Ai Profit down
Ai profit down
Ai Claims reported pre-tax profit of £668,000 for the six months to December 2008, down from £789,000 for the same period in 2007. The company, which manages motor claims, recorded a 25% rise in revenue for the half year.
Marsh unveils gulf policy
Marsh has joined forces with Warren Buffett’s Berkshire Hathaway Group to launch a property insurance programme for oil and gas companies in the Gulf of Mexico. The facility provides up to $500m (£345m) of annual capacity for energy companies, in the aggregate, for windstorm losses in the region. The Cost and Coverage Certainty Programme is designed to provide pricing stability on a pooled basis over five years.
Report highlights fears
The impact of the credit crunch on investments has leapfrogged traditional concerns to become the biggest risk to insurers, warns the Banana Skins in Insurance report by PricewaterhouseCoopers for the Centre for the Study of Financial Innovation. The top three risks (and their 2007 rankings) are: investment performance (11), equity markets (13) and capital availability (26).
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