February 2006/1

SVB, the Lloyd’s based insurer wrestling with its legacy of US professional liability (re)insurance losses, revealed bold plans today (10 February) to form a new UK-based insurance company while finally dealing with its back-year losses.

Only a month after Lloyd’s unveiled an ambitious three-year strategic plan, the Corporation has parted company with its head of business strategy. Since joining Lloyd’s in 2003, Stuart Degg led the development of Lloyd’s repositioning itself...

Broker Willis has reported profits of $300mn for 2005, down 30 percent from $427mn the previous year on higher costs and the loss of so-called Placement Service Agreements or contingent commissions.

American insurance giant AIG will today (9 February) announce a settlement of $1.6bn, resolving deception and accounting fraud charges with federal and state authorities.

Analysts were divided in their reaction to the January renewal season advice that Hannover Re released yesterday (7 February) with a EUR11 difference in price targets set on its stock. The German reinsurer summed up this year’s renewal season...

XL Capital has unveiled its largest ever full year trading loss at $1.29bn following 2005’s devastating hurricane losses and the adverse Winterthur arbitration decision which cost the Bermudian giant a further $808.9mn.

Leading industry figure John Charman has cited his high profile divorce as the reason for his decision to step down from the company he founded, AXIS Capital Holdings Ltd. Bermudian (re)insurer AXIS has confirmed that the former...

The UK Court of Appeal has sent a sigh of relief among London market insurers after over-turning last year’s controversial GoshawK vs Tyser decision which ruled brokers were not obliged to produce documents previously shown to underwriters.

London (re)insurance underwriters can expect to receive questionnaires from the European Commission this month as it launches its inquiry into the business insurance sector across the EU under its competition rules.

Following approval from the China Insurance Regulatory Commission, XL Capital Ltd has opened a representative office in Beijing, the company revealed on 30 January 2006. The company says the opening of the office demonstrates its commitment...

Last autumn’s industry record hurricane losses triggered sharp increases in property rates in the fourth quarter of 2005, according to the latest RIMS Benchmark Survey from analysts at US firm Advisen. The survey, which includes information...

Rod Fox has left reinsurance broker Benfield to head up Clarendon Group, the US specialty insurance arm of Hannover Re. In a 1 February announcement, the German reinsurer said Fox had been appointed CEO of Clarendon, with the division’s...