Swiss Re remains the insurance industry sector leader in the Dow Jones Sustainability Indices (DJSI) for the second consecutive year and the ninth time since 2004. The company was particularly recognised for its work with several partners from the public and the private sector to research and develop solutions that...
Risk modelling firm AIR Worldwide estimates that the insurance and reinsurance industry will deal with an industry loss in the range of USD600 million to USD900 million after the recent magnitude 8.3 earthquake in Chile. “The September 16 earthquake was the result of convergence between the Nazca and South American...
Zurich Insurance Group has announced that it has decided against making the expected bid for RSA Insurance Group, as it decides instead to focus on profitability. The deal would have combined two of Europe and the world’s largest primary insurance groups, resulting in an almost certain reduction in reinsurance bought...
The Bermuda Monetary Authority registered 45 new insurers and intermediaries during the first half of the year [H1 2015]. This is on par with the 44 registrations recorded during the same period the previous year. In the commercial reinsurance sector, three new Class 4 reinsurers capitalised at a minimum of...
Munich Re has reorganised its risk trading, insurance-linked securities (ILS), catastrophe bond and retrocession activities under a new unit named Munich Re Capital Partners. The reinsurer has decided to launch the unit due to an “ever-increasing demand for capital optimisation, and other complex solutions for clients,” the reinsurance firm said....
Zurich Insurance is weighing a bid for RSA, which could top USD8 billion, as insurers look to diversify amid tighter regulations and toughening market conditions. Zurich's recent statement that it was considering a bid drove the largest one-day gain for 23 years in the British insurer's shares, which closed up...
Jelf has confirmed it is in discussions with insurance broker and risk adviser Marsh in relation to a possible cash offer by the latter for the entire issued, and to be issued, ordinary share capital of the insurance, brokerage and advisory business. In a statement to the stock exchange, Jelf...
Prudential Retirement Insurance and Annuity Company, one of the subsidiaries of Prudential Financial Inc. has entered into a new longevity reinsurance arrangement with UK-based insurer Legal & General Group (L&G), covering USD2.9 billion of its pension liabilities against the risk of longevity improvements. This is the second longevity reinsurance transaction...
British regulators recently said they had imposed a fine of about USD180 million on the Lloyds Banking Groupover its handling of customer complaints about a contentious loan insurance product that has cost the industry billions of dollars. As a result, the bank said it would cut its 2015 bonus pool....
Willis is set to merge with Towers Watson in a deal valued at around USD18 billion in what Willis is describing as a "merger of equals." The transaction has been unanimously approved by the board of directors of each company and the combined company will be named Willis Towers Watson....
