April 2009/4

Broking giant Willis Group’s French-based affiliate, Gras Savoye & Cie, is reportedly looking at alternative investment solutions over a put option purchased by the former in 1997, which could oblige it to increase its stake in France’s largest broker...

Munich Re has checked its bullish stance on rate prospects, as the reinsurer's chairman described a "satisfactory" first quarter while acknowledging that its optimism late last year was still to filter through to widespread rating improvements.

Lloyd's is set for a gain after making a tender to repurchase up to £100mn of the approximate £1.1bn in long-term corporate debt it manages - which in turn forms part of the central assets the Society holds on behalf of the market.

After being buoyed by comments from the G7 group of most industrialised nations on Friday (24 April) that the world economy was showing early signs of recovery, global stock markets slipped downwards again this morning amid fears of a swine flu epidemic.

Willis Group's first quarter results, due out this week, will be scrutinised carefully by investors for the performance of its US operations, following last year’s $2.1bn acquisition of Hilb, Rogal & Hobbs (HRH).

Investors are poised for a hectic period of first quarter reporting from the global (re)insurance sector that will reveal whether the wide-scale pain inflicted on balance sheets in 2008 has eased in the early part of 2009.

Nick Jones, former head of Heritage's worldwide property division and lead underwriter on the insurer's Lloyd’s Syndicate 1200, is set to resurface in the Lloyd's market as the head of RenaissanceRe's (RenRe) planned new syndicate, according to market sou

Bermudian reinsurer Platinum Underwriters posted a 19.3 percent year-on-year decline in its first-quarter net income to $84.9mn.

Reinsurance Group of America (RGA) saw its first quarter net income drop $8.2mn compared to Q1 2008 to $23.3mn.

The Association of British Insurers (ABI) is demanding a complete reassessment of the UK's flood risk, and in particular surface water drainage (SWD), as part of the consultation process for the draft flood and water management bill released by the govern

Recently launched European catastrophe information aggregator Perils has appointed Glacier Group executive Dr Luzi Hitz as CEO.

Ironshore's progress towards creating Lexington MKII continues unabated, with the appointment of Andrew Archambault as its senior reinsurance buyer and Edward Mazman as senior vice president of its US property unit.

Marsh is revamping its proposed facility with Berkshire Hathaway for Gulf of Mexico (GOM) windstorm risks in a bid to drum up interest, after receiving insufficient support from potential buyers to meet its planned launch date.

German regulator BaFin has approved Augur Capital's EUR20mn acquisition of AIG subsidiary Deutsche Versicherung und Rückversicherungs-AG (Darag).

UK independent broker Heath Lambert has lost another major account after rival firm AJ Gallagher (UK) captured French inter-dealer broker Viel & Cie (V&C), The Insurance Insider can reveal.

IPC Holdings saw Q1 net income plummet from $86.8mn to $8.3mn - as investment losses, European winter storm Klaus and the Australian bushfires combined with higher expenses linked to its proposed Max Capital merger.

American International Group (AIG) last week took steps to speed up the process of spinning off its general insurance operations as an independent entity, ahead of a potential initial public offering (IPO).

Hartford Financial Services Group may be broken up, after reports emerged that the beleaguered US insurer is seeking bids for its core property and casualty (P&C) business.

Broking giant Willis Group's French-based affiliate, Gras Savoye & Cie, is reportedly looking at alternative investment solutions over a put option purchased by the former in 1997, which could oblige it to increase its stake in France's largest broker...

Brit Insurance has emerged as the favourite candidate to acquire Lloyd's insurer Chaucer Insurance Holdings, after final bids were posted last week.

Lloyd's insurers will scour the UK Finance Bill 2009 upon publication (expected 30 April) for further details of how the tax deduction for equalisation reserves will be calculated.

Alea Group chief executive Mark Cloutier will step down next year, the run-off (re)insurer confirmed last week (24 April).

While, as expected, the European Parliament took the significant step of approving the Solvency II framework directive last week (22 April) the compromise that excluded the contentious group support provision was described as a "missed opportunity" by Eur

India's state-run National Insurance Corporation (NIC) has been unable to reinsure the contingency cover for this year's Indian Premier League (IPL) cricket tournament, currently taking place in South Africa, our sister publication Inside FAC reports.

City General - owned by run-off manager Ruxley Ventures and advised by law firm Clyde & Co - has received court approval for a solvent scheme of arrangement to wind down the (re)insurance policies transferred to it in 2007 from the London branch of Genera

AIR launches industrial and energy cat risk service; Iprism targets £25mn after deal signings

Directors' and officers' (D&O) commercial rates remain sluggish despite fears of a claims onslaught from the economic crisis, according to a survey by global broker Willis.

Short-term life business has never been a significant component of the Lloyd's mix and in recent years its share has shrunk even further.

Lancashire Insurance Group is filling part of the growing void in Gulf of Mexico (GOM) windstorm cover by opening up its Octopus product to the wider market.

Chubb's income for first quarter 2009 almost halved compared to the same period last year - as net profits fell to $341mn compared to $664mn - after it was hit by losses on alternative investments and impairments totalling $266mn.

Former Marsh UK executive Stephen Matanle is returning to the market as head of Thompson Heath & Bond (THB) - which is the Lloyd's broker division of AIM-listed broker THB Group plc - as first revealed by The Insurance Insider.

The delicate structure of Aon Benfield’s London-based specialty casualty division has been determined with a new head, the former Gallagher Re CEO Simon Gander, The Insurance Insider can reveal.

Max adds to Lloyd's platform with UW hires; Allied World bags Bermuda team from AIG; Brit recruits LM specialist for new role; RFIB appoints new IT head from Aon Benfield; Senior Marsh exec moves to JLT's Dubai office...