The U.K. Sentencing Guidelines Council (SGC), the body that advises courts on sentencing, has published a set of principles to guide courts when they deal with companies that cause death through a gross breach of care or where breach of health and safety requirements cause death.
AXA Corporate Solutions (ACS) reported slightly reduced revenues on a reported basis, but, sharply increased profits as Paris-based parent AXA S.A. reported its group numbers for 2009 late last week.
Swiss Re almost put its recent past behind it with the announcement last week of profits of CHF506m for 2009, compared to the investments-driven loss of CHF864m it racked up in 2008. A dividend of CHF1 is proposed for 2009, compared to 10 cents in 2008.
Aspen Insurance Holdings, the Bermuda-based insurance and reinsurance group, confirmed the buoyant mood in the international market, as its board authorised a new share repurchase program for up to $400m over two years on the back of net profits up almost 357% for 2009 against 2008.
Montpelier Re Holdings, the Bermuda-based short-tail reinsurance and specialty lines carrier, delivered a record net profit in 2009 of $464m against a loss of $145.5m in 2008 and continued the recent trend among the Bermuda market to hand back capital to investors.
Flagstone Re continued the good news from Bermuda for insurers and reinsurers as it reported a record profit for 2009, based on a much improved combined ratio and big turnaround in investment fortunes following a big de-risking of its portfolio.
The recent product recall by car manufacturer Toyota because of problems related to floor mats, accelerator pedals and faulty breaking systems could cost the company a reported $2bn.
Amlin, the London-based insurance group and biggest underwriting agency at Lloyd’s, has announced plans to form a separate division for its expanding French business to be called Amlin France.
Munich Re confirmed market expectations that the year-end reinsurance renewal would be flat as it announced a consolidated profit significantly up to €2.56bn in 2009 compared with €1.58bn in 2008.
Allied World Assurance Company (Europe), the European arm of Bermuda-based AWAC, has launched a new division that will offer professional lines products to the London market, the wider United Kingdom market and other European Union countries.