April 2006/3
-
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...
-
With last year’s record hurricane losses continuing to rise there was further bad news for hard-hit (re)insurers as two separate forecasts warned of another over-active year ahead in the Atlantic. Forecasters Tropical Storm Risk (TSR) updated this...
-
As predicted in the January issue of The Insurance Insider, Allied World Assurance Holdings Ltd (AWAC) is set to become the last of the so-called “Class of 2001” to go public after filing for an initial public offering (IPO) of up to $400mn on 17 March.
-
Following on from the early-reporting Lloyd’s listed vehicles (see March issue of The Insurance Insider), the latest clutch of 2005 results were mixed, with those escaping the devastating hurricane losses with a profit largely indebted to reserve...
-
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...
-
Profits nearly double at Allianz German insurer Allianz AG almost doubled profits last year, with 2005 net income up to EUR4.38bn, a 93 percent rise from the previous year’s EUR2.66bn. Total revenues rose by 4.2 percent from EUR96.9bn in 2004 to EUR100.
-
Lloyd’s has given distressed Bermudian insurer Quanta Capital Holdings a deadline to inject new capital into its Syndicate 4000 or face the business being closed by year-end. The Bermudian headquartered insurance group revealed in a...
-
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.
-
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.
-
The data processing and electronic transfer initiative being driven by the so-called “gang of six” (G6) is gathering momentum, with the completion of a first round of successful tests, agreement of standards and a ringing endorsement from the Lloyd’s...
-
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...