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August 2009/3

  • Citigroup analysts expect Swiss Re to have SFr10bn excess capital next year and to repay the Berkshire Hathaway hybrid debt in 2011.
  • Insurers have put up the specie insurance industry's biggest ever reward as they attempt to track down the Graff robbers and their loot.
  • Hannover Re is set to use retained earnings to fund an increase in capital of as much as 26 percent to pursue growth opportunities in the second half of the year.
  • Catastrophe bond returns have increased for the sixth consecutive week as a lack of significant windstorms and a glut of unused insurance-linked securities (ILS) capacity push demand for the products to record levels.
  • The state of New York has named lawyer and executive director of the state's insurance fund, James Wrynn, as insurance superintendent following the resignation of Eric Dinallo in July.
  • CNA Financial Corporation has appointed John Hennessy to replace Julian Eniozi as head of its European operations, with a mandate to grow its European distribution.
  • Broking giant Aon has lost yet another senior aviation executive, this time to Willis, after its former executive vice president of Los Angeles and Chicago operations, Stephen Kisor, joined the rival broker.
  • Lost and found cargo ship Arctic Sea is insured for crew-related risks with Russian insurer Ingosstrakh.
  • The British Virgin Islands and Cayman Islands have joined Bermuda in being upgraded to the Organisation for Economic Cooperation and Development's (OECD) white list, after meeting internationally agreed tax standards
  • American International Group (AIG)'s $200mn D&O insurance policy is set to pay a $115mn loss, after it was reported that former chief executive Maurice 'Hank' Greenberg and five other defendants have agreed to settle a shareholder lawsuit.
  • Validus Holdings has become the latest international (re)insurer to establish a foothold in the Middle East through its subsidiary, Talbot Holdings Ltd.
  • US insurer WR Berkley has launched a new unit to write commercial cover in the US Pacific northwest market.
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