Axa has sold its insurance brokerage Bluefin in a GBP295 million deal that marks its latest withdrawal from the British market. The French group has owned Bluefin for about a decade but struggled to sustain profitable growth, and is selling the firm to rival brokerage Marsh. The sale marks Axa’s...
Iran has announced that Munich Re is considering to provide its services to the Islamic Republic. The announcement was made by Abdul-Nasser Hemmati, president of the Central Insurance of Iran. Hemmati, during a visit to Germany to discuss the prospects of post-sanctions investment opportunities in Iran by insurance companies, emphasised...
Car insurance premiums are most likely to be reduced as a result of plans to cut compensation for whiplash injuries in England and Wales. Whiplash claims have risen by 50 percent over the past decade, costing insurance companies about GBP1 billion a year. The government said insurers have pledged to...
Fitch Ratings expects insurance broker earnings and revenue south of the border to likely to modestly improve in 2017 compared to the first nine months of 2016. “In 2017, Fitch expects brokers will continue to supplement organic revenue growth through selective acquisitions, including diversification efforts in employee benefits and data analytics,” the...
The growing threats that heads of business face these days could put the company’s assets, and their own, at risk, warns the ‘Director & Officer Insurance Insights’ report, released by Allianz Global Corporate & Specialty (AGCS) recently. “Executive liability is increasing yearly, driven by a constantly evolving legal and regulatory environment,” says Paul Schiavone,...
During 2015 Bermuda domiciled insurers utilised a range of reinsurance solutions to insulate themselves from catastrophe events, with the level of reinsurance dependent on the peril, according to a new report from the Bermuda Monetary Authority (BMA). The BMA has released its first ever ‘Catastrophe Risk in Bermuda’ report, which...
The impact of hurricane Matthew and the insurance and reinsurance industry losses the hurricane caused when it struck the Florida and Southeast US coastline could “test the functioning of various collateral mechanisms,” according to John Doucette, president and CEO – Reinsurance at Everest Re. Hurricane Matthew hit the Florida, Georgia,...
American International Group, Inc. has announced that it has entered into several agreements with Fairfax Financial Holdings Limited, a leading global property and casualty insurer and reinsurer, as part of a strategic partnership that will further focus and streamline AIG’s global insurance operations. As part of these agreements, AIG will...
As large-scale multi-line insurers enter a period of consolidation following the significant drive to rationalise long-term strategic reinsurance purchasing, recent renewal activity suggests reinsurers are now increasingly resisting shorter-term aggressive buying strategies, according to Nick Frankland, CEO of EMEA operations and Chris Klein, head of EMEA Strategy Management at Guy...
Overall premium income for the London company market in 2015 was GBP21.645 billion, a new report by the International Underwriting Association (IUA) has stated. Gross premium written in London totalled GBP15.150 billion, while a further GBP6.495 billion was identified as written in other locations, but overseen by London operations. The...
