Gallagher to accept commissions
03 August 2009
Arthur J Gallagher will start accepting contingent commissions on its retail broking business from October 1…
International
Willis second-quarter profit soars
03 August 2009
Global broker Willis has reported strong growth in second-quarter income as benefits continue to flow from the acquisition of US firm Hilb Rogal & Hobbs…
Aon reports subdued earnings in second quarter
03 August 2009
Global broker Aon has reported second-quarter net profit of $US149 million ($181 million), well down on the $US1.1 billion ($1.3 billion) earned in the same period last year…
AIG sells premium finance unit
03 August 2009
The AIG asset sale continues, with the US Government-dominated insurer selling most of its American life insurance premium finance business for about $US679.5 million ($821 million)…
Industry asked to shoulder UK burden
03 August 2009
British insurers have been asked to share in handling the state’s growing financial burden caused by accidents, poor health and old age…
Lloyd’s risk report reveals fear of the unknown
03 August 2009
Global business leaders are confident they can handle internal risks related to their own companies, but fear events outside of their control, according to a Lloyd’s report on risk management…
Cat bonds on the march, says broker
03 August 2009
Reinsurance broker Guy Carpenter says a growing appetite for catastrophe bonds is coming amid “continued stabilisation” in global financial markets…
UK Tories reveal plan to abolish regulator
27 July 2009
Britain’s Conservative Party Opposition – which is widely expected to easily win the next UK election due within 10 months – has revealed plans to abolish the Financial Services Authority…
US property and casualty market remains soft
27 July 2009
Hot competition for new business continues to dictate US property and casualty rates with premiums falling by an average of 4.9% in the second quarter…
HSBC Insurance fined over lost data
27 July 2009
The UK Financial Services Authority has fined an insurance company’s operations £3.2 million ($6.4 million) for failing to protect the confidential details of tens of thousands of its customers…
US Congress urged to move on insurance reform
27 July 2009
The pressure is on for US insurance regulatory reform to be brought in this year as part of a financial services package…
Zurich looking inside for CEO
27 July 2009
Zurich Financial Services has reportedly narrowed its search for a new global CEO to four internal candidates…
AIG faces scrutiny over bonuses, creditors
27 July 2009
AIG has deferred paying $US2.4 million ($2.9 million) in bonuses to senior managers as it continues to work through compensation issues with the US Government…
Marsh report finds discounts amid energy construction risks
27 July 2009
The onshore and offshore energy construction industry is relatively quiet at present, and the insurance market covering it is facing downward pressure on rates for the rest of this year…
Willis sued over Stanford investments
27 July 2009
A Venezuelan investor has taken global broker Willis to court in the US, accusing the company of fraud, negligence and misrepresentation…
Lloyd’s retains excellent rating
20 July 2009
Credit ratings agency AM Best has affirmed its A (Excellent) rating for Lloyd’s of London, saying the market should maintain a solid and flexible capital base into next year…
Investment in risk management stable
20 July 2009
The adoption of enterprise risk management has flattened out at about 65% of businesses according to a joint report by Marsh and the Risk and Insurance Management Society…
US lawmaker blasts AIG bonus plan
20 July 2009
A US government insurance industry watchdog has blasted AIG over US reports it will again push for bonuses for top executives…
Willis claims Chicago’s Sears Tower
20 July 2009
Global broker Willis has bought the naming rights to the tallest building in the western hemisphere…
New code, new president for British institute
20 July 2009
Britain’s Chartered Insurance Institute has a new president and a new code of ethics…