April 2006/5

A repeat of the 1906 San Francisco earthquake could total $80bn in insured losses, according to catastrophe modelling firm Risk Management Services (RMS). RMS analysed the effects that an earthquake with a magnitude of 7.9 on the Richter scale would...

US property casualty insurers are expected to pay out approximately $1.38bn in insured losses for the first quarter of the year, according to ISO's Property Claim Services. The losses are the result of damages to homes, commercial properties and...

A federal judge has ruled that flood exclusions in Allstate's homeowners’ policies are "valid and enforceable" in Mississippi. Elmer and Alexa Buenta, whose home was badly damaged by tidal surge from Hurricane Katrina, sued the insurer after it...

Arthur J Gallagher was the first of the major brokers to publish its first quarter 2006 results last week - setting a scene of competitive trading conditions likely to be followed by its rivals over the next few weeks.

Beleaguered Bermudian PXRE was dealt another blow last week as chief operating officer Guy Hengesbaugh handed in his notice at the reinsurer. In an SEC filing last Tuesday (18 April), the company revealed that Hengesbaugh had given notice of...

Lloyd's insurer SVB is on course to executive its restructuring plan after its proposed scheme of arrangement to introduce a new listed holding company, Novae Group plc, was approved in a court ordered meeting today (24 April).

Free invitation to attend executive reinsurance event. As warnings mount of another severe hurricane season, the chief executive of Arch Worldwide Reinsurance Group Marc Grandisson has agreed to present at The Insurance Insider's executive briefing...

Swiss Re's proposed takeover of GE Insurance Solutions has today (24 April) been approved by the European Commission. In a statement, the Commission said it had concluded the transaction "would not significantly impede effective competition in the...

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. Although the announcement...

American International Group (AIG) is continuing to divest its interest in reinsurers it helped found, with the US giant putting its 24.2 percent stake in Bermudian IPC Re up for sale last week. AIG launched the cat reinsurance specialist in 1993...