April 2006/3

Energy mutual OIL has responded to last year’s hurricane losses and spiralling premium costs by cutting members' coverage in half to a $500mn aggregation limit for multiple claims from a single occurrence. The company has also suggested it may look...

Castlepoint Holdings Ltd is the latest reinsurer to be formed in Bermuda after the US investment bank Friedman, Billings Ramsey & Co Inc raised $265mn via a private placement for the start-up operation.

Hannover Re may decide not to buy catastrophe protection from the traditional retrocessional markets because of the high cost, warned the reinsurer’s chief executive Wilhelm Zeller as he unveiled a small 2005 profit. Despite a EUR1bn bill from last...

Hopes that PXRE harboured of engineering a move for its ongoing business to Lloyd’s are understood to be fading, as it revealed on 11 April that it has requested the withdrawal of its financial strength and issuer credit ratings by the major agencies.

SVB shares fall following restructuring announcement ; Lloyd’s to launch in Shanghai ; Aviva drops Pru bid ; GoshawK shares set for suspension ; Aon PLF: P&I renewal “successful” ; Bail bond syndicate increases loss estimates ; et al...

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...

The unlikely alliance between industry titans Maurice “Hank” Greenberg and Warren Buffett has led to the former American International Group (AIG) chief executive establishing an aviation underwriting platform in Lloyd’s.

Despite stagnating underwriting conditions, capacity continues to hunt for a home in the aviation (re)insurance sector, with the imminent $1bn initial public offering (IPO) of Augsburg Re and a new Limit syndicate at Lloyd’s due to start underwriting...

London insurers are showing new enthusiam for personal accident after recent market exodus The personal accident (PA) sector is enjoying a new found popularity in the London market after falling out of fashion in the late nineties.

The chances of a reform of the difficulties created by the Lloyd’s annual venture in time for the 2007 underwriting year look less sure following the meeting of the Society’s Franchise Board last month. Although there were no definitive proposals...

Despite widespread acknowledgement from Lloyd’s insurers about its difficulties, the annual venture has received support from Keefe Bruyette & Woods (KBW) analyst Chris Hitchings in a research note assessing post-Katrina capital raising in London...

Ingosstrakh, Russia’s second largest insurer, was linked with an IPO in London later this year after appointing three banks to advise the company. According to press reports, Ingosstrakh has hired investment banks Deutsche Bank, Morgan Stanley and...