Zurich Financial suffers as weather disasters weigh August 5, 2010 SWISS insurer Zurich Financial Services reported a 51 per cent drop in second-quarter net profits to $707m (£445m) yesterday as earnings were hit by payouts for weather-related losses and the earthquake in Chile. This compares with a profit of $1.43bn during the same period last year by the firm led by Martin Senn. The Zurich-based [...]
Poor underwriting hits Swiss Re’s second quarter August 5, 2010 Swiss RE, the world’s second-biggest reinsurer, yesterday revealed a poor underwriting performance in the second quarter, sending its shares lower even though investment gains helped lift profits beyond expectations. The company’s property and casualty reinsurance combined ratio – a measure of underwriting profitability – missed forecasts at 102 per cent. A number below 100 per [...]
Swiss Re smashes profit forecasts August 5, 2010 Swiss Re the world’s second-biggest reinsurer, smashed expectations with a $812m (£511m) net profit in the second quarter as recovering financial markets boosted asset values and investment returns. Operating income of $1.2bn at the Zurich-based reinsurer’s asset management unit more than offset a further $130m hit from the Chile earthquake and a $200m hit from [...]
Swiss Re smashes profit forecasts August 5, 2010 Swiss Re the world’s second-biggest reinsurer, smashed expectations with a $812m (£511m) net profit in the second quarter as recovering financial markets boosted asset values and investment returns. Operating income of $1.2bn at the Zurich-based reinsurer’s asset management unit more than offset a further $130m hit from the Chile earthquake and a $200m hit from [...]
Indemnity market must be liberalised July 27, 2010 THIS year’s round of Professional Indemnity Insurance (PII) renewals promises to be one of the most turbulent ever, but it could spur much-needed changes to the way the system is run. All law firms in England and Wales have to renew their PII by 1 October, but last week insurer Zurich, which insured 13 per [...]
CITY MOVES | WHO’S SWITCHING JOBS July 7, 2010 Religare Enterprises The Indian financial services group has appointed Stuart Pearce, pictured, and Kathryn Matthews as independent board directors. Pearce has over 35 years of experience in the sector and was previously chief executive and director general of the Qatar Financial Centre Authority. He has also worked as chief executive of UK investment management at [...]
Catlin poised to set up Swiss reinsurer June 29, 2010 London-listed property and casualty insurer Catlin yesterday said it planned to set up a new venture in Switzerland to boost its presence in the European reinsurance market. Bermuda-based Catlin will provide the new operation, Catlin Re Switzerland, with capital reserves of at least $1bn (£662m). Catlin said the new venture would allow it to benefit [...]
Credit Suisse rejigs its top management June 24, 2010 CREDIT SUISSE has named Eric Varvel as its investment bank chief executive as part of an overhaul of the bank’s executive board. Varvel, who was serving as the unit’s acting chief executive, will officially step into the role next week. He assumed the role last September when it emerged that the investment unit’s chief Paul [...]
Credit Suisse rejigs its top management June 24, 2010 CREDIT SUISSE has named Eric Varvel as its investment bank chief executive as part of an overhaul of the bank’s executive board. Varvel, who was serving as the unit’s acting chief executive, will officially step into the role next week. He assumed the role last September when it emerged that the investment unit’s chief Paul [...]
CITY MOVES | WHO’S SWITCHING JOBS June 23, 2010 JP Morgan India Gary-Martin has joined the investment bank as global head of location strategy and performance metrics. Gary-Martin was previously at the Royal Bank of Scotland, where she led the implementation of the government’s asset protection scheme for the bank’s global banking and markets division. She is also president of the City Women’s Network [...]