Property/casualty (P/C) insurers have turned to releasing significant amounts of reserves in the past couple of years, even as the underlying business conditions have deteriorated, but may have to slow this practice, according to Standard & Poor’s Ratings Services. “We …
Insurance Australia Group (IAG) has announced that “due to a significant deterioration in UK claim experience, in particular bodily injury claims, it had conducted a further independent actuarial review of its UK business. “As a result, in FY10 the Group …
The Bermuda Monetary Authority has begun conducting a pilot of its internal capital model (ICM) review process with selected Class 4 companies, the largest commercial (re)insurers in the Bermuda market. “The ICM framework will allow (re)insurers to use their own …
The Ohio Department of Insurance has revoked the licenses of two troubled insurance companies: Imperial Casualty and Indemnity Co. of Oklahoma City, Okla., and Atlantic Mutual Insurance Co. (AMIC) of New York, N.Y. In March 2010, the District Court of …
Markel International, a subsidiary of Markel Corp. that operates in the Lloyd’s market, has launched a new trade credit division. Ewa Rose, who joined Markel earlier this year, has been named as managing director of the new division. Senior underwriters …
To its admirers, India’s ruling coalition has had a good year — sound fiscal policy to stave off a ruinous global credit crisis, fast growth and some tentative steps toward reforms. Those are likely to be stressed by Prime Minister …
Munich Re has obtained cover for US hurricane and European windstorm risks amounting to US$ 80 million from special-purpose vehicle EOS Wind Ltd, which placed a catastrophe bond in the market. “MEAG, Munich Re’s asset management company, came up with …
Agreeing on a $1 trillion safety net may prove the easy part of saving the euro now the European Union’s leaders are turning to the divisive issue of tightening economic policy coordination. The European Commission wants to reinforce economic surveillance …
Lloyd’s CEO Richard Ward issued a warning to insurance chiefs to prepare for a tough year ahead with the fall-out from large scale catastrophes, such as the Chilean earthquake and Transocean oil spill, likely to be felt for months to …
Europe’s $1 trillion economic rescue signals a recognition of the threat to the euro currency and a commitment to defending it, former Federal Reserve Chairman Paul Volcker said Tuesday. Volcker, a special adviser to U.S. President Barack Obama, said in …
