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Partner Re launches bid to buy out Paris Re
After the block purchase, Partner Re will target 90% of shares before a compulsory merger under Swiss law
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17 July 2009
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Industry urged to play greater role in climate change mitigation
A report by the Geneva Association finds that insurers are well positioned to support the transition to a low carbon economy
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17 July 2009
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Demand halves for new mortgage-linked applications
Mortgage insurance defaults were 8% up on April but 17% down since January
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17 July 2009
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Thinking the unthinkable
There are currently a great many challenges to global businesses, including the impact of climate change and social upheaval both of which could result in resource shortages and profound supply chain issues. The latter could be exacerbated by the current ‘just in time’ product delivery system that companies across the globe have adopted to keep inventories low. In addition, there are political risks and threats such as piracy, which although age old, are being redefined and evolving in response to the economic downturn. Expropriation of corporate assets is another threat that is moving up the agenda for multinational companies. Businesses also need to move with care when applying innovative technologies such as nanotechnologies or when planning for the impact of pandemics. Addressing the NATO Strategic Concept Conference in Brussels last week, Lord Levene, the chairman of Lloyd’s, highlighted the need for governments and multinational businesses to ‘think the unthinkable’ in terms of understanding the potential risks and threats to stability of the global economy and security. For NATO, the objective of the conference was to outline NATO’s ‘fundamental security tasks’ in a changing global context to representatives of government, business, civil society, NGOs, academia and other multi-lateral organisations and to provide guidance on the political and military means to be used by the Alliance in achieving these objectives
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17 July 2009
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World Loss Log 23 June - 6 July
Late reports
19.6, sinking, fatalities
Vietnam: three seafarers remained missing from product tanker Nhat Thuan which exploded and sank two days previously. The vessel sustained an explosion when weighing anchor close to Vung Tau. Twelve of the 15..
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17 July 2009
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Authorities review insurance legislation as market starts to move beyond the influence of the South African regulatory model
Compared to most other countries in the region, with the exception of South Africa, the insurance industry in Namibia accounts for a fairly substantial proportion of GDP. The insurance industry is surprisingly well developed given the size of the economy. In 2007 Namibia was the 57th largest insurance market worldwide in terms of life insurance, impressive given the size of the population and the fact that only a relatively small proportion of the population insures. The advanced state of the insurance industry reflects South Africa’s involvement in the country up until 1990 and the market’s continuing links with the South African insurance industry. Whilst, however, the Namibian industry trends seem to echo those in South Africa, there is also a trend for Namibian companies to become increasingly independent from their South African head offices
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17 July 2009
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Life business shrinks for first time in 28 years
The financial market turmoil caused average shareholder capital in the life insurance industry to decrease by 30% to 40%
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17 July 2009
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Foreign insurers take shares in China companies
Prudential, Massachusetts Mutual, Metlife and Japanese insurer NIPPONKOA have all taken stakes in local insurers
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17 July 2009
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Agricultural insurance schemes expand across region
Ecuador is to start a scheme in early 2010 following countries such as Peru where cover will get underway in August
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17 July 2009
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Insurance market contracted by 4% in 2008
Profitability in both life and non-life was down, but the French insurance market stayed in the black overall
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17 July 2009
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AIG once more in spotlight as insurers and reinsurers fall further
Insurance sector stocks continued their steep decline for the period ending 9th July with the sector very much following broader market trends as the US unemployment figures for June turned out to be much higher than expected. Once again, the..
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17 July 2009
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Web 2.0 and the insurance industry
While many people refer to the Web 2.0 phenomenon as a technology, IT research and advisory firm Celent considers it more of an attitude which combines the need for more mobility, faster information flows, a higher degree of openness, and a strong reliance on collaboration and community. In terms of the importance of Web 2.0 to insurers, Nicolas Michellod, senior analyst in Celent’s insurance practice, believes that more than just adopting these technologies, insurers should focus on what the Web 2.0 attitude means for them and how it will affect their business and consumers’ behaviour. According to Mr Michellod, insurers need to carefully assess how Web 2.0 initiatives can impact their internal organization, what kind of risks are involved, and the probability of changes to their value chain in the long run. Here, Mr Michellod reviews the elements of Web 2.0 and defines the technologies supporting the Web 2.0 attitude. He also analyses the current status of insurers’ adoption of Web 2.0 technologies and attempts to identify how insurers evaluate the benefits generated by Web 2.0 initiatives. In addition, he looks at two examples of initiatives launched by European insurers in the Web 2.0 area
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17 July 2009
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Rate declines ease as insurers brace for reduced capacity
Berkshire Hathaway’s decision to limit prop cat capacity is being closely monitored
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17 July 2009
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Aviation insurers face large losses in June
Airline insurers faced their biggest monthly loss in June since the September 11, 2001 World Trade Center attacks. A report from insurance broker Aon Corp said the recent airline crashes, including the Air France jet in the Atlantic Ocean at the..
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17 July 2009
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BIBA names new chairman
UK trade association the British Insurance Brokers’ Association (BIBA) has announced that Patrick Smith, chairman of broker Swinton, will become chairman of BIBA in September. Mr Smith will succeed Derek Thornton, who has completed two years..
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17 July 2009
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Catlin appoints Haas to head EU underwriting
London-listed insurer and reinsurer Catlin Group Limited has appointed Heinz-Walter Haas as chief underwriting officer for Continental Europe. Mr Haas will be based in the Cologne office, responsible for the execution of the group’s..
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17 July 2009
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Takaful research probes governance issues
The separation of chief executive officer and chairman roles was not found to yield significant benefits
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17 July 2009
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Investors back new plan to recover funds
The majority of investors have opted to wait five years to receive 90% of their capital
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17 July 2009
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Good deal for Paris Re but not so good for IPC
Despite the stubborn resistance of their board and the emergence of a white knight in the form of Flagstone Re, IPC shareholders find themselves left with a deal which values their company at 14% below book value based on the Validus closing price of $21.62 on 14 July
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17 July 2009
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Capital returns to reinsurance market encouraged by absence of major losses during first two quarters of 2008
Despite predictions of dramatic rate increases to offset reinsurer losses over the preceding 12 months, the July renewals revealed sufficient capacity in virtually all areas and a reasonably orderly rating environment
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17 July 2009
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P/c insurers post record first-quarter loss
The $2.5bn underwriting loss for Q1 2009 reflected falling premiums and increased claims costs, despite lower cat losses
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17 July 2009
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Caisse Centrale de Reassurance SA (CCR)
The financial crisis had a limited impact on CCR’s balance sheet as the company does not have any significant exposure to financial market risks. However, the company had to set aside €10.0mn as a provision to cover the long term depreciation of assets, the value of which had declined by more than 30.0% over the previous six months. On the underwriting front, CCR’s lack of direct exposure to the US meant it was largely left untouched by the havoc caused by Hurricane Ike (which devastated the results of a great many other reinsurers) in September of last year
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17 July 2009
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AIG sells in Colombia
AIG has agreed to sell its 100% stake in Inversora Pichincha SA and Interdinco SA, which together comprise AIG’s consumer finance operations in Colombia. Banco Pichincha C.A. of Ecuador has agreed to buy the businesses. Terms of the..
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17 July 2009
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Keeling joins Guy Carpenter
Former XL Capital executive Henry Keeling is to join Guy Carpenter as president and chief executive officer of international operations from August 1, 2009. Mr Keeling will chair Guy Carpenter’s International Board and will be responsible for..
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17 July 2009
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Outlook negative for Korea’s non-life market
Rating agency Moody’s has assigned a negative outlook on the Korean non-life insurance sector over the coming 12-18 months. Moody’s said it expects the industry will report lower earnings in an environment of intense competition and low..
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17 July 2009
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Zurich completes AIG motor buy
Zurich Financial Services’s US subsidiary Farmers Group has completed the acquisition of 100% of AIG’s US Personal Auto Group, which includes 21st Century Insurance. The transaction elevates Farmers to become the third largest..
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17 July 2009
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866 - 17 July 2009