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…
International
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…
Lloyd’s jumps into GAAP
25 November 2003
Lloyd’s has made another big step towards moving to modern financial accounting by deciding to adopt the generally accepted accounting principles from January 1, 2005…
… and slips out a new principle
25 November 2003
Lloyd’s has also announced that a new form of slip for writing risks will come into operation in January…
Zurich leads Europe’s insurer recovery
25 November 2003
Higher premiums are slowly bringing the European insurance market back to profitability. Zurich Financial Services has reported a $1.9 billion profit for the first nine months of 2003…
R&SA is still struggling
25 November 2003
But it wasn’t all joy for the major European insurers. Struggling British insurer Royal & Sun Alliance has reported a $336.5 million after-tax loss for the first nine months…
GE wants out of insurance
25 November 2003
US conglomerate General Electric is getting rid of most of its life insurance and mortgage insurance businesses, with analysts suggesting it would be happy to see the rest go, too…