December 2007/1
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Montpelier Re has continued to build its US operations with the launch of a new direct property facultative division to write business on behalf of its Lloyd's Syndicate 5151.
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As the wide spread of the global credit crisis becomes clearer, more insurers are investigating protection against reinsurer default, according to reinsurance broker RK Carvill.
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UK broking consolidator, Towergate Partnership agreed a £95mn cash offer for Yorkshire-based Broker Network Group last week.
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French reinsurer SCOR SA successfully closed its EUR160mn Atlas IV cat bond transaction, taking its tally of insurance linked securities deals to five.
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Catlin Group Ltd's financial strength and counterparty credit ratings remain unchanged, despite the (re)insurer announcing that it expects to take a $75mn charge against the value of sub-prime-related securities in its investment portfolio.
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Powerful consolidators are forcing insurers to "fundamentally re-examine their operating models" as they tighten their grip on the commercial SME market, according to the latest research.
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Ping An Insurance, China's second largest life insurer, bought 4.18 percent of Benelux financial services group Fortis, at a cost of EUR1.81bn, last week.
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Takeover speculation again gripped reinsurance broker Benfield Group last week as an insurance analyst linked Aon Corp with a possible move for the UK quoted firm.
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Reinsurers have been ordered to settle a $57mn disputed all risks reinsurance claim with global mining giant Anglo American’s captive insurance company Coromin.
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Groupama SA is expected to complete its first insurance linked securities transaction shortly, with its proposed securitisation of EUR200mn of French windstorm risk.
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American International Group (AIG) leads both the liability and the hull coverages for the budget airliner that crashed in Turkey killing all on board last Friday (30 November), according to sources.
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Marsh Inc has completed its search for a new chief executive with the appointment of Daniel Glaser.
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