April 2006/4

The post-Katrina love affair between the capital markets and reinsurance continues to blossom with news that Benfield Group is collaborating with Merrill Lynch to provide a catastrophe bond scheme for reinsurance buyers.

Beleaguered Bermudian PXRE was dealt another blow this week as chief operating officer Guy Hengesbaugh handed in his notice at the reinsurer.

Our 2006 London Market survey has provided interesting feedback on the structure of the market, the demise of Kinnect, the rise of the "gang of six" and the possible solutions available. Opinion is divided, however, in terms of the e-business...

Troubled Bermudian PXRE announced 11 April that it has requested the withdrawal of its financial strength and issuer credit ratings by the major agencies. The move is part of the reinsurer's strategic evaluation process that has followed its...

The trial of three former General Re executives will be transferred from Virginia to Connecticut after a federal judge agreed to the defendants request. Judge Gerald Bruce Lee acquiesced to the request of Ronald Ferguson, Gen Re's former chief...

Giant insurer American International Group (AIG) has joined the Goldman Sachs-led consortium that has had a £9.4bn "white knight" takeover bid for BAA turned down by the UK's airports operator. BAA revealed on 16 April that it had received an...

Long-time Fairfax bears, analysts John Gwynn and Matthew Cantrell of Morgan Keegan, have again mauled the company in their latest research notes. In two recent notes the analysts raise a number of points that will make uncomfortable reading for the...

Rating agency Fitch has removed the financial strength rating of insurance behemoth American International Group (AIG) from negative watch. Fitch affirmed the ratings of AIG and all subsidiaries on 11 April just over a year after it had placed the...

As the industry continues to digest the implications of last year's record hurricane season, The Insurance Insider and Guy Carpenter are delighted to invite you to attend a Post-Katrina Technical Briefing, taking place at Balls Brothers, Minster Court...

Willis Group appointed Don Bailey as chief operating officer of Willis North America on 11 April. Bailey will work alongside Willis North America CEO Mario Vitale on the day-to-day operations and sales activities of the business unit.

Swiss reinsurer Glacier Re announced on 10 April that it has received a licence to write reinsurance business in Mexico. The licence, which was granted on 29 March, covers all areas of non-life reinsurance. The reinsurer said it plans to write...

The reserving crisis that has seen some of the industry's biggest players blighted by a series of heavy charges to financials in recent years appears to be easing, according to research by analysts at Morgan Stanley.

If the European insurance sector can sustain healthy balance sheets and profitability, upgrades are likely in 2006, said rating agency Standard & Poor's (S&P) in its latest report card on the industry released today (18 April).

Turned around French reinsurer SCOR has reported significant growth in Asia and India, with a 23 percent increase in premium income for non-life treaty business in the region. The company said that, with treaties in Japan and Korea up for renewal...

Lloyd's insurer Beazley Group plc has appointed the former Marsh Inc vice-chairman Dan Jones as a non-executive director. Jones, who currently consults for Marsh Inc until June, will join the UK-listed insurer from the 1 July. He has more than...

Canadian combine Fairfax Financial Holdings announced last week that a class action suit has been filed by investors against the company and its senior managers. The suit was filed in the US District Court for the Southern District of New York...

Bermudian giant ACE has poached American International Group (AIG) stalwart John Keogh to head up its international property casualty insurance operations, replacing the retiring Gary Schmalzriedt. In an announcement yesterday (17 April), the...

Markel International, the London Market arm of the American insurer, has hired Henry Sturge as open market property underwriter within its non-marine property division. Markel's Non-Marine Property division’s managing director Conor Finn commented...

Jardine Lloyd Thompson Group plc (JLT) has disbanded its Risks Finance business which provided alternative risk transfer products and looks set to part company with the unit head John Lobek, Insider Week can reveal. The move appears to be the latest co

As revealed by our sister publication The Insurance Insider last week, Omni Whittington is close to launching a live Singapore-based $50mn underwriting syndicate at Lloyd's. According to the company, the new syndicate will write "predominantly short...