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April 2006/1

  • Bermudian giant XL Capital is to float its financial guaranty business in an initial public offering (IPO) on the New York Stock Exchange, the (re)insurer revealed in a statement today (7 April). Funds raised will be used to boost capital and to...
  • Stone Point Capital, the former private equity arm of MMC, has agreed terms to acquire the business of AXA Re and form a new reinsurer, Paris Re. AXA Re’s parent AXA SA will take a stake of between 5 and 10 percent in Paris Re Holdings Ltd...
  • UK-listed broker Jardine Lloyd Thompson Group plc (JLT) has today (5 April) revealed that Dominic Collins, executive chairman of its JLT Risk Solutions division, has resigned after more than 20 years with the company. The move follows plans for...
  • Aviation underwriting agency Augsburg Re is set to become a fully-fledged reinsurer if it completes a planned fundraising, The Insurance Insider can exclusively reveal. The company, which is headed by the experienced aviation underwriter...
  • Ratings agency Standard & Poor’s (S&P) today (5 April) announced that it has revised its outlook on the reinsurance sector from negative to stable.
  • The G6 group of Lloyd's insurers has today (5 April) announced that it has agreed new electronic processes with four major brokers using the internationally recognised ACORD data standards.
  • Shares in run-off (re)insurance group Alea Group Holdings rose this morning after the company announced better than expected full-year results.
  • German insurance giant Allianz has poached GE Insurance's global aviation head Florian Karner to join the firm's Munich headquarters, Insider Week can reveal. The news comes only a week after Allianz itself lost its London Market aviation chief...
  • Bermudian reinsurance start-up Ariel Re has recruited the head of ACE Energy, Chris Fisher, to lead its energy underwriting division. Fisher was chosen by ACE last year to head its new retail energy unit, ACE Energy, which offers property and...
  • Energy mutual OIL has responded to last year's hurricane losses and spiralling premium costs by cutting coverage in half to a $500mn aggregation limit for multiple claims from a single occurrence. The company has also suggested it may look to...
  • Further significant catastrophes this year could restrict reinsurers access to the capital markets, according to a report by ratings agency Standard & Poor's (S&P). The report noted that, although earnings had been poor for property & casualty...
  • Embattled reinsurer PXRE Group Ltd revealed the damage slumping out of the A-rating range has already inflicted on its business, with a third of its clients cancelling contracts on 1/1 in-force business as of 13 March 2006. In a 16 March SEC filing...
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