Hubbard joins law firm
Peter Hubbard, former chief executive of AXA, has joined law firm Keoghs as a non-executive director. Hubbard said: “Keoghs is a fast growing business that clearly understands its position in the market.” He joined AXA as its chief in 2001 and oversaw its restructuring and the acquisition of Swiftcover.
Quinn probed over Anglo
Sean Quinn’s stake in Anglo Irish Bank is being investigated by the Irish Financial Services Regulatory Authority, which is probing the unwinding of contracts for difference (CFDs). The insurance and property tycoon built up a 25% stake in Anglo Irish using CFDs, which let buyers build up stakes in secret, but has admitted he lost at least €1bn (£898m).
Flood guide to Europe
Reinsurance firm Guy Carpenter has launched a flood model for central and eastern Europe. Hamish Dowlen, its senior vice-president, said: “We’re seeing an increasing demand for models that can estimate the frequency and monetary loss associated with floods.”
CII opens study centre
The UK’s first study centre for insurance professionals has opened in Glasgow. The centre, launched by a local branch of the Chartered Insurance Institute (CII), gives members course books, free internet access and a library.
Insurers dump miners
Insurers are fleeing from underwriting the global mining industry after huge losses in 2008, a report has found. Miners made $3.5bn (£2.5bn) in property claims against a sector premium of $600m, so underwriters lost nearly $6 for every $1 of premium income, said Willis Mining Market Review. At least 12 insurers have so far backed away.