AIG announces record profit
17 February 2004
Continuing the string of record profits being announced by major insurers, global No 1 American International Group has recorded a net income figure of $11.7 billion for 2003…
International
Aon committed to stronger 2004 performance
17 February 2004
Chicago-based Aon Corporation has reported profits of $795 million, a 35% increase on 2002’s figures – but the group says there’s still room for improvement…
Chubb expands marine market
17 February 2004
Chubb has set up a marine underwriting division within its US commercial insurance operations in a bid to enter the global marine market…
A big year in profit terms
10 February 2004
Early reports coming in from global insurers and brokers suggest that 2003 has been a great year for them all…
Reinsurance debt worries ratings agency
10 February 2004
Despite booming profits, US insurers have been warned of a new hazard they have to deal with – the threat of reinsurance bad debts…
Insurers furious over ‘fair value’ rule
10 February 2004
A simmering row between the European insurance industry and European Union regulators over the impending International Financial Reporting Standards has erupted in the open…
Britain bans directors over reinsurance ‘loans’
10 February 2004
Six former insurance executives who have been accused of distorting their company accounts and “failing to act with honesty and integrity” have been banned from working…
Lloyd’s has more to deal with
03 February 2004
Lloyd’s has £14.9 billion ($35.7 billion) capacity for 2004, the highest figure it has ever achieved…
Giant asbestos claim settled
03 February 2004
Amidst the happiness about Lloyd’s continually improving capital situation comes news that is more sobering…
US med mal insurance is sick and sinking
03 February 2004
US legislators aren’t getting on top of the country’s medical malpractice problems, with the costs of claims continuing to increase at a steady 10% per year…
ERC recovers its popularity
03 February 2004
Giant US conglomerate GE is starting to warm to the presence in its ranks of Employers Reinsurance Corporation, which GE Chairman Jeffrey Immelt was less than complimentary…
Hold the line, plead industry leaders
09 December 2003
AIG President Maurice “Hank” Greenberg and Zurich CEO James Schiro have called for insurers to avoid dropping premiums as profitability rises and competition returns…
Premiums keep insurance pumped, says Swiss Re
09 December 2003
The global life and general insurance sectors generated premium income of $3552 billion last year. While life insurance earned more than general insurance…
S&P says UK insurers are stable
09 December 2003
The British general insurance industry might be experiencing negative business trends, but its outlook remains stable, says ratings agency Standard & Poor’s…
Hotelier settles on WTC damage
09 December 2003
US hotel chain the Marriott Group has settled with its insurers for the destruction of one hotel and damage to another during the attack on the World Trade Centre towers…
Asbestos Bill loses momentum
02 December 2003
The contentious Asbestos Bill has been put on hold in the US Senate, with the Democrats forcing it off the order paper until next year…
Trade Centre battle nears climax
02 December 2003
A New York judge has set February 9 next year for the first in a series of trials intended to resolve the World Trade Centre claims dispute…
Kann can’t: now a new Gerling Re suitor emerges
02 December 2003
Gerling Global Re still hasn’t been sold, thanks to the refusal of the New York Insurance Commissioner to ratify it…
US industry under-reserved, says ratings agency
02 December 2003
The US general insurance industry had an estimated reserve deficiency of between $63 billion and $106 billion at the end of last year, according to Fitch Ratings…
The St Paul solution: buy big
25 November 2003
The merger and acquisition game is on again in the US, with Minnesota’s The St Paul Companies reaching agreement to buy the much larger…