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February 2006/2
  • PXRE downgraded by AM Best
    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).
    17 February 2006
  • Oxygen tempts Aon duo to join broking team
    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...
    13 February 2006
  • SCOR and AXA Re linked
    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...
    13 February 2006
  • AIG overhauls aviation management following Starr migrations
    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...
    13 February 2006
  • Lloyd’s head of strategy exits
    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...
    13 February 2006
  • SVB unveils plan to form a new UK insurer
    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.
    13 February 2006
  • Max Re scrapes 2005 profit as prior-year loss hits Q4
    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.
    13 February 2006
  • Wilma hits RenRe results
    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...
    13 February 2006
  • Willis profits down 30 percent for 2005
    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.
    13 February 2006
  • Hannover renewals call divides analysts
    Analysts were divided in their reaction to the January renewal season advice that Hannover Re released last Tuesday (7 February) with a EUR11 difference in price targets set on its stock. The German reinsurer summed up this year’s renewal season...
    13 February 2006
  • Gilmour in line to become next Lloyd’s deputy chairman
    Ewen Gilmour, the chief executive of quoted Lloyd’s insurer Chaucer plc, is set to become the next deputy chairman of Lloyd’s when the Society’s ruling body, the Lloyd’s Council, meet later this week.
    13 February 2006
  • AIG looks forward following $1.64bn settlement
    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”.
    13 February 2006
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