Average global insurance rates continued to harden in the first quarter of 2013, according to broker Marsh’s latest Global Insurance Market Quarterly Briefing. The rise follows a trend established in the past 18 months, the broker said. The first quarter of 2013 was the fifth consecutive quarter or fate rises....
Lloyd’s insurer Ascot will open an office in New York on 20 May. The new office will be led by chief underwriting officer Paul Amrose. On 20 May, he and his team will relocate to the new office at One Bryant Park from their current location in Hartford. Rory Cline,...
GC Securities announced the placement of the Series 2013-1 Notes, with notional principal at USD 500,000,000, through a newly formed catastrophe bond shelf program, Tar Heel Re Ltd., to benefit the North Carolina Joint Underwriting Association and the North Carolina Insurance Underwriting Association (collectively, the NCJUA/ NCIUA). This is the...
According to the BBC reports, a cash-for-crash scam run in Durham by a 60-strong gang was so effective that it pushed up motor premiums for local drivers by GBP 100. The 60 people involved either admitted guilt or were found guilty in hearings that had been taking place at Newcastle...
Legislation to create a national agent and broker body for multi-state nonresident licensing was introduced in both houses of Congress early in March. This is the second time the current version of the National Association of Registered Agents and Brokers Reform Act (NARAB II) has been dropped into the Congressional...
Hannover Reinsurance Co. posted net income of ¤ 858.3 million in 2012, with an increase of 41.6 percent over that of 2011. Gross written premiums rose 13.9 percent to ¤13.8 billion, with gross written premiums for non-life reinsurance increasing 13.1 percent to ¤ 7.7 billion. The company’s combined ratio improved...
Zurich has won a contract with the Civil Service Insurance Society (CSIS) to be the sole underwriter for its core personal lines motor insurance product. The CSIS is a not-for-profit organisation providing personal lines insurance products to about 30,000 serving and former civil servants and public service employees and their...
ACE group announced that it has begun underwriting energy risks through Syndicate 2488 at Lloyd’s of London as part of its growing global portfolio. ACE will write offshore risks on a global basis and will write onshore risks on a global basis excluding North America. The new Lloyd’s offering will...
Lawmakers eager to reduce gun violence in their states are proposing mandatory liability insurance for American firearm owners as a new way to limit deaths and injuries. Proponents argue that operators of vehicles must have liability insurance and so should gun owners. Those who take safety courses, have fewer and...
According to A. M. Best, following the devastating catastrophe losses that occurred in 2011, reinsurers rebounded quickly to produce an average return on equity in the low double-digit range through the first nine months of 2012. It is expected that even with consideration for the catastrophe loss that occurred...
