February 2006/3

Despite the “Class of 2005” raising over $10bn within months of Hurricane Katrina, capital supply is expected to have less impact on pricing than ever before, according to analysts at Numis Securities. In a note titled “The cycle has staying power”...

Last autumn’s industry record hurricane losses triggered sharp increases in property rates in the fourth quarter of 2005, according to the latest RIMS Benchmark Survey from analysts at US firm Advisen. The survey, which includes information from...

The UK Court of Appeal sent a sigh of relief among London market insurers earlier this month after over-turning last year’s controversial GoshawK vs Tyser decision which ruled brokers were not obliged to produce documents previously shown to underwriters.

But insurance giant hopes $1.6bn regulatory settlement will draw a line in the sand… US giant American International Group (AIG) continues to dominate the headlines with its fight with former chief executive Maurice “Hank” Greenberg...

US insurer The Hartford announced record 2005 net income of $2.3bn, or $7.46 a share, despite the year’s record industry hurricane losses. The figures were up by 8 percent and 5 percent respectively on 2004 results of $2.1bn and $7.12 a share...

Bermudian giant ACE was one of the island’s few (re)insurers to score a hat-trick with a positive fourth quarter result, full-year profit, and a sub-100 2005 combined ratio. The company, which bore a net after-tax charge of $1.05bn from the year’s...

Nottingham-based insurer IGI is set to open a London market underwriting office following its acquisition by the expansive Icelandic insurance group Vatryggingafelag Islands hf (VIS). VIS – which acquired a majority stake in IGI earlier this month...

Defunct Australian insurer HIH Casualty & General has withdrawn the fraud allegations from its litigation against its broker JLT Risk Solutions over controversial film finance losses written in 1997. The case, which began on 1 February, in London’s...

The former British conglomerate Hanson plc revealed on 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 a number...

Outsiders led by Dr Ward head short-list. As the short-list of candidates to become the next Lloyd’s chief executive undertake their final presentations, it is likely the three hundred-year-old Society will be in a position to announce...

In the post-Spitzer world of transparency and placement service agreements (PSAs), brokers are struggling to replace lost income and maintain margins. So Aon's strong results - which included a 35 percent rise in...

After less than a year at Aon, the former JLT Group chief executive Steve McGill has moved across the Atlantic to replace Michael Rice as chief executive of Aon Risk Services Americas. In a bold decision by Aon Corp’s chief executive Greg Case...