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...