexander Forbes. This business comprises Alexander Forbes Risk Services...
Irene’s Impact on Private Insurance Markets
The $7 billion in estimated losses from Hurricane Irene compound the vast damage caused by weather in the United States this year. Yet despite...
Irene Blamed for 38 Deaths; $20 Billion Economic Loss; Worst Flooding in Decades
New Jersey and Vermont struggled with their worst flooding in decades Monday, a day after Hurricane Irene slammed an already soaked U.S. Northeast with...
Hurricane Irene Insured Losses in U.S. Estimated at $3 Billion to $6 Billion: AIR
Catastrophe modeling firm AIR Worldwide is estimating that insured losses from Hurricane Irene to onshore properties in the U.S. will be between $3 billion...
East Coast Earthquake Losses Less Than $100 Million: Eqecat
The earthquake that struck Virginia and rattled the Eastern United States Tuesday caused less than $100 million in insured losses, catastrophe modeling company Eqecat said. Eqecat said...
Marsh Executive Sues Spitzer for $60 Million Over Slate Column
Former New York Governor Eliot Spitzer has been hit with a $60 million libel lawsuit by a former Marsh & McLennan Cos. executive over...
AIG Pays Back Another $2B on U.S. Treasury Debt
American International Group Inc. reported that it has reduced the remaining liquidation preference of preferred interests that the U.S. Department of the Treasury holds in AIA...
QBE 1st Half Net Profits up 53% to US$673 Million
QBE, Australia’s global insurance group, announced a 53 percent increase in the half year net profit after tax of US$673 million. The group noted...
S&P Takes Action on Insurance Groups Following U.S. Sovereign Downgrade
Standard & Poor’s Ratings Services lowered its long-term sovereign credit rating on the United States of America to ‘AA+’ and assigned a negative outlook...
The Hartford Q2 Profit Hit by Asbestos Charges, Tornado Losses
As it warned earlier, Hartford Financial Services Group saw its profit fall in the second quarter due to large catastrophe losses and a charge to...
Marsh Reports Revenue Up 12% in Q2
Marsh & McLennan Companies Inc. reported 12 percent combined revenue growth for the second quarter, reflecting new business and increased retention in insurance and...
Aon Q2 Profit Rises 69%
Insurance broker and risk services firm Aon Corp. reported that profit for the second quarter rose 69 percent to $258 million, as revenues were...
MetLife to Sell Banking Unit to Avoid Too Big To Fail’ Regulation
MetLife, the largest life insurance company in the United States, has put its banking operations up for sale to avoid the “too big to...
Travelers Posts Q2 Loss with $1 Billion in Tornado Costs
Travelers Cos. Inc. reported a second-quarter loss, missing analysts’ estimates by a huge margin as the property insurer suffered more than $1 billion in...
S&P Says 50-50 Chance of U.S. Ratings Downgrade
Standard & Poor’s reiterated Thursday it sees a real risk that future U.S. government deficits may meaningfully miss discussed targets and that there is...
S&P Threatens Downgrade of Insurers, Financial Firms Over Debt Ceiling
Standard & Poor’s Friday raised the pressure on debt negotiators in Washington, saying it could downgrade insurers, securities clearinghouses, mortgage agencies and a laundry...
Hartford Hit with Q2 Catastrophe, Asbestos Losses
Hartford Financial Services Group Wednesday warned it will badly miss second-quarter expectations after severe losses on natural disasters and a charge to increase its...
Allstate Q2 Catastrophe Losses Now at $2.3 Billion
The Allstate Corp. announced $0.3 billion, pre-tax, in estimated catastrophe losses for the month of June 2011. June catastrophe losses comprised 13 events. Allstate...
Swiss Re Warns Europe of Increasing Soil Subsidence’ from Climate Change
According to a new study from Swiss Re, “Europe is witnessing a dramatic increase in property damage as a result of soil subsidence.” A new...
S&P Reports European Insurers Still Nervous’ Despite Gains
Standard & Poor’s Ratings Services has issued a report which “discusses why it thinks the European insurance industry seems nervous as it enters the...
P/C Insurers’ Profits Fell in Q1 as Underwriting Losses Grew
Private U.S. property/casualty insurers’ net income after taxes dropped to $7.8 billion in first-quarter 2011 from $8.9 billion in first-quarter 2010, with insurers’ annualized...
Aon: U.S. Insured Weather Losses Top $15.5 Billion This Year
Insured severe weather losses have already topped $15.5 billion in the United States this year, three times the full-year average of the last 20...
Zurich Issues Loss Estimate for Spring Storms in U.S.
Zurich Financial Services Group said it currently estimates aggregate claims of approximately $295 million for both Zurich North America and Farmers Re relating to...
Allstate’s April-May Catastrophe Losses Top $2 Billion
Allstate Corp., the largest publicly traded U.S. home and auto insurer, said it lost $2 billion in April and May from severe tornadoes and...
Latest New Zealand Quake Causes Up to $5 Billion in Damages: Eqecat
Monday’s earthquake in Christchurch, New Zealand, likely caused an additional $3 billion to $5 billion in insured losses on top of the damage from two...
Travelers to Post Q2 Loss, Limit Share Buybacks Due to Storm Losses
Travelers Companies Inc. is slowing down its share buybacks and will post a second-quarter operating loss because of more than $1 billion in catastrophe...
QBE Completes Acquisition of Balboa Insurance Portfolio
Australia’s QBE announced it has completed acquisition of Balboa’s Insurance portfolio, following the agreement with Balboa’s parent, Bank of America, to do so last February. QBE noted that...
Swiss Re to Acquire $2.62 Billion in Assets from American Life
Swiss Re announced that it will acquire approximately 300,000 policies and £1.6 billion in assets from American Life Insurance Company.The transaction reinforces Swiss Re’s...
Aon Benfield Publishes Report on Lloyd’s
Aon Benfield’s Analytics’ Market Analysis team has launched its latest Lloyd’s Update report, covering the market’s financial performance in 2010 and business position in 2011.Key...
Will the Next Big Nat Cat Turn the Cycle? Maybe’ Say Reinsurance CEO’s
The reinsurance world has always been a bit arcane, but rarely to the extent it appears to be right now. Henry Keeling the president...
States Hit Hardest by Recent Tornadoes Among Least Insured
Many of the states hammered by what’s already the deadliest year for tornadoes in more than half a century have among the nation’s highest...
P/C Insurers Facing Record Losses from Weather
Devastating tornadoes, floods, earthquakes overseas and a busier-than-usual hurricane season have U.S. insurance companies bracing for record losses in 2011. Insurers could suffer as much...
Arthur J. Gallagher Buys Singapore Broker
Arthur J. Gallagher & Co. has acquired specialty insurance broker ITI Solutions Pte Ltd, located in Singapore. ITI’s speclaties include marine cargo, political risk,...
Late April Tornadoes Likely to Affect P/C Insurers’ Earnings, Not Capital
The deadly outbreak of tornadoes in late April, which generated insured losses estimated at as much as $6 billion, is unlikely to have an...
Allstate Targets Online Insurance Sales; Buys Esurance, Answer Financial
In a bid to capture more business from customers who shop online, giant Allstate Corp. has agreed to pay $1 billion to buy two...
Toyota Can Be Sued for Reduced Value of Cars, U.S. Judge Rules
Owners of Toyota Motor Corp. vehicles that were recalled over unintended acceleration may pursue claims against the automaker that the problem caused the value...
P/C Insurers Take Hit in Q1 as Hurricane Season Approaches
The U.S. property/casualty (P/C) industry took a beating from record first quarter 2011 catastrophe losses, and recent earnings announcements from global reinsurers illustrate the damage...
RSA Group’s Q1 Interim Statement Shows Steady Growth
The UK’s RSA has released its “Interim Statement” for the first quarter of 2011, confirming the Group’s steady growth. Highlights of the report were listed...
A. J. Gallagher Acquires UK Broker Heath Lambert for $158 Million
Arthur J. Gallagher & Co. (AJG), has completed the purchase of HLG Holdings Ltd (the Heath Lambert Group), for a net purchase price of...
Allstate Reports $1.4 Billion in April Storm Losses
The Allstate Corp. today announced $1.4 billion in estimated catastrophe losses for the month of April. The estimated April catastrophe losses total about $1.37 billion...
AIG, U.S. Treasury to Sell Nearly $9 Billion in Stock
American International Group and the U.S. Treasury said Wednesday they will sell just under $9 billion in AIG stock, suggesting the government’s exit from...
P/C Insurer Failures in 2010 Unrelated to Catastrophes: A.M Best
The majority of the 11 financially impaired property/casualty companies in 2010 got into trouble primarily due to deficient loss reserves and inadequate pricing. None of...
AIR Estimates Recent Severe Storm Losses at $5.5B
Insured loss estimates from the storms that hit the Southern and Southeastern United States in late April total between $3.7 billion and $5.5 billion,...
Liberty Mutual Posts 14.9% Increase in Net Income in Q1
Liberty Mutual Group reported net income of $362 million for the first quarter 2011, an increase of $47 million, or 14.9 percent, over the...
U.S. Sues Deutsche Bank Over Mortgage Fraud
The United States sued Deutsche Bank AG for more than $1 billion, accusing the German bank of defrauding the government by repeatedly lying to...
Asbestos: Japan Tsunami’s other Hidden Danger
Inside the chunks of slate and wallboard smashed and scattered by Japan’s tsunami hides a health risk that has been overshadowed by contamination from...
Marsh Agrees: Soft Pricing Persisted Despite Catastrophe Losses in Q1
Catastrophe losses approached record levels in the first quarter but despite this commercial property/casualty insurance rate increases were confined to loss-affected exposures. In regions and...
Global Reinsurers at Critical’ Point, Says Best’s Report
A new special report, compiled by A.M. Best, concludes that the string of major catastrophes, a persistent soft market and the near exhaustion of...
Overcapacity in P/C Insurance Keeping Commercial Prices Down
Most commercial lines insurance prices continued their downward trend in the first quarter, as underwriters’ efforts to hold the line on premiums buckled under...
The Hanover to Pay $510M for UK Insurer Chaucer
A half-billion dollar deal that would make Lloyd’s insurer Chaucer part of Massachusetts-based The Hanover appears all but done. Terms of the transaction, announced this...
Marsh & McLennan Changes Top Management Team
Marsh & McLennan Companies announced several changes to its senior management team, including the appointment of Daniel S. Glaser, 50, to the newly created...
S&P Puts 17 Cat Bonds on CreditWatch/Negative Due to RMS Model Change
Standard & Poor’s Ratings Services has placed its ratings on 17 natural peril catastrophe bonds (listed below) on CreditWatch with negative implications.S&P explained that...
Lloyd’s Chairman Levene to Retire; Nelson Named to Replace Him
The Council of Lloyd’s has announced that John Nelson is to be appointed as the next Chairman. He will take up the position in...
Japan Businesses Demand Compensation for Nuclear Evacutaion
Small business owners and laborers forced to leave their homes and jobs because of radiation leaking from Japan’s tsunami-flooded nuclear plant rode a bus...
Record $1 Billion Catastrophe Bonds Issued in Q1
Attractive market conditions as a result of strong investor demand resulted in a record issuance of $1 billion catastrophe bonds in the first quarter...
Tokyo Nuclear Plant Company Could Face $23 Billion in Losses
Tokyo Electric Power could face 2 trillion yen ($23.6 bln) in special losses in the current business year to March 2012 to compensate communities...
P/C Insurers Weigh International Expansion for Growth
The economy is recovering, but not enough to overcome a persistent soft market and spark robust premium growth, a new report from Advisen Ltd....
Japan Insured Losses Up to $34 Billion: RMS
The March 11 Japan earthquake and tsunami are likely to have caused up to $34 billion in losses for the global insurance industry, catastrophe...
Goldman Buys 12% Stake in China Insurer
Goldman’s long-overdue purchase could pave the way for Taikang’s planned initial public offering next year, bankers and analysts say, as the insurer seeks more...
Willis Acquires 22.5% Stake in So. Africa Benefits Provider Amabubesi
Willis Europe BV, a division of Willis Group Holdings, announced the conclusion of a transaction whereby Willis South Africa has acquired 22.5 percent of...