P&C Companies News

UPDATE: Allianz 2nd Quarter Profit Rises 15% on Fewer Nat Cat Claims

Allianz SE, Europe’s biggest insurer, said second-quarter profit rose 15 percent as lower claims from natural catastrophes offset a drop in earnings at Pacific Investment Management Co. Net income increased to 2.02 billion euros ($2.2 billion) from 1.76 billion euros …

Zurich Q2 Net Income Falls to $840M From $848M; CEO Weighs RSA Offer

Zurich Insurance Group AG, the Swiss firm considering a bid for the UK’s RSA Insurance Group plc, reported profit that missed analysts estimates as earnings dropped 43 percent at the general insurance unit and it made a loss on unit-linked investments. Net income in …

Commentary: Notifying Excess Insurers for Additional Insureds

An interesting case was recently decided by the Georgia Court of Appeals. In Garner and Glover Co. v. Barrett, 738 S.E.2d 721 (Ga. App. 2013), the issue was the duty of an insurance producer to notify an excess insurer when …

Essentials: Do Brokers Have to Offer the Cheapest Coverage?

The question of whether insurance brokers are required to obtain the lowest cost insurance that meets the insured’s needs was answered recently by the Missouri Supreme Court in the case of Emerson Electric Co. v. Marsh & McLennan Cos., 362 …

Investor Protest Votes on Executive Pay Here to Stay

Company directors will remain under pressure from shareholders over executive pay long after the market downturn ends and lawmakers stop the heckling that has helped prompt votes against remuneration policies at this year’s annual meetings. Investors and directors say the …

Willis Warns Companies to ‘Wake up to Cyber Threats,’ Liabilities

Company Directors must wake up to cyber threats or they risk litigation from all sides, warned  Francis Kean of Willis Group Holdings. Speaking at a Willis-hosted cyber liability conference in London this week, the Executive Director of Willis’ FINEX Global …

Broker/Analyst Cheuvreux Urges Buffett to ‘Come to Europe’

Warren Buffett should come to Europe to tap regional champions at knock-down valuations, including in his favored sectors, Cheuvreux analysts said in an open ‘letter’ to the billionaire U.S. investor detailing their seven top picks. The firm, CA Cheuvreux, a …

Japan Offers Help to Companies Hit by Thai Floods

Japan has offered extra loans, insurance and a baht cash line to help Japanese companies in flood-ravaged Thailand, signaling growing concerns over the disaster’s impact on the world’s third biggest economy. Thai officials have said it could take as long …

Hong Kong Stock Exchange Approves Listing of Guernsey Companies

Guernsey has received the green light for its companies to list on the Hong Kong Stock Exchange (HKEx). The Exchange’s Listing Committee has “formally approved Guernsey as an acceptable overseas jurisdiction for the purpose of companies incorporated in the Island …

FERMA Calls for ‘Mandatory’ Protocol for Broker/Company Transactions

The Federation of European Risk Management Associations (FERMA) has issued a response concerning the revised European Insurance Mediation Directive (IMD), which states that it “should incorporate binding standards of transparency for brokers in their relationship with insurance buyers no matter …