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Latest News From Insider Week 10 March 2010
   
Key Industry News  
 
  Chile quake and Xynthia industry loss at $8-$14bn, says PartnerRe »»»
  Bermudian reinsurer PartnerRe is estimating industry-wide losses from the Chilean earthquake and European windstorm Xynthia at between $8bn and $14bn.

  Fosh: Novae has reinvented itself since 2002 nadir »»»
  Novae Group is no longer the long-tail, liability-oriented business of the past and from 2011 will finally succeed in shaking its “long-term return on equity problem”, CEO Matthew Fosh believes.

  Glacier cuts business volumes by 17 percent »»»
  Up-for-sale Glacier Group reported gross written premiums of $469mn for 2009, down more than 17 percent on 2008 volumes of $569mn.

  Up-for-sale Glacier still on IG reinsurance programme »»»
  Despite uncertainty over its future, up-for-sale Glacier Re figures on all three main layers of the prestigious International Group of P&I Clubs excess-of-loss reinsurance programme, The Insurance Insider can reveal.

  Max execs waive early vesting of options for Alterra deal »»»
  Senior executives at Bermudian (re)insurer Max Capital have waived change of control conditions in their options contracts to help smooth the deal with Harbor Point to form Alterra Capital.

  Where next for Omega as shareholders claim knockout blow »»»
  With a legion of Omega Insurance Holdings shareholders already claiming victory in their bid for sweeping board changes at Friday's (12 March) decisive special general meeting (SGM).

  Sciemus adds Glacier to $35mn space consortium »»»
  Sciemus has continued to build capacity on its in-orbit space consortium with the participation of Glacier Insurance paper on the facility.

  AIG agrees $15.5bn Alico sale to MetLife »»»
  American International Group (AIG) has reached to sell one of its two major life insurance subsidiaries, Alico, to US insurance giant MetLife for $15.5bn.

  AIG to sell last remaining Transatlantic stake »»»
  American International Group (AIG) is to sell its remaining shares in one-time majority-owned reinsurance vehicle Transatlantic Holdings, as the fallen giant's CEO Robert Benmosche continues a period of frenzied dealing.

  M&A returns despite US tax uncertainty »»»
  The imminent arrival of $3.16bn Alterra Capital shows the lure of M&A but there are still uncertainties to overcome before a clear trend can be postulated for 2010. We analyse what they are...
 



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