Zurich Financial Services Group has announced the appointment of Cecilia Reyes, 51, a Swiss and Philippine citizen, as Chief Investment Officer and member of the Group Executive Committee, effective April 1. She reports directly to CEO Martin Senn. Reyes is …
A bulletin from Marsh’s London office warns that “firms in the United Arab Emirates (UAE) could fall foul of new corporate governance rules and corporate discipline regulations unless they adopt a more systemic approach to managing risk The new regulations, …
Marsh announced that it has completed its previously agreed acquisition of HSBC Insurance Brokers Limited (HIBL), a wholly owned subsidiary of HSBC Bank plc, in the UK and other key markets in Asia and the Middle East. The deal was …
The Federation of European Risk Management Associations (FERMA) announced that it is presently conducting, “a wide-ranging, risk management benchmarking survey,” aimed at compiling data to let insurers know “what their major commercial insurance customers in the UK and across Europe …
Haiti is a place where Willis Group Holdings plc, the global insurance broker, does little or no business. Among its 17,000 employees worldwide, the firm says only one was known to come from Haiti. But still, the company’s employees responded …
New York regulators are pursuing a reincarnation of the New York Insurance Exchange, a Lloyd’s of London-style insurance market that lasted for several years the last time it was tried. New York Insurance Superintendent James Wrynn said the exchange would …
When he succeeded Nick Prettejohn as Lloyd’s of London’s CEO in 2006, Richard Ward was not an experienced veteran of the insurance industry, but then neither was Prettejohn, a former senior management consultant at Bain & Co. Neither is Lord …
Illinois-based Arthur J. Gallagher & Co. has agreed to acquire substantially all of the insurance brokerage business of FirstCity Partnership Ltd. of London, England. The transaction is expected to close in April 2010. Terms were not disclosed. FirstCity Partnership Ltd. …
Giant insurance broker Marsh says its main brokerage unit will not accept contingent commissions on business for U.S. or Canadian clients but its Marsh & McLennan Agency and its affinity and personal lines business units will. The decision to not …
The Bermuda-based Catlin Group Limited has given preliminary estimates of the financial impact of the Chilean earthquake – around $140 million – and Windstorm Xynthia – less than $10 million. Catlin noted that the current estimates of the insured damage …
