• X
  • LinkedIn
  • Email
  • Show more sharing options
  • Print
  • X
  • LinkedIn
  • Email
  • Free Trial
  • Log in

December 2006/1

  • Bermudian (re)insurer Aspen Insurance Holdings Ltd has taken the innovative step of wrapping a credit derivative structure around a portfolio of its reinsurance recoverables, in a $420mn transaction with investment bank Deutsche Bank.
  • In a year that has seen ratings upgrades outstrip downgrades for the first time since 2000, Standard & Poor's (S&P) has upgraded Bermudian (re)insurer Endurance Specialty Holdings Ltd from A- to A in response to growth in its US excess and surplus platfor
  • Lloyd’s insurer Ascot Underwriting has confirmed plans to increase capacity on its Syndicate 1414 by 13.5 percent to £625mn for the 2007 underwriting year.
  • A landmark UK High Court decision last week likely to increase payouts on some unsettled bodily injury claims will hit reinsurers hardest and lead to rising premiums, according to Swiss Re.
  • Bermudian (re)insurer Allied World Assurance Company Holdings (AWAC) has opened a box at Lloyd’s that it hopes will support the growth of its European book of business.
  • UK regulator the Financial Services Authority (FSA) has told the insurance industry that despite recent progress it still needs to further improve the effectiveness of its risk management frameworks.
  • Swiss reinsurer Glacier Re announced today (4 December) that Mario Ciancarelli has joined the company as senior underwriter.
  • UK businesses have been warned that they are exposing themselves to unnecessary environmental liability risks, as they view specialist insurance products as too expensive and complex.
  • Struggling Bermudian life reinsurer Scottish Re received a boost in the shape of $600mn in new equity investment it announced on 27 November.
  • Allianz subsidiary Fireman’s Fund Insurance Company has appointed Joseph Beneducci as its CEO, starting 1 January 2007.
  • The UK’s Competition Commission have ratified their decision to approve the acquisition of CBS Private Capital by rival Hampden Agencies Ltd.
  • Lloyd’s insurer Heritage Underwriting Agency Ltd has bolstered its underwriting executive with the appointment of the Lloyd’s Japan chief executive James Sardeson.