AIG’s Nan Shan sale fails
06 September 2010
Taiwanese regulators have rejected the $US2.2 billion ($2.4 billion) sale of AIG’s Nan Shan Life unit to a Chinese company…
International
Moody’s says US P&C insurers ‘solid’
06 September 2010
US property and casualty insurers took a hit on catastrophe losses but maintained solid capital strength, Moody’s Investors Service says in its latest industry analysis…
Zurich UK fined over data loss
30 August 2010
The UK Financial Services Authority has fined Zurich Insurance UK £2.275 million ($3.98 million) for losing client data…
AIG repays $US4 billion
30 August 2010
AIG has cut its debt to the US Federal Reserve by nearly $US4 billion ($3.5 billion), the single-largest payment the insurer has made since its bailout during the financial crisis…
Ping An first-half net profit jumps 28%
30 August 2010
Chinese insurer Ping An has achieved a net profit rise of 27.9% in the first half of the year to reach 9.87 billion yuan ($1.65 billion)…
US brokerages on solid ground
30 August 2010
The US insurance brokerage sector remains “financially solid” despite difficult economic conditions and the soft commercial property and casualty insurance markets…
Aviva rejects takeover bid
23 August 2010
Aviva has turned down an offer of £5 billion ($8.7 billion) from RSA for its general insurance business in the UK, Ireland and Canada…
UK initiative puts market on message
23 August 2010
A pilot program linking brokers, underwriters and IT systems providers by electronic messaging is attracting praise in the UK…
Caribbean at risk from climate change
23 August 2010
An increased risk of extreme weather events due to climate change could cost some Caribbean countries up to 9% of annual GDP by 2030…
Big disasters, but low claims in China, Russia
23 August 2010
Severe monsoon rains in China have caused widespread destruction and significant economic losses, but are expected to have little impact on the insurance industry…
Five banned as UK regulator gets tough
23 August 2010
The UK Financial Services Authority has banned five people and imposed a £150,000 ($260,000) fine on one of them for insurance fraud…
Berkshire Hathaway posts 40% profit slump
16 August 2010
Falling stock prices contributed to a 40% slump in second-quarter profit for Warren Buffett’s Berkshire Hathaway as derivative contracts lost value amidst the slump in global stocks…
Crawford returns to first-half profit
16 August 2010
Global claims management provider Crawford & Company has returned to first-half profit with earnings of $US527,000 ($583,000) following a loss of $US85 million ($94 million)…
BP pays out for Gulf oil spill
16 August 2010
BP has begun the costly process of compensating victims of the world’s worst oil disaster with an initial $US3 billion ($3.3 billion) deposit in a Gulf of Mexico spill fund…
Asia top market for life growth
16 August 2010
Asia has become the fastest growing life insurance market globally, according to AIA Group Chief Marketing Officer Chris Wei…
US backs federal office on insurance
16 August 2010
The US insurance industry has welcomed the fulfilment of an Obama Administration-backed pledge to establish a federal regulatory body…
Catlin takes profit hit, but fundamentals strong
16 August 2010
Bermuda-based property and casualty insurer Catlin has taken a hit in first-half earnings as adverse foreign currency movements and higher claims eroded the group’s profit base…
Plenty left to do, says new risk chief
16 August 2010
The financial crisis has raised risk awareness, but the new Chairman of the London-based Association of Risk and Insurance Managers says there is still plenty left to do…
Cat bond market slips
16 August 2010
Despite a surge of capital into the catastrophe bond market in the second quarter, overall capital in the market declined over the first half of this year…
Munich Re profit climbs despite catastrophes
09 August 2010
Munich Re has reported net profit of €1.19 billion ($1.3 billion) for the first half of this year, up from €1.13 billion ($1.23 billion) in the same period last year…