UK regulation costs outweigh benefits
04 April 2006
The cost of regulation of general insurance in the UK for consumers is £400 million ($965 million) a year, according to new research from the Association of British Insurers…
International
Brokers provide good fee disclosure
04 April 2006
A recent survey conducted by the Association of Insurance and Risk Managers in the UK reveals an increase in broker transparency over remuneration…
Succession plan is in place, but Buffett stays put
28 March 2006
Berkshire Hathaway Chairman Warren Buffett is staying in the chair…
Aviva bid rejected
28 March 2006
The £17 billion ($41.9 billion) bid by UK insurance giant Aviva to take over Prudential has been withdrawn after Prudential refused to enter into talks…
Independent trial begins
28 March 2006
Three former directors of collapsed UK insurer Independent have attended the preliminary hearing into their charges of conspiracy to defraud, marking the first step in a trial…
Silverstein battles the Governor
21 March 2006
New York property developer Larry Silverstein, who fought long and hard for extra payments from insurers for the destruction of the World Trade Centre towers, is now having trouble…
Zurich reaches bid-rigging settlement
21 March 2006
Zurich American Insurance has reached a US-wide settlement of $US171.7 million ($236.6 million) with nine US state regulators over bid-rigging and price-fixing allegations…
Munich Re and AIG survive the storms
21 March 2006
It may have suffered significant exposure to the devastating North American hurricane season, but the world’s largest reinsurer is still well in the black…
A need for commission disclosure
21 March 2006
UK insurance brokers could soon be finding themselves having to disclose their commission earnings when arranging cover…
S&P’s UK outlook remains stable
21 March 2006
Standard & Poor’s has maintained its stable outlook on the UK’s general insurance industry…
Spitzer moves on to life cover
14 March 2006
New York Attorney-General Eliot Spitzer – the man responsible for uncovering unsavoury practices in the US general insurance industry over the past two years – is now focusing…
Royal & Sun surpasses forecasts
14 March 2006
UK-based insurer Royal & SunAlliance continues to struggle back to profitability after several years in the doldrums…
Asbestos appeal to reduce payouts
14 March 2006
A French company is hoping to limit the extent of asbestos-related compensation payments with a special appeal to the British House of Lords…
A successor chosen for Buffett
07 March 2006
Berkshire Hathaway CEO Warren Buffett says the company’s board has unanimously decided on a successor but it’s too early to say exactly who that person might be…
Aviva releases prelim results
07 March 2006
UK insurance giant Aviva pushed its general insurance earnings up 22% last year to £1.5 billion ($3.66 billion)…
China looks for experience
07 March 2006
Only the most experienced foreign insurers will be enjoying access to the lucrative markets of China, the China Insurance Regulatory Commission says…
Lloyd’s of Shanghai
28 February 2006
Lloyd’s looks set to make a significant foray into Chinese insurance with the opening of its first office there later this year…
US industry reserves remain inadequate
28 February 2006
US insurers still have problems with their long-tail reserves, according to Standard & Poor’s…
Lloyd’s appoints new Deputy Chairman
21 February 2006
While it can’t seem to make up its mind about a successor to former CEO Nick Prettejohn, Lloyd’s has at least appointed a new deputy to Chairman Lord Peter Levene…
US insurers in for a rough year: AM Best
21 February 2006
There isn’t much good news for US commercial insurers in ratings agency AM Best’s latest outlook report…