The UK’s Conservative government recently announced the long awaited regulatory reform proposals for financial services, covering both banks and insurers. They are far reaching, and will require changes in the way the UK’s insurance industry is regulated. As a result …
The Bermuda-based Argo Group International Holdings, Ltd. posted lower net income figures for the fourth quarter of 2010 and for the full year. Highlights for the three months ended Dec. 31, 2010 were listed as follows: • Total revenue was …
Willis Group Holdings announced that six new members have joined Willis Networks, its alliance with local, independent insurance brokers in the UK. Willis Networks is made up of the Willis Commercial Network (WCN), which represents larger independent brokers and Willis …
Mitsui Sumitomo at Lloyd’s has made five appointments to its corporate, mid-market and regional distribution teams as the UK non-life insurer continues its expansion drive. The corporate team has been strengthened by the appointments of Clive Rogers, as a casualty …
A report from Aon Risk Solutions, the global risk management business of Aon, concludes that Protection and Indemnity (P&I) Clubs are experiencing a “continued improvement in claims trends, and a restored investment performance.” As a result, “ship-owners face the prospect …
Toronto-based Fairfax Financial Holdings said Thursday it fell to a fourth-quarter loss as its stock and bond portfolios were hurt by rising interest rates and a decision to hedge investments. The Toronto-based property and casualty insurer lost $364.6 million, or …
Bailed-out insurer AIG is facing fresh hurdles in its second attempt to sell its Nan Shan unit in Taiwan, with an unhappy union weighing in against the $2.16 billion deal. The agreement to sell the unit, Taiwan’s No.3 life insurer, …
Somali piracy is worsening by the week and governments lack the political will to tackle the crisis, which is threatening world trade routes, shipping industry officials said on Friday. Shippers have warned that more than 40 percent of the world’s …
California Insurance Commissioner Dave Jones is offering insurance companies $4.67 million in tax credits to invest in underserved communities. In a letter to company CEOs, Jones pushed for insurers to place a portion of the $4 trillion in investments they …
Washington’s Senate Committee on Financial Institutions, Housing & Insurance has refined a proposal to allow drivers’ insurance rates to be based primarily on the number of miles driven per year. The PAYD bill, Senate Bill 5730 would allow insurers to …
