April 2006/1

Insured losses from Cyclone Larry, which struck northeastern Australia last month, are estimated at between AUS$300mn and AUS$400mn by ratings agency Standard & Poor's (S&P). The agency said that, although Larry had been a major disaster for the...

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...

Ratings agency AM Best has awarded a financial strength rating of A- (Excellent), with a stable outlook, to Hiscox Insurance Company (Guernsey) Limited. The agency said the rating was based on Hiscox Guernsey's "excellent risk-adjusted...

A report by the Association of British Insurers (ABI) has warned that the Financial Services Authority (FSA) is costing UK consumers £400mn a year. Stringent regulations and a sales process that is burdened with too much "irrelevant information"...

Lexington Insurance, a property and casualty unit of American International Group (AIG) has announced that it will reduce its coverage of catastrophe-exposed areas by 20-25 percent this year. Florida, the Gulf Coast and California are among the...

Is the UK's system of financial regulation a help, or a hindrance, to London's competitiveness with other global (re)insurance markets? Have your say with The Insurance Insider's 2006 London Market survey where the initial feedback is that...

Lloyd's is to launch its new Chinese onshore reinsurance operation in Shanghai, the Society announced in a statement today (3 April). The move follows approval from Chinese president Hu Jintao last November for Lloyd's to set up as an onshore...

Specialist Lloyd's insurer Advent announced pre-tax losses of £74.8mn in its full-year results, which were released on 31 March. The company fell from last year's pre-tax profit of £4.5mn after suffering a £79.7mn net hit from hurricanes Katrina...

Hampden Private Capital is now one of only two remaining Lloyd's members' agencies after acquiring the Names' advisory business from CBS Private Capital. CBS, Hampden Private Capital and Argenta Private Capital, were the three existing Lloyd's...

Lloyd's insurer SVB Holdings plc confirmed last week a scheme of arrangement to ring-fence past liabilities, with the creation of a new holding company Novae Group plc, and formation of an FSA-regulated insurer capitalised by proceeds from a £110mn...

Lloyd's insurer Heritage Underwriting Agency closed its 2003 year of account with both of its syndicates ending ahead of previous forecasts. Syndicate 1200 closed the year with profits of 28 percent on a capacity of £80mn while Syndicate 3245 closed...

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...