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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.
  • 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.
  • 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.
  • 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...
  • 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.
  • 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...
  • 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.
  • As rumours grow of an imminent $1.5bn regulatory settlement, American International Group and its estranged relations, the Starr Entities, are back in Court today (6 February) following Judge Herman Cahn’s decision to place a temporary...
  • Hannover Re announced last week (3 February) the completion of a $370mn catastrophe bond deal which it says will provide the reinsurance giant with extra capacity for underwriting catastrophe risks.
  • 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.
  • Brian Caudle’s Lloyd’s (re)insurer Advent Group gave an upbeat assessment of trading conditions last week following the heavy storm losses in 2004-2005. According to Advent, the group has experienced rate rises of up to 100 percent in its...