Insurers survive profit warnings
20 June 2011
Both IAG and QBE’s warning on the growing losses from catastrophes last week have not changed rating houses’ views on the insurers…
Corporate
Claims blow out at QBE
20 June 2011
Catastrophes continue to hit QBE’s bottom line, with first-half claims now $US340 million ($321 million) higher than the first half of last year…
Fear will drive cycle change, says Berkley
20 June 2011
Bill Berkley, Chairman and CEO of US-based global specialty insurer WR Berkley, says “fear must overcome greed” in order for the market to turn…
IAG focuses on resilience
20 June 2011
IAG CEO Mike Wilkins believes it’s time for the insurance industry to step up its disaster resilience advocacy by pushing for better planning and building laws…
FMA drops action against Insured Group
20 June 2011
The New Zealand Financial Markets Authority has dropped its court action against Insured Group over breaches of continuous disclosure…
Blaze disrupts QBE office
20 June 2011
Staff at QBE’s Perth office are back at work after “minor disruptions” from a fire which damaged the CBD office…
IAG looks closer to home to build bigger footprint
14 June 2011
IAG intends to carve out a bigger footprint in the Australian, New Zealand and Asian markets, CEO Mike Wilkins told an investor strategy briefing today…
NZ insurer wrote $7.7 billion – much of it not reinsured
14 June 2011
The report says Western Pacific has received $NZ41.2 million ($31.7 million) in total earthquake claims, of which $NZ14.5 million ($11.1 million) relates to the September quake and…
CGU buys health fund’s general insurance lines
14 June 2011
CGU has acquired the general insurance business of WA-based health fund HBF, and says it will generate more than $100 million of gross written premium annually…
Zurich reaffirms commitment to commercial flood cover
14 June 2011
Zurich Australia General Insurance will continue to offer flood cover as standard to its commercial insurance customers, despite the flood losses experienced over the summer…
Lloyd’s Australian underwriters report $392 million surplus
14 June 2011
Lloyd’s underwriters in Australia reported a combined surplus of $392.23 million in the 12 months to December 31, according to data from the Australian Prudential Regulation Authority…
OAMPS UK acquires new book of business
14 June 2011
OAMPS UK, a subsidiary of local Wesfarmers-owned broker OAMPS, has acquired a team and book of life sciences business from UK firm Giles Insurance Brokers…
AMI Insurance ratings moved to stable outlook
14 June 2011
Ratings agency AM Best has maintained troubled New Zealand insurer AMI’s downgraded financial strength ratings following the insurer’s reinsurance negotiations, but changed the ratings…
Canadian takes over Guy Carpenter’s local operations
14 June 2011
Reinsurance broker Guy Carpenter has appointed Canadian Jonathan Stephenson as its new Australian MD and CEO of the firm’s Pacific region…
GPG continues to work on insurer sales
14 June 2011
Guinness Peat Group’s new internal investment committee is working to dispose of its stakes in various companies for the best possible price, Chairman Rob Campbell told its AGM in Auckland…
AAMI closes branches as market moves online
06 June 2011
AAMI says its decision to close its national network of offices has been taken because most people now use phone or online facilities to buy insurance…
Reinsurance costs hit Wesfarmers Insurance profits
06 June 2011
Wesfarmers Insurance’s earnings for this financial year will be at the lower end of its recent $60-80 million forecast, due to the cost of reinsurance reinstatements…
Suncorp tight-lipped on reinsurance negotiations
06 June 2011
Suncorp CEO Patrick Snowball has described negotiations with reinsurers over its July 1 renewal as a “Mexican stand-off”…
Zurich opens Sydney underwriting centre
06 June 2011
Zurich General Insurance is set to manage all of its underwriting services for the SME and package business from Sydney…
Questions raised over NZ industry structure and conduct
06 June 2011
Vero New Zealand’s new CEO Gary Dransfield says questions need to be raised over the structure and conduct of the NZ general insurance industry following the earthquakes and “difficulties”…