Shares in Willis traded up 6.17 percent as markets opened while Towers Watson's stock price was down 2.27 percent at 15.03 GMT after the $18bn merger announced earlier today (30 June)
Gibraltarian insurer Markerstudy has today (30 June) gained regulatory approval from the Financial Conduct Authority to acquire Chaucer's UK motor book
Argo subsidiary Argonaut has lost a legal dispute over the recovery of more than $1mn in taxes paid on reinsurance arrangements with two Texas governmental risk pools.
Latvia has confirmed that Bermuda is not on its "tax blacklist", making the island technically ineligible for inclusion in a European Commission (EC) publication on uncooperative areas
The US Federal Emergency Management Agency (Fema) will continue to review claims from Superstorm Sandy until 15 September this year, the organisation said last week (25 June).
The UK insurance sector must be vigilant and ensure that Solvency II implementation is not "overzealous" compared to other EU member states, according to chief risk officer and general counsel at Lloyd's Sean McGovern.
Hyperion's underwriting arm Dual has expanded into Central and Eastern Europe (CEE) as Dual Polska by acquiring a majority stake in Polish insurer Data Connect Direct, the firm said today (29 June)
Reinsurance intermediary Chedid Re, which operates in the Middle East, Africa and Europe, has today (24 June) announced its registration as a Lloyd's broker
Non-life insurance premiums rose 2.9 percent year-on-year during 2014 to $2.1tn, driven largely by substantial improvements in advanced markets, Swiss Re's Sigma unit said today (24 June)
Underwriters from Watkins Syndicate and Ascot have been voted best in the London market by underwriters and brokers respectively, according to research from consultancy firm Gracechurch
The Canadian arm of Minova-owned broker BMS Group, BMS Canada, has today (23 June) announced the launch of its managing general agent (MGA) Lions Gate Underwriting
Guy Carpenter has predicted a below average hurricane season for the Atlantic Basin this year, but warned that a quiet season does not "guarantee safety from a catastrophic hurricane landfall"
Bermuda was removed from the tax blacklists of both Poland and Italy ahead of the European Commission (EC)'s decision to include the jurisdiction on a list of uncooperative areas
A Senate Banking Committee investigation into allegations that some Superstorm Sandy claims were handled fraudulently has found no evidence of "systematic incentives" for insurers to underpay flood victims.
The current regulatory regime in London is making the city "less competitive today than it ever has been" said Kean Driscoll, CEO of Validus Re, last week.
Berkshire Hathaway's National Indemnity Company (Nico) reported a 404.7 percent spike in net written premium (NWP) during 2014, according to the Reinsurance Association of America (RAA)'s reinsurance underwriting review.
Crawford & Company has unveiled its expanded aviation team following the completion of its acquisition of GAB Robins' aviation businesses, the firm said yesterday (18 June).
Yoshihiro Kawai, secretary general of the International Association of Insurance Supervisors (IAIS), will remain in the role until the end of 2017, the organisation said today (19 June).
International General Insurance (IGI) Holdings has appointed Simon Curtis as chief financial officer at its UK division in London, the group said today (19 June)
The Bermudian government has described the island's inclusion on a European Commission publication of the top 30 jurisdictions on national tax blacklists as "unjustified and baseless"
The Channel syndicate has appointed David Barr as class underwriter of its environmental impairment liability (EIL) division, the firm said today (18 June)
Guernsey's chief minister, Deputy Jonathan Le Tocq, has expressed surprise at the island's inclusion on a list of the top 30 jurisdictions that feature on "tax blacklists"
Lloyd's broker and marine specialist Ropner Insurance Services has hired a senior team from rival intermediary Endeavour Insurance Services, the firm said today (17 June).
Macquarie analyst Amit Kumar has revised his view of Exor's bid for Bermudian PartnerRe after meeting with members of the Italian investment firm's management.
Reinsurers are set to see "controlled softening" in the market following a slowdown in rate declines during the June renewals, according to Credit Suisse's head of insurance linked strategies Niklaus Hilti.
Global market capacity for a single political risk policy has risen to $2.4bn, nearly double the amount available six years ago, according to a report issued today (17 June) by Marsh.
Anthony Albanese has been named interim superintendent of the New York Department of Financial Services (DFS), after Benjamin Lawsky announced he was stepping down on 20 May
Geoff White, underwriting manager for cyber, technology and media at Lloyd's (re)insurer Barbican Insurance Group, has been elected chairman of the Lloyd's Market Association (LMA)'s cyber business panel
IAG has entered into a long-term partnership with Berkshire Hathaway underpinned by a 10-year 20 percent quota share arrangement across the Australasian insurer's consolidated insurance business
US body the Financial Stability Oversight Council (FSOC) last week released further guidance on the designation of systemically important financial institutions (Sifis).
The development of more effective models will lead to an increase in the amount of reinsurance capacity in the cyber market, according to Kevin Kalinich, global practice leader for cyber and network risk at Aon Risk Services.
Fairfax Financial has called a shareholder vote to preserve the power of 41.8 percent of its multiple voting shares currently controlled by chairman and CEO Prem Watsa
London-listed Lloyd's carrier Novae has promoted Ross Louden to the role of deputy divisional head of casualty, and named Terry Allen head of professional indemnity, the firm said today (12 June).
Tokio Millennium Re has appointed Hans-Peter Gerhardt to its board as an independent non-executive director, the Zurich-based reinsurer said today (10 June).
The $7.5bn acquisition of Texas-based specialty insurer HCC Insurance by Tokio Marine Holdings has brought the Japanese giant's international expansion spend since 2008 to a total of $15.3bn.
A perceived lack of career progression in the insurance industry is causing female workers to leave the sector, according to a PwC report published yesterday (9 June).
Insurers that are mulling over the future impact of rules for systemically important financial institutions (Sifis) are "jumping the gun", according to American International Group (AIG) president and CEO Peter Hancock.
Claims executives have expressed concerns over whether five years is an appropriate period of time to establish Lloyd's London market target operating model.
UK regulator the Financial Conduct Authority (FCA) has announced the appointments of Mark Steward as director of enforcement and market oversight, and Barbara Frohn as director of risk and compliance oversight.
Insured losses from severe thunderstorms and floods in the US throughout May will "easily exceed" $1bn, according to Aon Benfield's Impact Forecasting unit.
American International Group (AIG) has priced the sale of its stake in aircraft leasing firm AerCap Holdings at approximately $3.7bn cash plus $500mn in debt, the firm said today (4 June)
Chris Bennett has joined JLT Re as a partner in its London and international market division, where he will support the firm's cyber reinsurance capability.
WR Berkley was in advanced discussions last year about inverting into PartnerRe, moving the onshore US insurer to Bermuda, The Insurance Insider has learned
Lord Mance, one of the UK's most senior judges, has said that he expects to see litigation arise out of the warranties provision in the new Insurance Act 2015, which was recently made law.
The European Central Bank (ECB)'s quantitative easing (QE) policy is putting additional pressure on insurers, the European Insurance and Occupational Pensions Authority (Eiopa) has said.
The UK government should use the upcoming EU renegotiation and membership referendum to strip out regulatory inefficiencies, Lloyd's chairman John Nelson has said.
Brokers should not underestimate the value of insurers and their ability to accept high levels of risk, said David Dale, active underwriter at Lloyd's liability insurer DL Dale Syndicate 2525.
The systemic risk posed by insurers relying too heavily on a limited number of catastrophe models is similar to the underlying risks that triggered the banking crisis, Tokio Marine Kiln group CEO Charles Franks has said.
There are currently four underperforming syndicates, or "black dots", at Lloyd's, according to Tom Bolt, the Corporation's director of performance management.
International General Insurance (IGI) Holdings has hired three senior underwriters at its UK division in a bid to expand its London operations, the Jordan-based carrier said today (2 June)
The Financial Conduct Authority (FCA) has raised concerns about the fair treatment of clients in delegated authority arrangements, with some insurers failing to display adequate conduct risk and outsourcing controls
The Prudential Regulation Authority (PRA) has warned that many UK insurance companies still have a "considerable amount of work" to do in preparation for the implementation of Solvency II on 1 January 2016.
The Financial Conduct Authority (FCA) has discovered "numerous examples" of poor practice in the handling of claims for small and medium-sized enterprises (SMEs), including delays in initial loss adjuster visits of up to three weeks.
Underwriters of all lines of business should include cyber exposure in their policies and price for it accordingly, said Stephen Wares, cyber risk practice leader at Marsh.
London-listed Lloyd's investment vehicle Helios Underwriting has reported gross written premium of £17.1mn for the year to 31 December 2014, up 43 percent from 2013
The Placing Platform Limited (PPL) board today (22 May) confirmed that IT software firm Ebix has been selected to develop an electronic placing platform for the London market, a decision revealed by The Insurance Insider in February.
French insurance group Axa has agreed to acquire 100 percent of a subsidiary of Brazilian composite insurer SulAmerica for a total consideration of EUR40mn ($44.7mn).
Business services and technology group Xchanging has launched a third party administration (TPA) claims service in the London market, the firm said today (20 May).
International broker RFIB has announced the launch of its life reinsurance unit, led by Michael Crawcour as divisional director and Valentine Stockdale as account executive
Ratings agency Fitch has upgraded Mapfre's issuer default rating from BBB to BBB+ due to the Spanish carrier's sustained robust operating performance and strong capitalisation
The UK's Crown Representative for Insurance, Michael Wade, will today (19 May) discuss the development of the country's state-backed flood reinsurer Flood Re at a major flood conference in the US
UK state-backed terrorism mutual Pool Re has released further details on how it plans to make risk-reflective pricing adjustments, including discounts for small and medium-sized enterprises.
The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, has said that there is no supervisory reason for localising reinsurance provision, despite a growing tendency towards regulatory fragmentation.
Former AJ Gallagher International CEO David Ross has denied allegations that he diverted the sale of Towergate away from AJ Gallagher to Highbridge, according to a defence document lodged with the UK High Court.
Prudential Regulation Authority (PRA) CEO Andrew Bailey has said insurers in the UK require more time to comply fully with the new Solvency II capital rules, as the January 2016 deadline approaches.
Fitch has today (14 May) launched a tool that provides a visual summary of an insurer's key strengths and weaknesses, in a bid to enhance the transparency of its insurer financial strength (IFS) ratings.
Mitsui Sumitomo Insurance Group (MSIG) at Lloyd's has promoted Andrew Dougall to head of property and casualty and appointed Martin Eyres as property underwriting manager, the firm said today (14 May)
UK state-backed terrorism mutual Pool Re has launched a scheme offering a reduction in premiums of up to 2.5 percent for insureds taking part in a government counter-terrorism scheme.
Hyperion subsidiary Howden International has hired several senior members of rival broker JLT's Singapore team, including former managing director Goh Chye Huat.
Liberty Mutual has reported a $119mn reduction in its pre-tax operating profits for the first quarter of 2015, bringing the total figure down by 17.7 percent to $553mn compared with the prior-year quarter.
US broker AJ Gallagher has restructured its UK business under the new leadership of Grahame "Chily" Chilton, who replaced David Ross as international CEO earlier this year
Business technology and services provider Xchanging and its recently acquired insurance software provider Total Objects have launched a new service for delegated underwriting authorities
PartnerRe bidder Exor has increased its resources after agreeing to a $164.4mn share repurchase deal with Allied World and the $2bn sale of its real estate services firm Cushman & Wakefield
The Federal Emergency Management Agency (Fema) is to offer homeowners affected by Superstorm Sandy the option of reviewing their flood insurance claims, amid allegations that some were handled fraudulently.
Willis has been granted an extension of an injunction blocking rival broker JLT from poaching any more of its specie team, moving the deadline up to April 2016.
The first quarter of 2015 saw a 9 percent year-on-year decline in overall new securities and business litigation filings and enforcement actions, according to research conducted by Advisen.
A 20-day trial beginning on 18 April 2016 has been scheduled as part of the ongoing legal battle between brokers Willis and JLT over specie team defections
Christopher Croft has been appointed the new chief executive of the London and International Insurance Brokers' Association (Liiba), the trade body announced today (7 May)
Headline profits at UK composite insurer RSA were "a little ahead" of its plans during the first quarter of 2015, with completed disposals of its Singapore and Hong Kong businesses producing a gain on sale of £109mn.
Allianz Global Corporate & Specialty (AGCS) is set to offer standalone terrorism cover after hiring two former Catlin terrorism underwriters, the firm said today (7 May)
Everest Re yesterday (6 May) named Michael Mulray as CUO of its expansive US insurance operations, based at the Bermudian (re)insurer's Liberty, New Jersey offices
The five-year target operating model (Tom) developed by Lloyd's and the London Market Group (LMG) to propel market modernisation has entered the next phase of its development
Motor rates at UK insurer Direct Line increased by 3.6 percent year-on-year during the first quarter of 2015, compared to a rise of 1.9 percent in Q1 2014, according to its interim management statement
Operating earnings at international insurer AmTrust jumped by 24.6 percent year-on-year during the first quarter of 2015 to $121.4mn, or $1.45 per diluted share, beating the Wall Street consensus estimate of $1.30
A resolution to approve Lancashire founder Richard Brindle's retirement remuneration package was opposed by 29.7 percent of voters at the carrier's annual general meeting (AGM), held on 29 April.
The Insurance Council of Australia (ICA) has categorised the hailstorm that struck Sydney on 25 April a catastrophe, after its initial loss estimate breached A$60mn.
Marsh and McLennan Companies (MMC) has today (30 April) reported solid organic growth for the first quarter of 2015 in both its insurance and reinsurance broking arms.
Standard and Poor's (S&P) has lowered Bermuda's credit rating and unsecured debt rating to A+ from AA- following continued "weak economic performance".
Lloyd's has unveiled a five-year plan that aims to spearhead London market modernisation, eliminate inefficiencies and introduce shared central services, The Insurance Insider can reveal.
Regulatory developments at EU level have led to "a complex and confusing legislative architecture" of overlapping legislation, industry lobby group Insurance Europe has said.
Greater subjectivity brought in by the 2015 Insurance Act could force insurers to decide whether to pay a claim more quickly, according to loss adjuster Cunningham Lindsey.
Aprilgrange, a subsidiary of US carrier Travelers, is being sued by a yacht owner for failing to pay out the full insured amount after the vessel was destroyed in a fire.
A revised $75mn settlement proposed by the National Collegiate Athletic Association (NCAA) to resolve concussion-related class action lawsuits has been heard in a US district court for the first time.
Reinsurance broker TigerRisk has confirmed the appointment of Tony Ursano as president, which was first revealed by The Insurance Insider yesterday (16 April).
Former MP Jonathan Evans has been appointed non-executive chairman of Allied World's Lloyd's managing agency, the specialty (re)insurer said earlier this week (14 April)
London-headquartered credit and political risk insurance broker Berry Palmer & Lyle (BPL Global) has appointed Peter Gilbert as chief executive of its Singapore subsidiary, the firm said today (14 April).
Ongoing cost cutting in the mining and metals industry is leading to progressively lower insurable values and greater competition among insurers as the sector softens, according to Willis.
New start-up syndicates are struggling to write sufficient premium to keep pace with their planned stamp capacities, as market conditions continue to worsen.
The Insurance Regulatory and Development Authority (Irda) of India has released draft regulation detailing the approval process for foreign reinsurers looking to open a branch office in the country.
UK-headquartered accountant Moore Stephens is to merge with Chantrey Vellacott DFK to create a top-10 UK accountancy group, the company announced today (10 April)
Loss adjuster Cunningham Lindsey has appointed Mark Thompson as global head of major and complex loss (MCL) and chief executive of Cunningham Lindsey International, the firm said today (10 April)
Record capacity levels have forced average rates in the downstream energy sector down to their lowest levels in 22 years, Willis said in its Natural Resources Market Review, published today (9 April)
Pioneer Underwriters has launched a US allied healthcare division to provide cover for non-physician health professionals, the managing agency said today (8 April)
Insurance regulation in the US remains "complex and fragmented" in spite of reforms brought in after the financial crisis, according to the International Monetary Fund (IMF).
The Bermuda Monetary Authority (BMA) last week (1 April) released a consultation paper outlining proposed changes to the island's insurance regime as part of its bid to gain Solvency II equivalence.
The Bermuda Monetary Authority (BMA) yesterday (1 April) released a consultation paper outlining proposed changes to the island's insurance regime as part of its bid to gain Solvency II equivalence.
CNA Hardy has broadened its cyber product offering to include cover for stock contamination, telephone hacking and cyber extortion, the carrier has said.
Charles Taylor-managed Lloyd's start-up Standard Syndicate 1884 has made several new appointments to its team ahead of the syndicate's official launch today (1 April).
Ken Curtis, the former chief executive of Barbican's managing agency, is set to join the Lloyd's Market Association (LMA) as director of finance and risk, the organisation said today (1 April)
Howden Broking Group has pledged to bolster its Miami office with a transfer of staff a month after the departure of Latin American managing director Jose Astorqui, The Insurance Insider has learned.
Lloyd's motor specialist ERS has been upgraded to "green" under the Corporation's traffic light system of Solvency II readiness, meaning it is on track for compliance when the capital regime is implemented on 1 January 2016.
The European watchdog has published new guidance on the remedial measures insurance supervisors can impose on firms that fail to comply with the solvency capital requirement (SCR).
(Re)insurers have been given some clarity on the scope of the UK's diverted profits tax after the 2015 Finance Bill was published on 24 March, industry experts have said.
Lufthansa's captive insurer Delvag and all-risk policy leader Allianz have set the total reserve for the Germanwings aircraft loss at $300mn, The Insurance Insider understands.
Cyber pioneer Simon Milner has joined (re)insurance broker Miller, where he will assume a production and broking role within its cyber and technology division, the firm said today (26 March).
The insurance broking model is under threat from data aggregation, increased regulatory costs and competition from emerging markets, according to Willis Group's global placement leader David Martin.
The UK Prudential Regulation Authority (PRA) has explained that the chief actuary should form the "second line of defence" in its impending senior insurance managers regime.
The passage of the Indian insurance bill is set to significantly open up the country's insurance sector, as foreign reinsurers look to establish onshore branches.
UK-based (re)insurers are awaiting further clarification on the proposed diverted profits tax, after Chancellor of the Exchequer George Osborne confirmed the so-called "Google tax" would come into force from 1 April.
George Osborne's plans to aid the development of London as a centre for insurance-linked securities (ILS) business must address specific issues such as the time needed to set up new vehicles, industry experts have said.
The rate-on-line for primary layer cyber insurance cover is six times higher than for property cover and three times that of general liability, according to a report on UK cyber security.
The UK's Prudential Regulation Authority (PRA) has today (20 March) published its final rules for the implementation of the European Union's impending capital regime, Solvency II.
The UK government has pledged to work with the (re)insurance industry to attract insurance-linked securities (ILS) business into the country, the Chancellor of the Exchequer George Osborne announced today (18 March) as part of the 2015 Budget.
Third Point Re's chief financial officer has maintained that the vehicle is a "real" insurer rather than a means of enabling hedge funds to benefit from tax advantages, as the US Internal Revenue Service (IRS) considers tightening its guidelines.
Representatives of the London (re)insurance market are optimistic that the UK Chancellor of the Exchequer will include significant provisions for the sector in this year's budget, which is scheduled for 18 March.
RSA group general counsel Derek Walsh has denied former executive Philip Smith's claims that the UK multi-line insurer knew about the misuse of reserves at its Irish subsidiary.
The number of US-based Marsh clients purchasing standalone cyber insurance increased by 32 percent last year compared to 2013, according to a cyber trends report published by the broking heavyweight last week (12 March).
Renewal rates for cyber insurance rose by as much as 10 percent for retailers due to increased loss activity in 2014, according to a Marsh report on cyber trends published yesterday (12 March).
A bill to raise the ownership limit on foreign direct investment (FDI) in India from 26 percent to 49 percent was today (12 March) passed by the upper house of India's parliament
The Florida Office of Insurance Regulation (FLOIR) has eliminated emergency assessments on Floridian property insurance policyholders two years earlier than planned
The estimated loss resulting from Tropical Cyclone Marcia has increased to A$403.6mn ($309.4mn) following an influx of claims, the Insurance Council of Australia (ICA) said today (12 March)
The European Insurance and Occupational Pensions Authority (Eiopa) has advised the European Commission (EC) that Bermuda, Japan and Switzerland should be awarded Solvency II equivalence.
IAG has appointed Ben Bessell acting chief executive of commercial insurance as part of a wider reshuffle of its executive team, the Australian carrier said today (11 March)
Primary insurance prices for commercial lines business in the Middle East and North Africa (Mena) have hit new lows, according to a study released yesterday (8 March) by the Qatar Financial Centre (QFC).
Reinsurance broker Capsicum Re has confirmed the hire of Neville Ching to lead its retro division and run its Bermudian operation, a move first revealed by The Insurance Insider in September 2014.
The Lloyd's Franchise Board should reaffirm London's reputation as an emerging risk specialist by positioning itself as an active driver of innovation, a new report from Accenture has said.
Mitsui Sumitomo Insurance Group (MSIG) at Lloyd's has hired Laura Wells as property underwriter and Matthew Radbourne as power and utilities underwriter, the carrier said today (9 March).
Reinsurance broker Capsicum Re has confirmed the hire of Neville Ching to lead its retro division and run its Bermudian operation, a move first revealed by The Insurance Insider in September 2014
Lonmar Global Risks has appointed Alastair Johnstone as divisional director in its non-marine division, the independent Lloyd's broker said today (5 March)
Ace Group has appointed former American International Group (AIG) claims executive Tim Scott-Young as claims director for continental Europe, the firm announced today (5 March)
The London Market Group (LMG) has unveiled five key initiatives for 2015 to help the city retain and improve its competitive position, building on conclusions drawn in its London Matters report
CEO of the Bermuda Monetary Authority (BMA) Jeremy Cox has questioned whether Bermuda's future relationship with Europe can be anything but "strained and uneasy", and potentially "hostile".
Major Australian carrier IAG expects its net claims burden from Tropical Cyclone Marcia to be between A$60mn ($47mn) and A$90mn ($70.5mn), the firm said today (4 March).
European and international regulators should aim for a more stable regulatory framework with fewer moving parts, according to Generali group CFO Alberto Minali.
The UK Court of Appeal has dealt what could be a fatal blow to credit hire companies after ruling that insurers should only be required to pay the lowest rate for a credit-funded courtesy car
The current timeframe for developing a global insurance capital standard (ICS) will not change despite industry concerns, according to John Maroney, head of capital and solvency at the International Association of Insurance Supervisors (IAIS)
UK insurers should work with financial regulators as much as possible despite the potentially "unpalatable" advice they give, according to Daniel Godfrey, chief executive of UK trade body the Investment Association.
The London Market Group (LMG) has started to develop an ambitious agenda of future projects and objectives, including the potential appointment of a CEO.
Norwegian protection and indemnity (P&I) club Skuld has signed an additional 10 million gross tonnes in the recent renewals, the firm announced today (27 February)
Minova-owned BMS Group has made a bold move to expand in Latin American with the hire of Jose Astorqui, previously managing director for the region at rival Howden Broking Group, The Insurance Insider can reveal.
The developers of the global insurance capital standard (ICS) must take care to recognise differences between local markets, according to Bradley Kading, president of the Association of Bermuda Insurers and Reinsurers (Abir).
Insured losses were at the lowest level last year since 2009, according to Guy Carpenter's annual Global Catastrophe Review, released today (25 February)
Willis Capital Markets & Advisory (WCMA) managing director John Philipsz has relocated from London to establish a new office in Sydney, Australia, the firm said today (24 February).
The UK Financial Conduct Authority (FCA) has fined Aviva's fund management division Aviva Investors £17.6mn, after it was forced to pay out £132mn in compensation to offset the effects of trading policy violations
The UK's Prudential Regulation Authority (PRA) has today (23 February) announced further details on how it plans to hold senior insurance executives accountable under a new, stricter regime.
Lobbying body Insurance Europe has called on the International Association of Insurance Supervisors (IAIS) to take more time over the development of the global insurance capital standard (ICS).