February 2006/2
-
Bermudian reinsurer PXRE has lost its crucial A- (Excellent) financial strength rating following its downgrading to B++ (Very Good) by ratings agency AM Best today (17 February).
-
Only a month after Lloyd’s unveiled an ambitious three-year strategic plan, the Corporation has parted company with its head of business strategy as of last week. Since joining Lloyd’s in 2003, Stuart Degg led the development of Lloyd’s...
-
The UK Court of Appeal sent a sigh of relief among London market insurers last week after over-turning last year’s controversial GoshawK vs Tyser decision which ruled brokers were not obliged to produce documents previously shown to underwriters.
-
SVB, the Lloyd’s based insurer wrestling with its legacy of US professional liability (re)insurance losses, revealed bold plans on the 10 February to form a new UK-based insurance company while finally dealing with its back-year losses.
-
US insurer HCC Insurance Holdings has reported record results for 2005 shrugging off $57.5mn hurricane reverse to record $195.9mn net earnings for the year. Net earnings were up 20 percent for the year and 18 percent up for the final quarter of 2005...
-
Martin Sullivan, the chief executive of insurance giant American International Group (AIG) heralded last week’s $1.64bn regulatory settlement as “a major step forward in resolving the legal and regulatory issues facing AIG”.
-
Lloyd’s insurer Omega Underwriting Holdings plc had its application to join the Bermuda insurance market approved late last month. Omega Specialty Insurance Company Ltd was granted a class three licence according to a 27 January bulletin from the...
-
Bermudian (re)insurer Max Re reported an $11.4mn or 20 cents a share, fourth quarter net loss and a full-year net profit of $6.7mn, or 13 cents a share for 2005, primarily as a result of a $129.7mn loss development on a prior-year contract.
-
XL Capital 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.
-
A $313.9mn net negative impact from Hurricane Wilma hit Renaissance Re’s fourth quarter results with the Bermudian reinsurer reporting a $206.9mn operating loss. For the full year RenRe announced an operating loss of $274.5mn, down from an income...
-
Chicago-based broker Aon reported a 35 percent rise in net income of $737mn or $2.17 per share, for 2005. In the fourth quarter net income trebled from $81mn, or $0.24 per share, in 2004 to $224mn or $0.65 per share last year...
-
Broker Willis 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.
Most Recent
-
Ariel Re promotes Morgan to SVP of property reinsurance
20 March 2023 -
Marco and Markel £200mn LPT to include unsettled claims
20 March 2023 -
Axa confirms EUR600mn exposure to Credit Suisse
20 March 2023
