QBE’s North American operations were blamed for disappointing 2013 results for the insurance group. The company said it has already taken a number of measures to turn the underperforming unit around.
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and Aon Benfield have launched the 2014 Aon Benfield Scholarship, which is designed to recognise an outstanding insurance professional in the Australian and New Zealand insurance markets.
Specialist insurance broker Brightside has appointed Paul Williams as chief executive officer.
Chubb, the US insurer, is believed to be planning a new catastrophe bond. The deal would represent its sixth such deal but its first for two years.
CATCo Investment Management, the specialist insurance linked securities manager, has hired two underwriters who have both previously worked for AQR Capital Management and Magnetar Capital.
A proposed earthquake insurance fund for the Philippines, which would be developed by the Insurance Commission (IC) and the Asian Development Bank (ADB) has won the backing of Fitch.
The Lloyd’s Market Association (LMA) will review the quality of claims management in the Lloyd’s market in a pilot project which will standardise report writing.
RSA Insurance Group is considering raising capital by way of a rights issue following a £200 million fraud in the Irish unit and substantial losses related to flooding in the UK.
International specialist insurer Hiscox reported an 11 percent increase in pre-tax profits, but said that it will not take undue risk, “preferring modest investment returns alongside better underwriting results to fuel profits”.
Ironshore has appointed James Bishop, Jr. to lead its team which will provide cover for high-end pleasure craft, yachts and mega yachts on a global basis.