London-based Steamship Mutual, a leading P&I Club providing marine liability insurance worldwide, has announced a 17.5 percent standard increase in P&I premiums for 2009/10. The bulletin described the move as a “reaction to the extreme investment market volatility which is …
Bermuda-based Flagstone Reinsurance Holdings Limited announced a net loss available to common shareholders for the quarter ended September 30, 2008 of $(186.5) million, or $(2.18) per diluted share, compared to net income of $66.2 million, or $0.77 per diluted share, …
Willis Group Holdings announced from London a partnership with Sequel Business Solutions Limited, which “has completed a major milestone in its Shaping our Future strategy for profitable growth with the implementation of Sequel’s Eclipse broking software solution to significantly speed …
The UK’s Chartered Insurance Institute (CII Faculties) has announced a series of podcasts, in conjunction with the UK’s Insurance Fraud Bureau (IFB), to advise its claims, underwriting and broking members on the current issues surrounding fraud detection. “IFB head of …
New York officials are putting pressure on insurers and brokers to sew up the details of most large commercial insurance policies and deliver finished contracts to customers within 30 days of inception to avoid uncertainty over what’s covered and what’s …
Undue Influences “(W)e drink the Kool-Aid.” —Moody’s Chief Executive Raymond McDaniel, commenting, in documents, on the dilemmas agencies like Moody’s face in assigning ratings to issuers of securities. Sometimes, he acknowledged, the constant letters and communications from analysts, managing directors, …
Pete Garvey, current president of Integro Ltd., assumed the additional responsibility of CEO for the insurance broker, succeeding Roger Egan, who has left the company. Garvey has served as president of Integro since 2005. He was among the original founders …
Execs Say Market Remains Attractive Even as Crisis Puts Pressure on Prices The by now all too familiar litany of the world’s financial woes took pride of place at A.M. Best’s conference in London on Oct. 15. Roger Sellek, the …
Property Premiums Fall Sharply; P/C Insurers Post Q3 Losses; Some Sell Stock to Raise Cash for Surplus Woes More lawsuits and firmer rates for directors and officers liability coverage are almost certainly ahead as a result of the global financial …
Coface, the Paris-based business specialist, has issued a bulletin, which notes that the “credit crisis is spreading throughout Europe amid a deepening financial crisis, leading to a sudden squeeze in banking credit, plunging confidence levels, and a slowdown in activity.” …
