Insurance entrepreneur Mark Byrne pulled ahead in the race to buy Lloyd’s of London insurer Omega after Omega and its top shareholder backed his offer, prompting his main rival to withdraw. Omega, at the centre of a three-way takeover battle …
Catastrophe claims totaling $70 billion have failed to generate a hoped-for upturn in reinsurance prices, putting the industry under pressure to specialize and develop new products to generate growth. Reinsurance policy prices look set to stay broadly flat when customers …
Allianz and Generali followed rivals in aggressively writing down holdings of Greek government bonds on Friday, fuelling investor concerns about the possible impact on insurers of a worsening sovereign debt crisis. Analysts say major European insurers have moderate exposure to …
Major European banks have limited their losses on Greek bonds to just over €5 billion [$7.2 billion] after negotiating a 21 percent haircut on their debt holdings as part of a rescue plan. France’s BNP Paribas is set to take …
Property and casualty insurers craving respite from a long-running drop in prices eyed the start of the U.S. hurricane season on June 1 in the hope that summer windstorms will finally turn the market. The June 1 to Nov. 30 …
British insurer Aviva Plc on Thursday named highly-regarded industry veteran Trevor Matthews as head of its UK division, replacing Mark Hodges, who resigned unexpectedly. Australian-born Matthews, a former head of rival insurer Friends Provident who previously ran Standard Life’s UK …
Property and casualty insurers craving respite from a long-running drop in prices are eyeing the start of the U.S. hurricane season next week in the hope that summer windstorms will finally turn the market. The June 1 to Nov. 30 …
The first part of this article appeared on the IJ’s web site on April 5. PRICE PRESSURE Earthquakes may not be linked to each other, but they are linked to the financial markets, as anyone who has invested in insurers …
Michael Korn is a popular person these days, which is perhaps not too surprising considering what he does for a living and where he lives. Korn is an insurance broker in earthquake-prone San Francisco. “We’re pretty busy,” he said of …
The Lloyd’s of London insurance market is confident it can deal easily with claims from Japan’s earthquake even though natural disasters almost halved its profit last year. Lloyd’s said its businesses had enough capital to withstand a Japanese quake generating …
