UK regulator fines broker $1.4 million
02 November 2009
UK broker Swinton Group has copped a £770,000 ($1.4 million) fine from the British regulator for committing “serious failures” in the sale of payment protection insurance…
International
Lloyd’s outlook holds up
02 November 2009
Lloyd’s says it is on track to meet financial expectations for the full year, although it is not expecting investment returns to keep improving…
Plumeri urges greater transparency
02 November 2009
Willis Group Chairman and CEO Joe Plumeri has vowed his global company won’t go back to the “old ways” of doing business by accepting contingent commissions…
Marsh, AIG face another bid-rigging lawsuit
26 October 2009
An ongoing insurance bid-rigging saga continues to plague global broker Marsh and insurer AIG after the launch of a US lawsuit last week…
Cash pay limit for top AIG executives
26 October 2009
AIG’s most senior executives will have their base cash salary capped at $US500,000 ($539,000) – down 91% from last year’s levels – under orders from America’s “pay czar”…
Soft US market tipped to continue next year
26 October 2009
Next year promises no relief from soft commercial rates that have plagued US property and casualty insurers since 2004, according to analysts Advisen…
Dutch float to boost coffers for acquisitive Aviva
26 October 2009
UK financial services giant Aviva is continuing to bankroll its Asian expansion ambitions with plans to float a chunk of its holdings in Dutch subsidiary Delta Lloyd NV…
Cash-for-crash fraudster jailed
26 October 2009
A British man who charged people to crash their cars so they could claim on insurance has been jailed for four-and-a-half years…
UK politicians pledge support for insurers
26 October 2009
The three main UK political parties have acknowledged the strength of the British insurance industry by pledging to keep their regulation distinct from the rules governing banks…
Pressure mounts over US broker disclosure
26 October 2009
Pressure is building on US insurance intermediaries to disclose all sources of broking revenue…
Japan typhoon to cost up to $1.5 billion
19 October 2009
This month’s Super Typhoon Melor will cost Japan between ¥75 billion and ¥130 billion (($893 million-$1.5 billion) in insured losses, according to risk modelling firm AIR Worldwide…
AIG sells Taiwan life subsidiary
19 October 2009
AIG has made its biggest single repayment yet to the US Government’s bailout, with the sale of Taiwan subsidiary Nan Shan Life for about $US2.15 billion ($2.37 billion)…
US broker consolidation set to continue
19 October 2009
The global economic recession will put only a temporary brake on consolidation in the US broker sector, according to a report by New York-based industry analysts Advisen…
Aerospace premiums continue to decline
19 October 2009
The aerospace insurance market is still soft, but experts now believe falling passenger numbers are the main cause…
RIMS wants broker commission disclosure
19 October 2009
The Risk & Insurance Management Society has turned up the heat on insurance brokers, calling for complete transparency and full disclosure of all broking revenue…
Report reveals growing demand for cat bonds
19 October 2009
A benign windstorm season has increased the appeal of catastrophe bonds to both sponsors and investors, with issued risk capital set to peak during the fourth quarter…
North American demand stays flat: survey
12 October 2009
A new survey of North American corporate risk managers shows insurers are continuing to renew property-casualty programs at “deeply depressed” rates…
Ebix acquires US software maker
12 October 2009
Insurance software supplier Ebix has acquired California-based software maker E-Z Data for $US50 million ($55 million)…
AIG CEO gets the nod for $12 million pay deal
12 October 2009
AIG President and CEO Robert Benmosche has won formal approval for a pay package worth up to $US10.5 million ($11.8 million)…
Allianz preys on AIG’s Asia business
12 October 2009
Allianz wants to expand in Asia and take business from AIG, according to the CEO of the German insurer’s Global Corporate and Specialty unit, Axel Theis…