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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).
  • Following the weeks of turmoil between American International Group (AIG) and the Hank Greenberg controlled Starr agencies, AIG has overhauled the management team of its aviation unit. Long-serving AIG executive David Hupp has replaced...
  • 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.
  • The former British conglomerate Hanson plc revealed today (13 February) that an asbestos-hit US subsidiary has reached a settlement with its liability insurers. According to the group, the settlement is effective from January 2006 and resolves...
  • 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”.
  • London-based broking proposition Oxygen Holdings plc has lured a senior duo from Aon to join former Marsh executives in creating a specialist broking team. Craig Kingaby, the former head of international property, energy and casualty at Aon...
  • French reinsurers SCOR and AXA Re – the reinsurance arm of insurance giant AXA – were linked last week following an article in Les Echos. The potential acquisition of AXA Re would give SCOR further scale while...
  • 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...
  • Canadian combine Fairfax Financial Holdings announced heavy losses as a result of a hurricane-hit year of $497.9mn for 2005 and $318.1mn for the final quarter. The adverse affect of hurricanes Katrina, Rita and Wilma on Fairfax...
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