Moody’s downgrades Cunningham Lindsey
27 July 2015
This year’s low number of catastrophes has prompted Moody’s to downgrade claims management company Cunningham Lindsey’s corporate family rating…
International
AM Best forecasts more M&A activity
27 July 2015
More mergers and acquisitions are expected in the insurance and reinsurance industry, as companies look for new growth sources and consolidate positions, according to AM Best…
Ace profit rises 20% in second quarter
27 July 2015
Ace has reported second-quarter net income of $US942 million, up 20.8% on the corresponding period last year…
Cat losses chip away at Chubb profit
27 July 2015
US insurer Chubb says second-quarter net profit fell 1% to $US494 million, with higher catastrophe losses partly offset by premium growth in commercial and personal lines…
British fraud crackdown saves record sum
27 July 2015
UK insurers uncovered fraudulent claims worth a record £1.32 billion last year, up 3% from 2013, according to the Association of British Insurers…
Fewer claims offset rates pressure for Beazley
27 July 2015
The London market continues to experience downward pressure on rates, but the effect on underwriters’ profits is masked by subdued claims activity, according to Beazley CEO Andrew Horton…
RIMS urges employers to do homework on home working
20 July 2015
The US-based Risk and Insurance Management Society recommends employers develop formal work-from-home policies to minimise their risk…
Axis, Partner Re offer new deal to thwart Exor
20 July 2015
Axis Capital Holdings and Bermuda-based PartnerRe have sweetened the terms of their merger proposal, in the latest bid to fend off hostile suitor Exor…
Asia dominates catastrophe death toll
20 July 2015
At least 75% of deaths caused by natural disasters in the first half of the year were in Asia, Munich Re says…
Bermuda attracts big reinsurers, brokers
20 July 2015
The Bermuda Monetary Authority registered 45 new insurance entities in the first half of this year, comprising 34 insurers and 11 intermediaries…
Bank of England releases insurer stress tests
20 July 2015
The Bank of England’s Prudential Regulation Authority has issued new general insurance stress tests for events such as European windstorms, floods, US hurricanes, terrorism, motor liability and economic shock…
ILS sector sustains momentum
20 July 2015
The global insurance-linked securities sector continued to grow in the second quarter, with bond issuance exceeding $US2.7 billion, according to two reports…
Low cat losses help US insurers report strong Q1
20 July 2015
US property and casualty insurers’ net income grew 31% to $US18.2 billion in the first quarter of this year, according to a new report…
Munich Re investigates driverless cars
20 July 2015
Munich Re America has partnered with a robotics company to research autonomous vehicles, with the aim of understanding their risks and how to cover them…
Globally significant designation ‘harms US life insurers’
20 July 2015
Designating AIG, Prudential and MetLife as “globally significant insurers” puts them at a commercial disadvantage, the American Council of Life Insurers says…
UK insurers slam tax increase
13 July 2015
British insurers have criticised a 58% increase in insurance premium tax, announced in Chancellor George Osborne’s emergency budget…
Exor sweetens PartnerRe bid
13 July 2015
Italian investment firm Exor has changed conditions on its $US6.8 billion hostile takeover bid for PartnerRe, improving the cash offer to shareholders…
IMF wants nationwide US insurance regulator
13 July 2015
The International Monetary Fund has called on the US to create an independent national regulator for the insurance industry…
Flood Re ready for test phase
13 July 2015
Preparations are under way for the insurance sector to test Flood Re, the UK Government’s flood reinsurance pool…
California toughens insurance laws on Uber
13 July 2015
California’s new insurance requirements for ride-sharing companies have taken effect, as the state bids to close a potentially disastrous gap in cover…