Chubb income down $1bn
Chubb has reported a $1bn (£700m) drop in net income to $1.8bn for the year to 31 December 2008. It attributed the fall to poor investment performance and said operating income was down by $600m to $2bn.
Klaus cost may hit €700m
Winter storm Klaus will cost insurers between €350m (£316m) and €700m, according to cat modelling agency AIR. The strong extra-tropical cyclone hit south-western France and the Mediterranean coast on 24 January.
Investor chief for Amlin
Insurer Amlin has hired Julianne Jessup as its first head of investor relations, reporting to group finance director, Richard Hextall. Jessup joins from Benfield, where she was head of investor relations and corporate communications.
Profit dip at Transatlantic
Transatlantic Holdings has blamed extraordinary economic conditions for a large drop in profit, while pointing to positive trends in shareholders’ equity and reinsurance renewals. The company, the parent of Transatlantic Re, has reported net income of $102.3m (£72m) for 2008, down from $487.1m in 2007.
Fraud is now ‘acceptable’
About 1.4 million Britons believe fraud is acceptable in deteriorating economic conditions, an RSA survey has found.
It says they think committing insurance fraud is more acceptable than it was 12 months ago. John Beadle, counter-fraud manager at RSA, said he was concerned Britons still failed to acknowledge that insurance fraud was a serious offence. “Many commit this crime in the belief that it is a victimless way to make money but, ironically, they are costing honest customers more than £1.6bn a year,” he said.
Legal Expenses insurer DAS has reshuffled its legal services, claims and customer services departments. Dave Massey is now manager of its legal services department, Vicky Reynolds has been promoted from assistant claims manager to claims manager, and Lisa Wilkins has joined the company as transitions manager.
Hardy predicts £22m profit
Hardy expects to report pre-tax profit of more than £22m and gross written premium of more than £170m for 2008, it said in a trading statement. Analysts had expected pre-tax profit of about £19.2m, according to Reuters.
The Bermuda-based reinsurer and insurer will release its full results on 27 February.
Wray lands Kiln Asia job
Lloyd’s insurer Kiln has appointed Neil Wray regional managing director of Kiln Asia. Wray was regional managing director (Asia) at Catlin Group, based in Hong Kong.
Brittle to get personal
Personal Group Holdings, which provides employee benefits insurance, has appointed Nigel Brittle group managing director designate. He joins from Combined Insurance.