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December 2008/4

  • Troubled insurer AIG intends to merge two units of its major Asian life insurance entity American International Assurance Co Ltd (AIA) and list the restructured company in Hong Kong, according to reports.
  • Munich Re’s Lloyd’s operation Beaufort Underwriting Agency Ltd has received approval for its new, wholly-aligned syndicate to begin underwriting for the 2009 year of account, as predicted by The Insurance Insider in September.
  • Restructuring continued apace at American International Group (AIG) last week. Ahead of its sale of Hartford Steam Boiler to Munich Re [see story 1] the troubled insurer announced the completion of the sale of $39.3bn face value...
  • The US property & casualty industry slumped to a $9.9bn third quarter net loss driven by underwriting losses and heavy investment write-downs.
  • Insured catastrophe losses this year are estimated to have hit $50bn, making 2008 the second costliest on record, according to research from Swiss Re.
  • Shares in troubled Bermudian (re)insurer XL Capital Ltd rallied almost 30 percent last week on the back of rumours that Warren Buffett-owned Berkshire Hathaway was considering a bid for the company.
  • Bermudian Everest Re faces the prospect of a ratings downgrade in the first quarter of 2009 after Standard & Poor's (S&P) moved on Friday (19 December) to place the reinsurer's counterparty credit and financial strength ratings on CreditWatch with negativ
  • Jamaica-headquartered insurer Sagicor Group's Lloyd's arm intends to re-start writing life business next year through Syndicate 44, The Insurance Insider can reveal.
  • Last week's acquisition by Torus Insurance Holdings (Bermuda) Ltd of rights to renew "substantially all" New Castle Re contracts will also see the start-up take over the Citadel-backed Class of 2005 reinsurer’s office with the eventual transfer of...
  • Independent Lloyd's broker Tyser & Co has acquired a specialist treaty reinsurance broking team from RK Carvill & Co, the long-established reinsurance broker which announced it was closing down its operations earlier this month.
  • European (re)insurance trade body CEA has outlined its opposition to proposals to changes in US tax law in a letter to the US Senate Finance Committee and the Committee on Ways and Means for the US House of Representatives.
  • AXA Group's US subsidiary, AXA Equitable Life Insurance Co, has cut around 200 jobs, the equivalent of four percent of its US workforce, as it feels the strain of troubled global equity markets on its securities-based retirement products.
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