August 2006/4
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Wellington Underwriting Inc, the US platform of Lloyd’s insurer Wellington Underwriting plc, announced today (29 August) that it is expanding with the launch of a marine reinsurance arm.
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Concord Re, the latest sidecar to roll off the industry’s production line, means almost $4bn of capital has been raised for these non-life reinsurance vehicles in the aftermath of Hurricane Katrina.
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The blanket ban on contingent commissions or Placement Service Agreements (PSAs) imposed by New York attorney general Eliot Spitzer following his 2004-2005 investigations into the major US brokers have been moderated.
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Zurich American Insurance has settled a business interruption claim, stemming from the 2001 World Trade Centre loss, for $80mn with ABM Industries.
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Insurance giant Zurich Financial Services (ZFS) last Thursday (17 August) reported half-year net profits of $1.96bn, up 9 percent on the first six months of 2005, and ahead of analysts’ consensus of $1.8bn.
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Lloyd’s insurers Hiscox plc and Omega Underwriting Holdings plc have announced unchanged mid-point profit forecasts for the 2004 and 2005 underwriting years.
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Shipowners will face rate rises of up to 10 percent on protection & indemnity (P&I) premiums at the 2007 renewals as the marine industry feels the effect of a raft of social and regulatory legislation, according to a report from Aon.
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Swiss-based reinsurer Glacier Re has responded to rating agency concerns following last year’s hurricanes by further bolstering its capital base with a $30mn cash injection from existing shareholders.
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Fitch Ratings has affirmed Lloyd's Financial Strength (IFS) rating of A (excellent) with an Issuer Default Rating (IDR) of A-. Both ratings have been assigned a stable outlook.
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Embattled life reinsurer Scottish Re Group and its subsidiaries suffered further downgrades from rating agency Standard & Poor’s (S&P) last week.
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The UK Competition Commission has published a Statement of Issues for its inquiry into Lloyd’s members agency Hampden Private Capital’s acquisition of its rival CBS Private Capital’s advisory business.
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Australian-headquartered (re)insurer QBE Insurance Group announced on 16 August that its after-tax operating profits were up 20 percent to Aus$591mn for the first half of 2006.
