August 2008/1

The relationship between alternative capital markets and reinsurance is maturing, according to Guy Carpenter’s David Priebe, as insurance linked securities (ILS) cement themselves as an “integral part” of major cat buyers’ strategy.

Guy Carpenter is to target growth in its international facultative reinsurance business in the fall-out of the proposed acquisition of Benfield by Aon.

Reinsurance rates are declining in a “controlled glide rather than a crash landing”, according to rating agency AM Best.

The finite reinsurance deal used to inflate American International Group’s (AIG) loss reserves cost the giant $1bn, according to US prosecutors.

Hurricane Ike is on target to hit the south-east coast of the US from Miami to the Carolinas around 9 September either as a Category 3 or 4 storm, according to forecasters.

Industry veteran Bill Riker - who was due to become a director at Benfield Group Ltd - will not now join the reinsurance broker following its pending acquisition by Aon Corp.

John Charman, chief executive of Bermudian (re)insurer Axis Capital Holdings Ltd has revealed his firm is actively seeking acquisitions and that the industry has fellow Bermudian XL Capital in its sights as a potential takeover target, according to...

Shares in RSA were up by more than 4.5 percent in early trading today as German giant Allianz is linked with a possible takeover bid for the UK insurer.

Industry veterans Rod Fox and Jim Stanard's start-up reinsurance brokerage has formally launched under the new banner of TigerRisk Partners.

Hurricane Gustav has been downgraded to tropical storm status after skirting past New Orleans, with insured losses arising mainly from disruption to offshore oil and gas rigs.

Gallagher UK is poised to buy the agency operations of London-headquartered Oxygen Holdings plc, The Insurance Insider can reveal.

RSA's UK chief executive Bridget McIntyre is stepping down, to be replaced by current chief operating officer Adrian Brown.

Insider Publishing Ltd is delighted to announce the launch of Inside FAC, its latest title providing exclusive insight and analysis of the latest trends and developments in the growing global facultative marketplace.

Canadian (re)insurance conglomerate Fairfax Financial Holdings has declared its 165p a share cash offer for Lloyd’s (re)insurer Advent Capital Holdings Plc unconditional after securing a controlling interest in the company, as the Advent board reiterated

William Stovin has been appointed as president and COO of Markel Corporation's London subsidiary Markel International, replacing US-bound Gerry Albanese.

Swiss-domiciled reinsurer Paris Re Holdings Limited has announced improved results for the first half of 2008, with net income up by around a third to $150.6mn despite taking a $14.2mn hit from Windstorm Emma.

Lloyd's insurer Chaucer Holdings plc reported a slump in half-year profits as it was hit by the double whammy of heavy claims and difficult investment conditions.

UK insurer Liverpool Victoria Insurance Company Ltd (LV) has emerged as the bidder for UK motor insurer Highway Insurance Group plc.

Bermudian CastlePoint Reinsurance Company Ltd has agreed a $135mn deal to buy US excess and surplus (E&S) lines and admitted insurer Hermitage Insurance Group.

Highway Insurance Group plc has confirmed that it is in "advanced discussions with a third party" about a potential takeover after shares in the motor insurer surged this morning amid M&A speculation.

In common with many (re)insurers reporting half-year figures, Brit Insurance Holdings plc saw profits suffer as a result of unrealised losses on its investment portfolio, partly offset by reserve releases and a foreign exchange profit.

Swiss Re is re-shuffling senior management in its beleaguered financial markets division, and putting its "non-core" businesses into run-off, The Insurance Insider can reveal.

SCOR has reported a 24.3 percent rise in half-year net profits as last year's Converium acquisition continues to fuel the reinsurer's results.

AM Best has become the latest ratings agency to affirm XL Capital ratings and remove them from review after the Bermudian reinsurer closed a deal to end the majority of its exposure to former bond insurance arm Security Capital Assurance (SCA).

Paul Lumbis, the former managing director at Guy Carpenter & Co Ltd's M&A division at GC Securities Ltd is to head a new corporate finance advisory practice Atlas Partners LLP.

Allianz has a 10 percent share of the slip for the Spanair McDonnell Douglas MD-82 that crashed at Madrid airport on Wednesday, claiming 153 lives.

Aon Corporation is set to buy London-listed Benfield Group in a £844mn deal cementing the Chicago-headquartered firm's position as the world's largest reinsurance broker.

Lloyd's (re)insurer Amlin plc has reported a drop of over £40mn in its post-tax profits for the first six months of the year after reporting a slump in investment income.

Marsh & McLennan Companies Inc (MMC) has announced the appointment of Vanessa Wittman as the group's new CFO, who replaces outgoing executive officer Matthew Bartley.

Australian insurer QBE Insurance Group saw overall profits rise after strong performance from its insurance underwriting division during the first half of 2008.

Benfield Group Ltd has announced a management restructure at its specialist space insurance broker International Space Brokers Inc (ISB) following the resignation of former CEO Roger Bathurst.

The former CEO of Guy Carpenter, David Spiller, has been appointed chairman of Lloyd's insurer Heritage Managing Agency plc.

Randall & Quilter Investment Holdings plc (R&Q) and GLOBAL Reinsurance Company have formed a partnership for the purchase and management of non-life run-off companies in Europe.

Bermudian (re)insurer ACE Ltd leads the cover on the passenger plane that swerved off the runway in Madrid killing more than 150 people, The Insurance Insider understands.

As windstorm Fay prepares to make landfall in Florida again after initially crossing the Florida peninsula some analysts are predicting a stronger impact on its return.

Five former General Re and American International Group (AIG) executives found guilty for their part in a sham reinsurance transaction could face lengthy sentences, according to reports.