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Company Example A

Overview
Content
Data

Company type

Insurance-Linked Securities (ILS) and Investment Managers

Miscellaneous

Founded
1896

Major offices

Zurich, CH (headquarters)
Nassau, BS

Officers

Smedley MacGuffin (CEO)

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  • The administrator of Quinn Insurance has confirmed there will be no return to the writing of UK professional indemnity (PI) insurance, as rumours of a rescue package from Anglo Irish Bank continue to percolate.
  • Financial/professional lines specialist Dual Corporate Risks has secured £5mn of capacity from AmTrust to write professional indemnity (PI) cover for insurance brokers.
  • Ratings agency Fitch assigned an A- insurer financial strength (IFS) rating to Validus Re last week.
  • Zurich Specialties London, Ace unit Illinois Union and Lloyd's insurer Novae will appeal after their action to revoke defence payments made to lawyers Milberg LLP for criminal counts linked to a kickback scheme was dismissed.
  • German legacy buyer Darag is involved in seven sets of run-off sale talks, just weeks after securing its first acquisition in the form of Hamburg-based insurer HVAG, The Insurance Insider understands.
  • Aon Benfield has added facultative capacity for US terrorism risk through its FAConnect electronic placement platform, The Insurance Insider's sister publication Inside FAC revealed last week.
  • Global broker Aon is one of the new sponsors of the McLaren Formula 1 team, it emerged at the weekend.
  • Faced with a slew of expected lawsuits following the loss of the Deepwater Horizon oil rig in the Gulf of Mexico, Transocean has moved to limit its liability to the $27mn value of the drilling unit.
  • Think that property cat reinsurance is a short-tail class? It might be time to think again because the Florida Hurricane Catastrophe Fund (FHCF) is selling $693mn in bonds - apparently to pay for claims for the heavy 2004-05 years.
  • Ratings agency Standard & Poor's (S&P) revised its outlook on oil giant BP's captive insurer, Guernsey-based Jupiter Insurance, to negative from stable last week.