Tag: Insurance Journal
XL Posts $272.7 Million Q2 Net Income; $221.6 Million Operating
XL Group plc reported the following hihlights in its earnings report for the second quarter of 2013: – Operating net income for the quarter...
Tokio Marine Targets Asean for Expansion Abroad: Southeast Asia
Tokio Marine Holdings Inc., Japan’s second-largest non-life insurer, is seeking to expand in Southeast Asia as Japan’s shrinking population erodes its domestic market. The insurer...
Aon Reports 3% Q2 Revenue Growth; $241 Million Net Income
Aon’s earnings report of its results for the second quarter of 2013 showed a pattern of growth throughout the organization. Total revenue was $2.9 billion...
Chubb Q2 Profit Jumps 43% to $579M; Renewal Rates Up in All Business Units
The Chubb Corp. reported its 2013 second quarter net income of $579 million, a 43.3 percent increase from $404 million net income posted a...
ACE Reports $891 Million Q2 Net Income; $1.844 Billion 1st Six Months
ACE Limited reported net income for the quarter ended June 30, 2013, of $2.59 per share, compared with $0.96 per share for the same...
Travelers’ Q2 Profit Climbs 85% to $925M; Auto Unit Layoffs Planned
The Travelers Companies today reported net income of $925 million for its 2013 second quarter, an 85 percent jump from $499 million net income...
UN Warns of Vulnerabilities’ in Mobile Phone SIM Cards as Cyber Security Risk
A United Nations group that advises countries on cyber security, plans to send out an alert about significant vulnerabilities in mobile phone technology that...
Earthquake in China’s Gansu Province Kills 56, Injures 392, Xinhua Says
An earthquake in the northwestern Chinese province of Gansu killed at least 56 people and injured 392, the official Xinhua News Agency reported. The 6.6-magnitude...
Geneva Association Reacts to G20 Insurers’ Capital Mandate
The Geneva Association, the international insurance think tank, issued a bulletin following the publication of both the Financial Stability Board’s (FSB) list of global systemically...
Allstate Selling Life Business to London Group
Clive Cowdery, who earned a fortune cutting deals that consolidated the U.K. life insurance industry, is making a foray into the U.S. by buying...
SCOR Estimates Net Pre-tax Losses from Alberta Floods at $52 Million
French reinsurer SCOR Group announced that “the June flood event in Alberta, which resulted in mass evacuations of people from their homes and major...
How Casualty Actuaries Help Insurers Manage Nanotech, Other Emerging Risks
Casualty actuaries can help insurers meet the demand for new products by identifying, analyzing and pricing new risks, according to two speakers at the...
AIG Ex-Chief Greenberg Sues Spitzer for Defamation
Former American International Group Chief Executive Maurice “Hank” Greenberg sued Eliot Spitzer on Friday, alleging the former New York governor defamed him in several...
Chubb Estimates Q2 Catastrophe Losses at $240M
The Chubb Corp. estimates that catastrophe losses in the second quarter will be approximately $240 million before tax, or $156 million after tax ($0.60...
AIG Reported to Be Lead Insurer for Asiana Crash in San Francisco
nternational Group Inc. was the lead insurer providing coverage for the Asiana Airlines Inc. jet that crashed while landing in San Francisco last weekend,...
Flood Losses Dominate Disaster Count in 1st Half of 2013: Munich Re
Floods caused billions of dollars in losses and dominated the natural catastrophe statistics for the first half of 2013, according to a study released...
Five Dead, 40 Missing After Crude Oil Freight Train Explosion in Canada
At least five people died and 40 were missing on Sunday after a runaway train carrying crude oil derailed and exploded in the center...
Greenberg’s $25B Suit Against Government Over AIG Bailout Can Proceed
Maurice “Hank” Greenberg can continue his $25 billion lawsuit against the U.S. over losses from the bailout of his former company, American International Group...
Hartford to Sell U.K. Variable Annuity Business to Berkshire
Hartford Financial Services Group Inc. agreed to sell its U.K. variable-annuity business to Berkshire Hathaway Inc. for about $285 million in cash. Hartford Life International...
Swiss Re sigma study Finds Global Insurance Premium Growth at 2.4%
Swiss Re’s latest sigma study reveals that “total global premiums written increased by 2.4 percent in real terms in 2012 to $4.613 trillion. Life premiums expanded...
Ex-AIG CEO Greenberg Must Face N.Y. Suit, Appeals Court Says
Former American International Group Inc. Chief Executive Officer Maurice “Hank” Greenberg must face a fraud lawsuit brought by the New York attorney general, the...
Allstate: Profit to Be Cut by $320 Million on Retiring Debt
Allstate Corp., the largest publicly traded U.S. home and auto insurer, said second-quarter earnings will be cut by about $320 million on costs tied...
AIR Estimates Insured German Flood Losses between $5.28 and $7.66 Billion
Catastrophe modeling firm AIR Worldwide estimates that insured losses in Germany from the recent floods in Central Europe are between €4.0 billion and...
U.S. Regulators See No Need for Enhanced Insurer Capital
Insurers should not be forced to hold extra capital just because of their size, because the extra cost would simply be passed on to...
Swiss Re Publishes Corporate Responsibility’ Report;Sustainable’Insurance Goals
Swiss Re announced the publication of its “2012 Corporate Responsibility Report,” which it said “enhances its accountability by reporting against the Principles for Sustainable...
11 U.S. Weather Disasters in 2012 Cost More Than $1 Billion Each
The U.S. suffered 11 weather and climate disasters last year that caused more than $1 billion in damage each and killed more than 300...
Aon Benfield’s Impact Forecasting Releases Model for Recent German Floods
Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has launched a scenario model for the recent German floods. The bulletin...
Floods Could Cost Germany $16 Billion in Economic Damage Warns Fitch
Floods that have devastated parts of southern and eastern Germany could briefly impede growth in Europe’s biggest economy, an industry body said, while ratings...
U.S. Insurers Financially Prepared for Hurricanes in 2013: Fitch
There is sufficient capacity available in insurance and reinsurance markets to provide sufficient coverage and withstand potential losses from hurricane related perils this storm...
U.S., Global Natural Disasters Exact Heavy Toll in May: Aon Benfield
Severe weather in May caused an estimated $4 billion in insured damage in the U.S. alone and billions more in economic losses around the...
Marsh to Acquire Brokerage in Dominican Republic
Insurance broker Marsh has agreed to acquire Franco & Acra Tecniseguros, an insurance adviser in the Dominican Republic that has been acting as Marsh’s...
AIG Receives Delayed Deposit on ILFC Sale
Insurer American International Group Inc. has received a delayed deposit payment from the Chinese consortium buying its ILFC airplane leasing business, AIG said in...
East, Gulf Coast Insured Properties Top $10 Trillion: AIR
The estimated insured value of residential and commercial properties in just the coastal counties of the U.S. East and Gulf Coast states now exceeds...
Is European Hurricane Model Better Than U.S. Model?
When forecasters from the National Weather Service track a hurricane, they use models from several different supercomputers located around the world to create their...
AIG Ends a Bailout-Related Lawsuit Against N.Y. Federal Reserve
American International Group Inc. has agreed to end litigation against the Federal Reserve Bank of New York over whether the insurer retained the right...
Oklahoma Tornado Cost Insurers as Much as $3.5 Billion: RMS
The tornado that leveled an Oklahoma City suburb last week probably cost insurers $2 billion to $3.5 billion in claims, according to catastrophe modeler...
AIG in Joint Deal to Sell Life Insurance in China
American International Group Inc. reached a deal with People’s Insurance Company Group of China Ltd. for a joint venture to sell life insurance in...
76 Tornadoes in May Caused $2B-$5B in Insured Losses: Eqecat
Tornadoes that struck the United States from May 18 to May 20 caused anywhere from $2 billion to $5 billion in insured losses, disaster...
Top 10 U.S. Insurers in Tornado-Stricken States: SNL Financial
The Moore, Oklahoma tornado, which killed 24 people, was the deadliest to touch down during a nearly weeklong outbreak across the U.S. Midwest. The...
Atlantic Coast Can Expect 3 to 6 Major Hurricanes This Season: NOAA
The government’s weather center is forecasting that this year’s Atlantic hurricane season that begins June 1 will be an active one, perhaps even extremely...
S&P Assesses Insurance Industry and Country Risk Shaping Insurance Markets
A report by Standard & Poor’s Ratings Services notes that “for the two main insurance sectors, life and property/casualty (P/C), overall industry and country...
Property Market Stayed Stable in Q1; Sandy Effect on Rates Muted: Marsh
The property insurance market remained relatively stable and competitive in the first quarter of 2013, with few changes to limits purchased and deductibles, according...
Willis ILS Report: Q1 2013 Sees $1.6 Billion in New Cat Bond Issuance
The first quarter of 2013 saw $1.6 billion of new issuance in non-life capacity marketed through five catastrophe bond transactions, including three transactions marketed...
Prudential Committed to UK As Asia Units Rise
Insurer Prudential has reaffirmed a commitment to its British home market as a source of financial strength and profit even as Asian units romped...
MAPFRE Posts $9.1 Billion Q1 Total Revenues; $346.5 Net Income
Spain’s MAPFRE announced that it had total revenues of €6.942 billion , a 1.6 percent increase, and attributable results of €264.3 million , down...
Health Insurers Cautious About Joining State Health Exchanges
The nation’s largest health insurers are far from leaping at the chance to join new state health insurance exchanges under President Barack Obama’s reform...
Argo Group Reports Q1 Net income of $32.7 Million; GPW of $438.2 Million
Bermuda-based Argo Group International Holdings, Ltd. reported increases in both gross premiums written and net income for the first quarter of 2103. GPW reached...
ACE Acquires Mexico Personal Lines Insurer ABA Seguros
ACE Limited announced that it has completed the acquisition of Mexican personal lines insurer ABA Seguros from Ally Financial Inc. for approximately $690 million...
AIG Reports P/C Underwriting Gain for Q1
American International Group Inc.’s property and casualty business booked its first underwriting profit in two and a half years during the first quarter, as...
RSA Posts 7% Premium Growth in Q1 2013; Net Asset Value up 5%
UK-based RSA reported an “encouraging start” for 2013 in its Interim Management Statement with premium growth in the first quarter of the year up...
U.S. P/C Industry 2012 Income $33.5B in Spite of $32B in Cat Losses
U.S. property/casualty insurers absorbed net insured catastrophe losses of more than $32 billion last year, but still managed to post $33.5 billion in net...
Defining Terrorism for Policies Not a Simple Task After Boston Tragedy
There are a number of issues involved in determining whether the Boston bombings tragedywould be considered a terrorist act for insurance purposes such as determining...
Everest Re Reports $384.3 Million Q1 Net Income; 31% Growth in Operating EPS
The Bermuda-based Everest Re Group, Ltd. reported net income of $384.3 million, or $7.50 per diluted common share, for the first quarter of 2013,...
Travelers Q1 Profit Up 11% to $896M; CEO Says We Will Keep Going’ on...
The Travelers Companies Inc. on Tuesday reported $896 million net income for its 2013 first quarter, an increase of 11 percent compared to $806...
ACE Reports $953 Million Q1 net Income; P&C Combined Ratio 88.2%
ACE Limited reported net income for the quarter ended March 31, 2013 of $2.77 per share – $953 million – compared with $2.84 per...
Aon Global Risk Management Survey Highlights Top 10′ Risks for 2013 & 2016
“Risk leaders are struggling to identify and manage the major risks facing their organizations,” according to the biannual Aon Global Risk Management Survey released...
Earthquake Kills 207 People Injures 11,500 in China’s Sichuan Province
China’s worst earthquake in three years on Saturday killed at least 207 people and injured 11,500, 960 of them seriously, according to the latest figures...
Best Reports: Reinsurance Capacity Keeps Growing, Despite Low Yield, Competition
“A return to an underwriting profit in 2012 enabled the global reinsurance market to continue its growth trajectory despite significant challenges,” according to a...
Boston Marathon Bomb Victims May Turn to BAA Insurance, Central Fund for Compensation
Victims of the Boston Marathon bombings will eventually win some kind of compensation, but it is far too early to know how much money...
Sandy’ Officially Retired from List of Atlantic Storm Names
“Sandy has been retired from the official list of Atlantic Basin tropical cyclone names by the World Meteorological Organization’s hurricane committee because of the...
Driver Fatigue Causes 20% of Auto Crashes: Study
A 100-car “naturalistic” driving study conducted by the Virginia Tech Transportation Institute says that fatigue is a cause of 20 percent of car crashes,...
Munich Re Supports Quake Prevention Project in India
Munich Re announced that it is supporting a prevention project in a region in India that is prone to earthquakes. The two-year project in...
Protective Life to Buy AXA’s U.S. Life Insurance Unit for $1.06 Billion
Protective Life Corp said it will buy Mony Life Insurance Company from parent AXA SA for $1.06 billion to access its portfolio of life...
Japan Carmakers Recall 3.4 Million Vehicles for Takata Airbag Flaw
Four Japanese automakers including Toyota Motor Corp and Nissan Motor Co are recalling 3.4 million vehicles sold around the world because airbags supplied by...
Judge Approves $115 Million AIG Shareholder Settlement
A federal judge on Wednesday approved a $115 million settlement between American International Group Inc. shareholders and former CEO Maurice “Hank” Greenberg and other...
Insurance Covered Half of U.S. Disaster Costs in 2012: Swiss Re
Natural catastrophes and man-made disasters caused $186 billion in economic losses globally in 2012 and took approximately 14,000 lives, according to global insurer Swiss...
UK Online Aggregators Now Have 40% of Personal P/C, but not Commercial
“Online aggregators have revolutionized the distribution of personal lines insurance in the UK,” concludes a study from Finaccord, a market research, publishing and consulting...
FERMA Calls on EU Parliament to Enforce Minimum Disclosure Standards for All Broker Business
The Federation of European Risk Management Associations (FERMA) is calling on the European Parliament to ensure that all insurance buyers are entitled to a...
Fitch: P/C Insurer Profit Up in 2012; Reinsurers Recover
Property/casualty insurers’ operating profits improved in 2012, driven by reduced incurred losses from natural catastrophes and core loss ratio improvements from recent underwriting and...
Finaccord Reports on Bancassurance in Global Markets
A new report from UK based market research, publishing and consulting firm Finaccord notes that “emerging markets in the Asia-Pacific region and Latin America...
Greenberg Doubles Claims in AIG Bailout Suit vs. U.S. to $55 Billion
Maurice “Hank” Greenberg, the former American International Group Inc. chief executive, has more than doubled the size of his class action lawsuit against the...
China PICC Group Sees Shanghai Listing in 2013 Second Half
Chinese state-owned People’s Insurance Company of China Group (PICC), one of the country’s largest insurers, could complete an A-share listing in Shanghai in the...
Zurich in Strategic Alliance with Red Cross/Crescent for Global Flood Program
Zurich Insurance Group announced a CHF 21 million five-year alliance with the International Federation of Red Cross and Red Crescent Societies (IFRC). Zurich...
Australia’s QBE Profits Reduced by Higher Claims; Cuts Dividend
QBE Insurance, Australia’s biggest insurer, posted a lower-than-expected 8 percent rise in full-year net profit due to high claims for accidents and adverse U.S....
U.S., Gulf States Considering $16 Billion BP Oil Spill Deal: WSJ
The U.S. government and Gulf Coast states are considering offering BP Plc a deal under which it pays $16 billion to settle civil suits...
RSA Posts $1.047 Billion 2012 Operating Profit; 5% Premium Growth
The UK’s RSA posted a solid operating profit of £684 million , compared to £727 million , with a combined ratio of 95.4 percent,...
Fitch Concludes Indonesian Flood Losses Manageable for Non-Life Insurers
Fitch Ratings said it does not expect insured losses from the recent flooding in Jakarta, Indonesia in January to trigger widespread solvency problems or...
Meteor Blast Impacts Russia: AIR Analysis; Insurance Coverage?
A report from catastrophe modeling firm AIR Worldwide analyzes the factors involved and the damages produced over the Russian city of Chelyabinsk (population: 1...
Toyota Finalizes $29 Million Multi-State Settlement Over Acceleration
Toyota Motor Corp. will pay $29 million as part of a multi-state settlement agreement finalized on Thursday over the Japanese automaker’s failure to quickly...
Willis Reports $804 Million Q4 Operational Loss from Financial Charges
Willis Group Holdings has reported its results for the fourth quarter of 2012 and the twelve months ended December 31, 2012. The bulletin also...
Arch Capital Posts $13.7 Million Q4 Net Income; $568.3 Million FY 2012
The Bermuda-based Arch Capital Group Ltd. reported net income available to common shareholders for the 2012 fourth quarter of $13.7 million, or $0.10 per...
Munich Re Warrants Performance of Xicato’s LED Light Modules
Munich Re announced that it has “introduced ground-breaking insurance coverage with the US lighting company Xicato,” which provides its customers with a “5-year performance...
$1.2 Billion in Sandy Losses Paid, Allstate Pursuing Rate Hikes
Allstate Corp.’s quarterly profit fell 45 percent on losses from superstorm Sandy, but the home and auto insurer said it has paid out about...
The Hartford Posts $46M Q4 Net Loss; $350M in Sandy Loss Reported
The Hartford Financial Services Group Inc. reported a net loss of $46 million for the 2012 fourth quarter, in contrast to the fourth quarter...
Munich Re Preliminary Figures Show $4.33 Billion Profit in 2012
Munich Re’s preliminary financial figures for 2012 show a profit of €3.2 billion , compared to catastrophe prone 2011, when it posted a profit...
Willis ILS Reports 2012 as 2nd Strongest Cat Bond Issuance on Record
According to figures compiled for Willis Capital Markets & Advisory (WCMA), part of global insurance broker, Willis Group Holdings, “last year saw the second...
Demand Surge Not An Issue For Sandy; Property Losses Near $19B
Although demand surge was an issue for the property/casualty industry following a trio of hurricanes in 2005, for Superstorm Sandy the demand-surge impact is...
Half of 2012?s Global Economic Losses Due to U.S. Natural Disasters: Aon
While global economic losses were close to average in 2012, insured losses last year were 36 percent higher than the 10 year average ($72...
S&P: Low Interest Rates, Regulation Issues Are Key Insurance Industry Risks
Standard & Poor’s Ratings Services has issued a new report – “Global Insurance Key Risks And Credit Trends Dominated By Low Interest Rates And...
Travelers Q4 Profit Down, Hurt by $669M Sandy Loss; Full-Year Profit Up
The Travelers Companies Inc. today reported net income of $304 million for the 2012 fourth quarter, down 51 percent compared to $618 million net...
Aon Benfield ILS Report Notes $1.89 Billion Issued in Q4; $6.25 Billion in 2012
In its latest report on the insurance-linked securities (ILS) market, which reviews the key trends witnessed during the fourth quarter of 2012, Aon Benfield Securities,...
Talanx Estimates Group’s Sandy Losses at $410 Million; Hannover Re $349 Million
Germany’s Talanx AG announced that its estimated net claims burden related to hurricane “Sandy” are approximately €306 million for the entire Group. The estimate...
Zurich’s European Survey Confirms Insurance Isn’t a Luxury in Economic Crisis
A survey conducted by GfK on behalf of Zurich Insurance Group analyzed how the people in seven different European countries are dealing with their insurance needs...
New Generali Boss Promises Revolution’ at Italian Insurer
Mario Greco, the new boss of Europe’s 3rd largest insurance group, Italy’s Generali, has vowed to boost operating profit by a quarter via an...
Greenberg Won’t Sue AIG Over Bailout Lawsuit Vs. Government
Hank Greenberg will not sue AIG over the company’s decision not to join his lawsuit against the U.S. government, his lawyer said on Thursday. Greenberg, who was...
AIG Decides Not to Join Bailout Lawsuit Against Government
The board of American International Group Inc. decided on Wednesday not to join a lawsuit against the U.S. government over the terms of the...
Global Risk Experts Lack Confidence in Governments on Economies, Climate
Fragile economies and extreme weather have combined to crank up the global risk dial in the past year, creating an increasingly dangerous mix, according...
Supreme Court Considers Travelers Insurance Case on Limiting Class Actions
The U.S. Supreme Court on Monday weighed whether to impose new limits on class-action lawsuits, as it reviewed whether a homeowner’s lawsuit against his...
China Claims Railway Company Hid Fatal Tunnel Explosion
China says a railway company covered up a tunnel explosion that killed eight people and injured five last month. The State Administration of Work Safety...
Munich Re 2012 Cat Report Underscores Extreme Weather in U.S.; Sandy Losses
The figures for natural catastrophse that occurred in 2012 are “dominated by weather extremes in the USA,” according to a report from Munich Re....
P/C Insurers’ Loss Reserves Continue to Surprise Analysts
Analysts at two rating agencies, Fitch and Moody’s, believe property/casualty insurers’ prior-year loss reserve takedowns will continue to outpace reserve additions in 2013. The analysts...
Judge Approves $7.8 Billion Settlement in BP Class Action Suit
A U.S. judge last Friday gave final approval to BP Plc’s settlement with individuals and businesses who lost money and property in the 2010...
Senate Republicans Move to Cut Sandy Aid to $24 Billion
U.S. Senate Republicans sought to slash a $60.4 billion aid bill to cover reconstruction after Superstorm Sandy, proposing on Wednesday to fund only $23.8...
RSA Announces Sale of Dutch Caribbean Operation
UK-based RSA announced that a subsidiary, Sun Alliance Insurance Overseas Limited, and Maduro & Curiel’s Bank N.V. “have reached a final agreement to sell...
Asbestos Loss Estimate Now at $85 Billion: A.M. Best
Insurance rating firm A.M. Best this week raised to $85 billion its estimate for losses that U.S. property and casualty insurers can ultimately expect...
P/C Insurance Analysts’ Expectations Climbing: Accenture
Although returns-on-equity for the property/casualty insurance industry are lagging in the mid-to-upper single-digit range, equity analysts expect companies they recommend with “Buy” ratings to...
XL’s Preliminary Loss Estimate for Hurricane Sandy around $350 Million
XL Group plc has announced that its preliminary net loss estimate related to Storm Sandy is around $350 million, pretax and net of reinsurance...
Commentary: AIG Profits’ an Insult to the Concept
To say taxpayers made money from their investment in AIG is to libel the very concept of profit. Come to think of it, it may...
Best Sees No Change in AIG’s Ratings from U.S. Treasury Share Sale, ILFC Deal
A.M. Best Co. has commented that the issuer credit rating of “bbb” of American International Group is unchanged following the announcement of the U.S. Treasury’s...
Sandy to Have Only Limited Impact on Insurer Ratings: S&P
Despite uncertainties regarding final loss totals from Hurricane Sandy, Standard & Poor’s Ratings Services said it expects only a limited ratings impact on insurers...
Swiss Re Study Sees Economy Improving in 2013; Casualty Lines Recover
Swiss Re’s latest study, “Global re/insurance review 2012 and outlook 2013/14” provides a somewhat optimistic forecast of the future state of the global economy...
Treasury Selling All of Its Remaining AIG Common Stock
The U.S. Treasury is selling its remaining stake in insurer American International Group Inc., bringing an end to government ownership of the company four...
ACE USA Restructures Global Property Division
ACE USA, the U.S.-based retail operating division of The ACE Group, has reorganized its Global Property division to now include three property insurance units...
Obamacare Medical Loss Ratio Saved $1.5 Billion in 2011: Report
Consumers saw nearly $1.5 billion in insurer rebates and overhead cost savings in 2011, due to the Affordable Care Act’s medical loss ratio provision...
AIR Worldwide’s Analysis of Typhoon Bopha’s Impact on the Philippines
AIR Worldwide’s analysis of Typhoon Botha’s impact on the Philippines indicates that as “insurance penetration in this area is around 10 percent to 20 percent;...
October Disaster Loss at $1.08B: Allstate
Allstate Corp. expects to report October disaster losses of $1.08 billion, mostly due to superstorm Sandy, the home and auto insurer said on Wednesday. Allstate,...
Sandy-Damaged Vehicle Count at 230,000
The current estimate of vehicles damaged as a result of Sandy hit the 230,000 mark as claims processed by insurance companies have been analyzed. New...
Onex Corp. of Canada to Acquire USI for $2.3 Billion
Canadian private equity firm Onex Corp. said today it has agreed to acquire insurance brokerage USI from Goldman Sachs Group’s GS Capital Partners private...
Insurers Go Beyond Paying Claims for Sandy Victims
According to the U.S. Chamber of Commerce, Superstorm Sandy affected 16 states causing unprecedented damage to the East Coast. As a result of the...
AIG, Others to Take up Half of China PICC’s $3.6 Billion Hong Kong IPO
Chinese state-owned insurer PICC Group has secured pledges from American International Group (AIG) and other investors to buy about half of its up to...
China’s PICC Group to Raise up to $4 Billion in Hong Kong IPO
Chinese state-owned insurer PICC Group started meeting institutional investors in Hong Kong on Thursday to gauge demand for a listing worth up to $4...
Reinsurers’ Capital Can Absorb Sandy Losses Below $50 Billion: S&P
Standard & Poor’s Ratings Services said that the reinsurance sector’s strong capital and very strong earnings thus far in 2012 will allow it to...
Sandy to Have Limited Impact on Catastrophe Bond Market: Willis
Superstorm Sandy’s impact the catastrophe bond market is likely to be muted based on current estimates, with little impact on new pricing, according to...
Insurer ING US Files for IPO
ING U.S. Inc, a unit of Dutch financial services group ING Groep NV, filed to raise up to $100 million in an initial public...
Superstorm Sandy Stress Scenarios Won’t Impact Insurer Ratings: Fitch
Even an extreme $40 billion scenario for property/casualty insurance industry losses from Hurricane Sandy would not drive material rating changes for insurers, analysts at...
Insurer Aviva Nearing Sale of U.S. Business
Aviva, the UK’s second-biggest insurer, is closing in on the sale of its underperforming U.S. business, a key part its drive to strengthen its...
Sandy Exposed Hospitals’ Lack of Disaster Preparedness
Kim Bondy was in New Orleans seven years ago when Hurricane Katrina devastated the city, and scores of patients died in flooded hospitals cut...
UK Drivers Poor Eyesight Costs $52.7 Million a Year Says RSA Report
A new report, commissioned by global UK-based insurer RSA, has found that road accidents caused by poor driver vision cost the UK an estimated...
Eqecat Doubles Insured Loss Estimate for Sandy to $10-20 Billion
Catastrophe risk modeling firm Eqecat doubled its insured loss estimate range for Sandy, to $10 billion to $20 billion, with the total economic damage...
AIG Profit Gains on Investments; P/C Earnings Fall But Pricing Improves
American International Group Inc. earned a larger-than-expected profit during the third quarter, due in part to big gains on its investment holdings. Questions about the...
Allstate Reports Higher Q3 Profit; Expects Significant But Not Material’ Sandy Losses
Home and auto insurer Allstate Corp. reported a larger profit for the third quarter on a decline in disaster losses and improving margins, as...
Insured Losses From Hurricane Sandy $7-$15 Billion: AIR Worldwide
Catastrophe modeling firm AIR Worldwide estimated Tuesday evening that insured losses from Hurricane Sandy to onshore properties in the U.S. would be in the...
Hurricane Sandy Losses Expected to Top Irene’s
Hurricane Sandy appears to have easily caused more losses than last year’s Hurricane Irene, but final totals will be hard to come by for...
Insurers Prepare for Hurricane Sandy
Insurers say they are making the usual preparations for a hurricane – activating claims teams, staging adjusters near the locations most likely to be...
Update: Hurricane Sandy Could Affect 50 Million People on East Coast
Authorities shut transit systems and ordered some evacuations as tens of millions of people on the East Coast braced on Sunday for Hurricane Sandy,...
Meningitis Lawsuits: Product Liability or Medical Malpractice?
Victims of a deadly U.S. meningitis outbreak are starting to sue the physicians and clinics that administered tainted steroid shots, and the success of...
AIG to Pay $11M Multi-State Settlement Over Life Policies
Insurer American International Group Inc. has agreed to an $11 million settlement with a group of states over its claims settlement practices for life...
Travelers Profit Soars to $864M in Q3 as Catastrophe Losses Fall
The Travelers Companies Inc. reported today $864 million net profit for the third quarter — up 159 percent from the same period a year...
McKinsey’s Casserely to Succeed Plumeri as Willis Group CEO
Dominic Casserley will serve as the next chief executive officer of global insurance broker Willis Group Holdings, effective Jan. 7, 2013. Also, Steve Hearn, currently...
Chairman Nelson Talks About the Future of Lloyd’s
Lloyd’s of London Chairman John Nelson knew when he acceded to his post one year ago that his predecessor, Lord Peter Levene, would be...
Zurich in North America Names New CFO
Zurich in North America (ZNA) has appointed Dalynn Hoch as its new chief financial officer. She is based in Zurich’s North American headquarters in...
U.S. Insurers Say Fraud Costs on the Rise: Survey
Forty-five percent of insurers estimated that insurance fraud costs represent 5-10 percent of their claims volume, while 32 percent said the ratio is as...
State Auto Estimates $6.5 – $7.5Mn Q3 Cat Losses; RED Reserves Increased
State Auto Financial Corporation (STFC) estimates the impact of catastrophe losses in the third quarter of 2012 at between $6.5 million and $7.5 million...
P/C Insurers’ Profits Jump in First Half as Catastrophe Losses Drop
U.S. property/casualty insurers’ net income after taxes jumped to $16.4 billion in first-half 2012 from $4.8 billion in first-half 2011, with insurers’ overall profitability...
Best Affirms QBE Insurance Group A’ Ratings; Outlook Stable
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of...
Prudential Close to Deal to Buy Hartford Life Insurance Unit: WSJ
Prudential Financial Inc. is close to a deal to acquire the individual life insurance business of Hartford Financial Services Group Inc, and a deal...
Lloyd’s 1st Half Profits at $2.4 Billion; CEO Cites Disciplined Underwriting’
Lloyd’s of London’s first six months of 2012 financial figures couldn’t evince a greater difference from those posted in the first half of 2011....
Zurich Names CEO of Global Corporate in North America
Zurich, a property/casualty insurance provider globally and in North America, appointed Dan Riordan as CEO of its Global Corporate in North America (GCiNA) business. He...
Marsh & McLennan’s Duperreault to Retire; COO Glaser to Become New CEO
Marsh & McLennan Companies Inc. announced that Brian Duperreault, 65, will retire as the company’s president and chief executive officer at the year’s end. Daniel...
Is Long-Term Care Insurance Dying?
Poor results in the long-term care insurance sector have led many providers to exit the market, leaving its future uncertain, Moody’s Investors Service says...
Willis UK Broker Networks Add 12 New Members
Willis Group Holdings announced that 12 new members have joined its two UK broker networks, Willis N2 and Willis Commercial Network, both of which...
Reinsurance Industry Exhibits Stability: Aon Benfield
In the past 12 years, only eight reinsurers have been declared insolvent despite paying claims of more than $150 billion from events including the...
Commercial Lines Pricing Jumps 6% in Q2: Towers Watson
Commercial insurance prices experienced the largest rise in eight years, a new industry survey reveals. In aggregate, commercial lines pricing jumped by 6 percent during...
Reinsurance Rendezvous Focuses on Euro Zone, Interest Rates, Capital
For once there’s no natural catastrophe hanging over the annual Reinsurance Rendezvous in Monte Carlo (the 56th edition). Tropical storm Leslie missed Bermuda and...
Swiss Re Report Analyzes Rise in Flood Losses – $15 Billion and Counting
A new report from Swiss Re underscores the fact the “insured flood losses have increased from $1–2 billion in 1970 to $15 billion in...
Global Reinsurer Capital Reaches $480 Billion: Aon Benfield Study
The latest edition of the Aon Benfield Aggregate (ABA) report, which analyzes the financial position of the world’s leading reinsurers for the first half of...
Buffett’s Berkshire Hathaway Relying Less on Insurance Units
Warren Buffett’s recent birthday was good news for Berkshire Hathaway investors who could celebrate another year of the Oracle of Omaha’s leadership. But the...
Insurers Processing Estimated $1.2 Billion in Hurricane Isaac Claims
Insurance claims from Hurricane Isaac have starting coming in, with one estimate saying losses to insurers could total $1.2 billion. AIR Worldwide, which models losses...
Russian Insurance Community Works on Implementing ACORD Standards
Global standards development organization ACORD announced that a coalition of major Russian insurers, including subsidiaries of Allianz and Zurich, have agreed to work together to...
Early Isaac Losses at $1.5B: Eqecat
Hurricane Isaac has caused up to $1 billion in economic losses for offshore energy properties and up to $1.5 billion in insured losses onshore...
Guy Carpenter Report Finds Lloyd’s Seeking to Improve Competitiveness’
A new report on the Lloyd’s insurance market by Guy Carpenter & Co. finds that “Lloyd’s is looking to improve its global competitiveness despite...
Isaac Becomes a Hurricane As It Churns Toward New Orleans
Tropical Storm Isaac strengthened into a hurricane just off the U.S. Gulf Coast on Tuesday as it churned toward landfall in the New Orleans...
Isaac Menaces Gulf States; Forces Evacuations, Closings; Serious Flooding Feared
Tropical Storm Isaac closed in on the U.S. Gulf of Mexico coast on Monday, triggering some mandatory evacuation orders and disrupting U.S. offshore oil...
Fitch Notes Reinsurers More Risk-Focused For More Asian Catastrophes
Fitch Ratings has issued a statement which points out that the “spate of Asia-Pacific catastrophes in the past two years have prompted reinsurers to...
Lower Catastrophe Losses Boost P/C Insurers’ Earnings in Q2: Moody’s
U.S. property/casualty insurers reported significantly higher net income in the second quarter of 2012 relative to second-quarter 2011, driven by lower catastrophe losses and...
Berkshire Hathaway Profit Falls on Derivative Losses
Warren Buffett’s ice-cream-to-insurance conglomerate Berkshire Hathaway reported a smaller profit for the second quarter on Friday as losses on derivatives dragged down results, though...
U.S. Treasury to Raise $5B from AIG Stock Sale
The U.S. Treasury Department said on Friday it expects to raise $5 billion from its sale of American International Group stock, cutting the government’s...
Allstate Blows Past Q2 Earnings Estimates on Lower Disaster Impact
Home and auto insurer Allstate Corp swung to a profit in the second quarter, smashing recently lowered Wall Street expectations, after its disaster losses...
Apple Claims $2.5 Billion Damages in Samsung Patent Case
Apple Inc. claims it is entitled to $2.525 billion of damages in its high-stakes battle against Samsung Electronics Co over patents for technology used...
Allstate Reports Catastrophe Losses for Q2 of $820 Million
The nation’s largest publicly-held personal lines insurer, Allstate Corp., announced estimated catastrophe losses of $820 million, pre-tax, for the second quarter 2012, which includes ...
The Hartford Expects Q2 Catastrophe Losses Near $300 Million
The Hartford said that it expects to report current accident year catastrophe losses of $280 million to $300 million before tax in the second...
Fitch Affirms Lloyd’s A+’ Ratings; Outlook Stable
Fitch Ratings has affirmed Lloyd’s of London’s Insurer Financial Strength (IFS) rating at ‘A+’, and the Society of Lloyd’s Long-term Issuer Default Rating (IDR)...
Guy Carpenter Report Focuses on Asia-Pacific 2011 Climate Issues’
The Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC), a joint initiative of Guy Carpenter and City University of Hong Kong, has released its third...
Judge Says Greenberg May Pursue $25B Suit Over AIG Bailout
A company run by former American International Group Inc. Chief Executive Maurice “Hank” Greenberg may pursue a $25 billion lawsuit against the U.S. government, in...
AIG to Revive AIG Name; Rebrand Chartis, SunAmerica: Reuters
Bailed-out insurer American International Group Inc. will resume using its brand name with the public in a move to recognize the company’s turnaround, Chief...
P/C Insurers Profits Rose to $10.1B in Q1
Private U.S. property/casualty insurers’ net income after taxes rose to $10.1 billion in first-quarter 2012 from $7.8 billion in first-quarter 2011, with insurers’ overall...
Swiss Re sigma Study Finds P&C Growth in Emerging Markets
Swiss Re’s latest sigma study concludes that “global overall premiums declined 0.8 percent in real terms in 2011. While non-life premiums expanded 1.9 percent on solid...
MetLife Receives Fed Extension on Capital Plans
MetLife Inc. received a three-month extension from the U.S. Federal Reserve on its plans to return capital to shareholders, the company said on Tuesday,...
ACE to Acquire Indonesian General Insurer Asuransi Jaya Proteksi
ACE Limited announced that the company and its local partner have reached a definitive agreement to acquire PT Asuransi Jaya Proteksi (JaPro) in Indonesia...
HDI-Gerling to Enter UK Auto Fleet Market
Industrial Insurance Company HDI-Gerling has announced it is expanding its product range in the UK to include Motor fleet coverage. The company said it...
U.S. Insurers’ Reserves Redundant by $11.7B: Aon Benfield Study
Insurers’ reserves were redundant at year-end 2011 by $11.7 billion – or 2 percent of total booked reserves – compared with $22.0 billion at...
Best Affirms Allianz SE’s Ratings, Removes from Review, Outlook Stable
Following the rating actions taken in December 2011, A.M. Best Europe announced that it has affirmed the financial strength rating (FSR) of ‘A+’ (Superior)...
RSA Acquires Quebec Insurer L’Union Canadienne
RSA announced that it has acquired L’Union Canadienne, Compagnie d’Assurances from Co-operators General Insurance Company, subject to regulatory approval. “L’Union Canadienne is the third largest...
S&P to Factor Country Risk into Insurance Ratings
Standard & Poor’s will change the way it assigns global ratings to insurers, in part to increase the consideration of country risk in the...
Prudential Buying U.S. Life Insurance Business from Swiss Re
Britain’s No.1 insurer Prudential Plc on Thursday said it will buy life insurer SRLC America Holding Corp. from Swiss Re AG for 398 million...
Prudential Buying U.S. Life Insurance Business from Swiss Re
Britain’s No.1 insurer Prudential Plc on Thursday said it will buy life insurer SRLC America Holding Corp. from Swiss Re AG for 398 million...
U.S. Insurers Have Capacity to Provide 2012 Hurricane Coverage: Fitch
Sufficient capacity remains available in the insurance and reinsurance markets to meet the demand for coverage prior to the approaching U.S. hurricane season, according...
Magnitude 6.0 Earthquake Strikes Italy’s Emilia Romagna Region: AIR Analysis
AIR Worldwide has released its preliminary analysis of the earthquake which struck the Emilia-Romagna region of northern Italy in the early hours on Sunday,...
Healthcare Costs for Insured American Family Top $20K in 2012: Milliman
The average cost of healthcare for a typical American family of four in an employer- sponsored health plan in 2012 is $20,728. That is a...
MAPFRE Q1 Results: Total Revenue Tops $8.8 Billion, Latin American Growth
Spain’s MAFRE Group posted total revenues for the first quarter of 2012 of €6.835 billion , an 11.5 percent increase compared to Q1 2011,...
Reinsurance Fraud Case Against AIG Ex-CEO Greenberg Going to Trial
A New York appeals court on Tuesday gave former American International Group Inc. Chief Executive Maurice “Hank” Greenberg a partial victory in the state’s...
Munich Re Q1 Profit Tops $1 Billion; Gross Premiums over $17 Billion
Munich Re bounced back from the disaster plagued first quarter of 2011, posting a profit of €782 million in the first quarter of...
Treasury to Sell More AIG Shares for $5 Billion
The U.S. Treasury has agreed to cut its ownership stake in American International Group Inc. to 63 percent by selling 163.9 million shares for...
Berkshire Hathaway Doubles Profit on Lower Catastrophe Losses
Berkshire Hathaway said it generated $3.245 billion in net income overall, up from last year’s net income of $1.511 billion last year in the...
Hartford Q1 Profit Drops 81% on Realized Loss, But Core Earnings Up
The Hartford Financial Services Group Inc. said its 2012 first quarter net income declined 80.8 percent to $96 million, hurt by a $587 million...
Allstate Profit Jumps 46% in Q1
Allstate Insurance reported a first quarter profit of $766 million, up by about 46 percent from a year-earlier profit of $524 million. The increase was...
Arthur J. Gallagher Profit Up 85% in Q1
Global insurance broker and risk management firm Arthur J. Gallagher & Co. boosted its profit 85 percent in the first quarter, from $15.2 million...
Marsh & McLennan Posts $347M Q1 Income, Up 6.8% From Last Year
Marsh & McLennan Cos. Inc. reported $347 million net income for its 2012 first quarter, up 6.8 percent from $325 million reported during the...
UK Terrorism Reinsurer Pool Re Has over $7 Billion for Olympic Games Coverage
Pool Re, the state-backed British reinsurer that covers terror attack-related commercial property losses, has £4.5 billion ($7.327 billion) of assets to cover the Olympic...
Liberty Mutual Profit Soars 26% in Q1
Global insurer Liberty Mutual Holding Co. Inc. and its subsidiaries reported a 26 percent jump in net income for the three months ended March...