Lloyd's of London News – Page 106
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Fitch affirms Swiss Re's rating after £500m write-down
Fitch Ratings has affirmed Swiss Re's insurer financial strength (IFS) rating at 'AA-'. The otlooks for the rating is stable. The affirmation of the rating follows Swiss Re's announcement that it has written down CHF 1.2 billion pre-tax, or CHF 981 million after tax, from the value of two credit ...
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FeaturesThe Boss has some tough words for insurers
David Blunkett, often described as the most authoritarian Home Secretary in recent memory, is uncompromising in his message to the insurance industry, which he believes has failed his Sheffield constituents following this summer’s floods.
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Kiln chief urges Lloyd’s to tackle sub-prime fall-out
Lloyd’s insurers should develop products to cope with the sub-prime fall-out, Kiln chief executive Edward Creasy said this week.Speaking at Lloyd’s, Creasy said the credit squeeze resulting from the crisis could lead to a lack of credit facilities for risk managers. He added that Lloyd’s should provide the answer to ...
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New Allianz division as weather hits profits
Allianz Insurance saw its profits for the first nine months of the year hit by the £83m cost of weather-related claims in 2007.The company also announced the creation of a new personal lines division.The insurer reported third quarter pre-tax profit of £109.4m, down £62m compared to the same period last ...
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Climate change satellite plan
The government is being urged to consider investing in a major European satellite initiative to address climate change that could provide groundbreaking benefits for the insurance industry.The Global Monitoring for Environment and Security (GMES) is a European initiative that could collect data from earth observation satellites and ground-based information to ...
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NewsI’m backing independents says NU’s new chief
Igal Mayer was three weeks into his post as the new chief executive of the UK’s leading insurer, Norwich Union (NU), when the summer floods wiped out half the company’s profits for the first six months of the year. “It wasn’t a case of oh s***—half your profits have gone,” ...
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Online onlyWarehouse fire shows need for businesses to re-evaluate preparedness
Inadequate or incomplete risk assessment could result in prosecution, warns Marsh
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London’s assets to face increased flood exposure
Broker Network chief executive Grant Ellis is touring the country in a bid to retain members shaken by consolidator Towergate’s impending takeover.Ellis and his senior team are visiting six regions around the UK after fears that members were ready to leave when the company accepted Towergate’s £95m cash offer to ...
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ABI calls for more stringent climate change bill
Govt must act on costs, not just prevention
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Four people arrested in ongoing motor insurance fraud investigation
Mereyside Police executed warrants at three addresses
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Risky business
Insurers will benefit from companies who provide greater levels of risk management
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Stakeholder objection blocks JLT’s First City bid
Jardine Lloyd Thompson (JLT) has been unsuccessful in its bid to buy independent Lloyd’s broker First City.The companies have been in talks, but it is understood that a deal could not be struck because a major stakeholder objected to the takeover.Senior sources confirmed that the companies had met, but talks ...
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AXA lobbies MPs over flooding concerns
Minister hints that government could increase flood defence spending
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Increase in risk reporting, says Marsh
FTSE 100 companies are reporting above and beyond the required level
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Online onlyWildfires could cost $20 billion in "worst case scenario"
Goldman Sachs says losses may have already passed $1 billion
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Institute of Risk Management announces Malaysian partnership
Malaysian Insurance Institute to provide IRM services
