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Flagstone Reinsurance Holdings S.A. and Greenlight Capital Reinsurance Ltd. said stagnant investment markets and historic natural catastrophe losses dampened their financial performance in 2011, the reinsurers announced separately Wednesday.
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WASHINGTON (Reuters)—U.S. corporations asked the government to explain what it considers a bribe of a foreign official, saying the lack of clarity has had a chilling effect on business.
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SYDNEY (Reuters)—Australian insurer and bank Suncorp Metway Ltd. reported a 74% rise in first-half net profit, topping forecasts after a rise in premiums helped it recover from 2011's unprecedented disaster claims.
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NEW YORK—American International Group Inc.'s Chartis Inc. unit has combined its claims, operations and systems organizations under a single management team, AIG said.
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WASHINGTON (Reuters)—The U.S. Justice Department has closed its investigation into whether Allianz S.E.
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CHICAGO (Crain's)—Even as city and federal officials were doing their best last week to reassure businesses, building owners and retailers regarding possible protests during the G8 and NATO summits in May, Magnificent Mile officials were sounding...
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Despite the fact that risk managers in various surveys have ranked human capital risk as a major exposure confronting their organizations, the same surveys often show risk managers feeling their companies aren’t very effective at addressing human...
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CHICAGO—In an ongoing controversy, well-known environmentalist Peter H. Gleick has confessed to being the source of documents obtained by subterfuge from a free-market think tank, which in turn is now threatening a lawsuit against him.
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TOPEKA, Kan.—Legislation that would give employers greater control over selecting workers compensation judges passed the Kansas House of Representatives on Monday and moved to the state's Senate.
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NEW YORK—Moody's Investors Services Inc. has confirmed Pennsylvania State University's long-term credit rating of Aa1 with a negative rating outlook.
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Reinsurance spend to increase at Florida renewal. Reinsurance spend is expected to increase in Florida at this summer’s renewals, with Flagstone Re’s chief executive, David Brown, predicting state-backed insurer Citizens will potentially buy up ...
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Bermuda premiums down 10% as assets rise. Gross written premiums in Bermuda’s insurance sector declined 10% year on year, according to the latest statistics. The island’s regulator, the Bermuda Monetary Authority (BMA), said this is proof the ...
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Slimmed-down Flagstone looks forward to 2012. David Brown, Flagstone Re’s chief executive, said the carrier is making significant progress with the sale of its Lloyd’s and Island Heritage businesses, with a shortlist of unnamed “qualified ...
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Christmas Melbourne hailstorm hits Suncorp’s 1H. A six-month catastrophe bill of A$389m ($414m) and soaring reinsurance costs contributed to profits in Suncorp’s insurance division dipping by 45% year-on-year to A$162m for the first half of the ...
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Bolt warns syndicates against additional broker payments in light of Bribery Act. Lloyd’s has issued an explicit warning to its participants on their adherence to the UK’s Bribery Act and will insist that from next month managing agents must ...
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UN calls for ‘climate-focused’ risk-mitigation fund for sub-Saharan Africa. Almost half of major investors in low-carbon energy technologies in developing countries say the availability of risk-mitigation instruments are of major importance in ...
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JLT seeks to end Aon’s and Marsh’s dominance of top-end solicitors’ PI market. Competition at the top end of the solicitors’ professional indemnity (PI) broking market will intensify even further after JLT unveiled plans to become the leading ...
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Gard increases entered tonnage 13% and celebrates successful renewals. Gard has added nearly 13% to both its entered protection and indemnity (P&I) tonnage and its owned tonnage at the end of what it termed one of the most successful P&I renewals in ...
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French mutuals outperform market, Gema claims. French mutual insurers outperformed the overall market last year in both property/casualty (p/c) and life and savings, according to mutual insurers’ federation Gema. Mutual insurers enjoyed a 5% ...
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Taylor handed chief underwriting role at CNA Europe. John Taylor has been promoted to the newly created role of chief underwriting officer at CNA Europe after more than five years with the company. He will report directly to John Hennessy, CNA ...
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LMA lobbying allows insurers to cover UN weapons movements without licence. Two years of successful lobbying by the Lloyd’s Market Association (LMA) has allowed London market brokers and underwriters to once again cover the international movement ...
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Japan’s big three hit by downgrades. Japan’s three largest property/casualty insurers have been downgraded by Moody’s on the back of ongoing concerns about the level of catastrophe losses the companies faced last year. Tokio Marine & Nichido ...
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Ex-Swiss Re chief executive Lippe to join Axa board. The former chief executive of Swiss Re, Stefan Lippe, is to join Axa’s board of directors in a few weeks. Lippe will replace Jacques de Chateauvieux, who has decided to resign from the board ...
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Newly launched Faber Global eyes wholesale and fac broker acquisitions. Faber Global, the newly launched Willis-owned but independently managed wholesale and facultative broker, is already in preliminary talks about possible acquisitions. The ...
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EU competition review casts shadow over P&I renewals. Protection and indemnity (P&I) clubs enter today’s annual renewal under the continued shadow of the EU competition review, which International Group chief executive, Andrew Bardot, has described ...
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Alaska Division of Insurance has launched a search for a new director now that Linda Hall, who ran the division for nine years, is retiring this spring. “I will continue working through the legislative session, will assist with the transition, …
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Los Angeles, Calif.-based Poms & Associates Insurance Brokers Inc. has named John Rossetti vice president of the employee benefits group in the firm’s Albuquerque, N.M. office. Rossetti was previously an account executive at Blue Cross Blue Shield of New Mexico, …
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Warwick, R.I.-based agency Affiliated Insurance Managers is expanding its commercial insurance division and appointed industry veteran Heidi Forte to the new position of commercial insurance marketing manager. With over 25 years of experience in the commercial insurance industry, Forte will …
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A Christian college in western Pennsylvania has sued the federal government saying regulations that require employers to offer birth control coverage that includes drugs that abort fertilized embryos are “directly at odds with the religious message it wishes to convey,” …
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The long-awaited implementation of the Free Trade Pact between the Republic of Korea, or South Korea, and the U.S. (KORUS) is scheduled to go into effect on March 15. The date will see the conclusion of negotiations that began in 2006, …
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Hartford Financial Services Group announced three senior management appointments, including Tom Tucker as chief underwriting officer of commercial markets and head of specialty casualty. He will start his post at The Hartford on February 27. He will report to Doug …
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The European Union’s executive said on Wednesday it would refer a disputed global agreement to tackle online piracy to the bloc’s highest court to check whether it complies with EU fundamental rights. The Anti-Counterfeiting Trade Agreement, which also aims to …
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SOS SaveOurSeafarers has issued the following statement following a conference in London on Somali piracy, organized by the UK’s Foreign & Commonwealth Office, held at the London headquarters of the International Maritime Organization (IMO). Giles Heimann, Chairman of the Group …
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The Government of Belgium has appointed Marie Gemma Dequae, currently a scientific advisor to the Federation of European Risk Management Associations (FERMA) and a past president of the federation, as an independent director of Dexia Bank Belgium and its subsidiary …
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A.M. Best Europe – Rating Services Limited has assigned a financial strength rating of ‘A-’ (Excellent) and issuer credit rating of “a-” to Assurances Mutuelles de France (AM), both with stable outlooks. AM is a mutual reinsurer member of Covéa, …
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OneBeacon Insurance Group said today it completed the sale of its AutoOne business to Interboro Holdings Inc. of of New York. The transaction, which was announced on Aug. 31, 2011, included AutoOne Insurance Company and AutoOne Select Insurance Company, along …
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Isle of Wight County and the city of Suffolk in Virginia have been declared as primary disaster areas because of damage caused by excessive heat, storms and excessive rainfall in 2011. The Virginia Department of Agriculture and Consumer Services said …
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Bermudians RenaissanceRe and Everest Re have both seen their boards
approve increased share repurchase programmes as they continue to
pursue active capital management strategies.
RenaissanceRe said its board has approved an increase in its
open-ended buyback programme that takes the total current
au...
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Catlin says it is "well placed" to take advantage of
rising rates this year, with a capital buffer of 14 percent and
third-party capital structures set up for 2012, according to Nomura
analysts.
The group's reinsurance programme which successfully kicked
in during the second half of 20...
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Hedge fund-owned reinsurer Greenlight Capital Re renewed its
property catastrophe retrocession book at rates that rose 15
percent at 1.1, despite competition from new non-traditional
players in the market.
Speaking on a call with analysts after reporting strong Q4
profits, Greenlight Re CEO Bart Hed...
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Restructuring Bermudian reinsurer Flagstone has said that
despite delays in the sale of its Lloyd's business it is still
confident a deal will be struck by 31 March.
Flagstone placed its Lloyd's business and its Caribbean home
and motor insurer Island Heritage up for sale in October after a
...
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Suncorp has told reinsurers that its loss estimate for last
year's second New Zealand earthquake has risen by A$300mn to
A$2.3bn.
The increase in the ground-up loss is likely to be handed over
in its totality to its 2010/11 reinsurers, keeping Suncorp's
net loss steady.
However, discussing t...
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American International Group (AIG) insurance subsidiary Chartis has
rearranged its global claims team under a single management
structure in a bid to reduce its loss ratio by 2015.
"Last May, we provided investors with a blueprint to
achieve a double-digit return on equity and a combined ratio ...
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US-based specialty insurer HCC escaped heavy losses in Q4 and
released reserves to produce a set of results that just beat
analysts' expectations.
Although the Texas-based insurer's reported net earnings for
the fourth quarter were down slightly at $78.3mn from $97.3mn for
the same period a ...
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Flagstone Re booked a net loss of $85.2mn for the quarter and
$326.1mn for the year as the burden of catastrophe losses decimated
the reinsurer's bottom line and contributed to a 30 percent
drop in shareholders' equity in 2011.
The performance compared to a $15.0mn profit in Q4 2010 and a
fu...
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Flagstone Re said it is making "significant progress"
on the sale of its Lloyd's and Island Heritage businesses but
has confirmed no details on who makes up the short-list of
potential buyers.
In a statement today accompanying the release of financials that
included Q4 and full-year ne...
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Hartford Financial Service Group's P&C business could see a
ratings upgrade from Moody's if it is spun-off as standalone
unit from the US giant.
However, the ratings of the life insurance group that would be
left would likely suffer as an independent entity, said the ratings
agency as it...
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Insurance law veteran William Marcoux has become a partner at law
firm DLA Piper and will head up its insurance sector transactions
and regulation practice.
Marcoux is a highly regarded global legal expert in insurance,
M&A and regulation and was previously co-head of the insurance
sector group ...
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Lloyd's director of performance management Tom Bolt has weighed
in on the re-emerging debate over broker remuneration, urging the
market's managing agents to be careful to ensure they remain
compliant with the UK's new anti-bribery laws.
In a letter to the market's CEOs, obtained by
...
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Senior Marsh & McLennan Companies (MMC) executive and former
Marsh CEO Dan Glaser has dismissed the furore around contingent
commissions as "a little bit of a red herring".
Glaser was speaking in the immediate aftermath of the surprise
revelation that Willis will resume the acceptance ...
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Former Swiss Re CEO Stefan Lippe has been nominated as a
non-executive director of Axa less than a month after he
relinquished his position at the continental reinsurance giant.
Lippe comes in to replace Jacques de Chateauvieux, a board
member who for a time acted as the Axa's non-executive
chai...
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More than 30 passengers from the ill-fated final cruise of the
Costa Concordia have joined a lawsuit that charges the vessel's
owners with fraudulent misrepresentation and inducement, taking the
total number of plaintiffs to 39.
The original January lawsuit against Carnival Corporation include...
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Mitsui Oil & Exploration has announced it will pay $45mn to
the US Justice Department and around $25mn in total to Alabama,
Florida, Louisiana, Mississippi and Texas for pollution violations,
ahead of the Deepwater Horizon trial in two weeks.
It added that it would also have to pay $20mn for l...
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Live-market (re)insurers currently trading below book value
would make a "logical" target for run-off buyers,
according to Validus CEO Ed Noonan.
Commenting on the prospect of more buy-it-to-shut-it approaches at
the Bank of America Merill Lynch Insurance Conference on 15
February, he sa...
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Tawa - the UK listed company controlled by billionaires
François Pinault and Lakshmi Mittal - is considering
separating its run-off and (re)insurance service businesses in a
bid to spark interest in its moribund share price.
It is just one of the options being considered to address the
declin...
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UK Prime Minister David Cameron has vowed to clamp down on
excessive whiplash injury claims, which are costing motor insurers
up to £2bn a year and driving up premiums on individual
policies by £90 on average.
In an attempt to redress Britain's status as "the whiplash
capital of...
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The global insurance industry has saved almost $3bn from
amendments made to the US Foreign Account Tax Compliance Act
(Fatca), according to KPMG estimates.
On 8 February the US, France, Germany, Italy, Spain and the UK
agreed on a proposed intergovernmental framework to tackle tax
evasion by US ta...
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Presidents from Teddy Roosevelt to George W. Bush have picked up ceremonial shovels at groundbreakings.
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Obama reflects on black history.
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Firedoglake.com, the progressive website that has closely followed the settlement between the feds, states and mortgage lenders, somehow interpreted my story on HUD chief Shaun Donovan as a riff on how HUD and its allies gamed NYAG Eric Schneiderman into accepting a weak deal
...
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President Obama's tax plan calls for slashing the corporate rate from 35 percent to 28 percent while eliminiating loopholes and subsidies. POLITICO's Ben White and Josh Boak have the details.
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It was a rather odd sight: as an array of people, including former first lady Laura Bush, took up shovels at the groundbreaking for the first national museum dedicated exclusively to African-American history and culture, the nation's first black president sat watching, no shovel in hand.
...
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Securities and Exchange Commission Chairman Mary Schapiro defended the Obama administration for not prosecuting Wall Street CEOs whose companies fed into the 2008 market collapse, saying the government can't press charges against bankers when "we don't think the law and the facts are on...
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Donovan, a boyish former New York housing official, is gaining substantial new leverage within the administration and a seat at the grown-up’s table, thanks to his deft drafting of a landmark $20-plus billion mortgage fraud settlement announced this month — and the election-year r...
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In Quinnipiac's first national poll, President Obama has a lead over Republican rivals Mitt Romney and Rick Santorum.
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The Obama administration Wednesday will unveil a framework for reforming the corporate tax code that would lower the top rate from 35 percent to 28 percent but generate more total revenue by eliminating "dozens of tax loopholes and subsidies" and creating a minimum rate on foreign earnings...
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Your morning speed-read
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The Obama campaign has released a list of 35 campaign co-chairs who will act as key surrogates and ambassadors.
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The president sings "Sweet Home Chicago"
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President Obama and first lady Michelle Obama hosted a star-studded array of musicians to celebrate the blues Tuesday at the latest "In performance at the White House" series of concerts.
Obama said in introductory remarks that hosting the concerts is a welcome perk of the presidency. ...
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The Obama administration is scheduled on Wednesday to release the president's proposals for overhauling corporate tax codes, according to senior administration officials.
The proposals will include plans for incentivizing domestic manufacturing, instituting a minimum corporate tax and lowering t...
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The White House is hosting an event Thursday with major stakeholders in the debate over online privacy, POLITICO Pro's Tony Romm reports:
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A slight plurality suggest opposition to President Obama's plan to force insurance companies to provide contraceptives in cases where employers refuse on religious grounds, according to the latest IFAwebnews.com poll.Slight majority fault Obama’s forcing insurers to issue birth control via IFA...
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A group of insurance associations is concerned about the implications that new taxes included in President Obama's 2013 budget proposal, introduced Feb. 13, will have on the life insurance industry.Obama’s 2013 budget will discourage people from buying life insurance via IFAwebnews.
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New York Life Insurance Co. plans to hire 3,700 financial professionals, especially women and those representing minorities, this year after hiring more than 3,600 insurance agents last year.New York Life to add 3,700, especially women, minorities via IFAwebnews.
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January's application activity for individually underwritten life insurance showed an 8.3% increase compared to January 2011 and additional growth from the 5.8% rise in December 2011.New life insurance sales growth built on pent up need, demand via IFAwebnews.
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Health care services paid by commercial insurance and Medicare programs cost 5.28% for the year ending Dec. 31, 2011, according to the S&P Indices.Commercial insurers, Medicare paying 5.28% more for health services via IFAwebnews.
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The New York Department of Financial Services will use a recently acquired grant to analyze the administration systems of insurers and health maintenance organizations for cost efficiency.N.Y regulators to conduct surprise audits on insurers, HMOs via IFAwebnews.
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Allstate Corp., based in Northbrook, Ill., informed its insurance agents about errors in their tax documents regarding two incentive programs.Allstate alerts insurance agents of 1099 errors via IFAwebnews.
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A letter, signed by a coalition of Republican and Democratic senators, asks Senate leadership to bring a long-term reauthorization of the National Flood Insurance Program to the floor for a vote as soon as possible.Senators urge leadership to vote on long-term NFIP extension via IFAwebnews.
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The Phoenix Cos., based in Hartford, Conn., entered a distribution agreement with National Agents Alliance (NAA) to allow NAA agents to offer to clients a new life insurance product.Life insurer approves NAA agents for new product’s distribution via IFAwebnews.
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The Commonwealth Court approved the Pennsylvania Insurance Department's petition to liquidate a Villanova, Pa.-based bond and surety company that experienced a “steep” drop in surplus.Pa. insurance department liquidates First Sealord Surety Insurance via IFAwebnews.
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