February 2006/1

After five years of unprecedented catastrophe losses there are plenty of people ready to question the ability of the reinsurance industry to keep responding to the size and frequency of events it faces.

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.

LCL Group, the London based run-off group acquired by Charles Taylor Consulting plc last year, has been retained to advise Alea Group to run-off its European and US operations. The move follows Alea’s decision to cease underwriting...

Research from Lloyd’s has identified four key areas for growth in the changing Asian insurance markets. The research “New Openings – quantifying opportunities in Asia” earmarks classes of business for growth, they are marine cargo...

Everest Re became the first of the Bermudians to roll out fourth quarter results, revealing on 30 January a $185.8mn, or $3.01 a share after-tax operating loss – a dramatic reversal of the $94.7mn, or $1.66 a share operating profit recorded in...

The former head of the International Petroleum Exchange (IPE) has emerged as a frontrunner to become the next chief executive of Lloyd’s, Insider Week can reveal.

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...

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...

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...

“Class of 2005” alumni Validus revealed last week that it had written $220mn of gross written premiums in its maiden 1 January renewal season. The announcement would seem to contradict recent widespread comments that the new companies...

American International Group (AIG) has won a decisive battle to keep its London-based aviation insurance team as the dispute with its former chief executive Hank Greenberg’s Starr entities becomes increasingly bitter, Insider Week understands.