February 2006/4

Munich Re chief executive Nikolaus von Bomhard has said the industry will not end the problems over its reputation while brokers and carriers continue to own significant stakes in each other. Dr von Bomhard said brokers could not say they were...

The future of PXRE remains clouded, as the troubled reinsurer reported fourth quarter 2005 net losses of $447mn on the back of deepening hurricane losses, and admitted that it could lose 75 percent of its clients as a result of downgrade triggers.

Lloyd’s chairman Lord Peter Levene branded the US reinsurance collateral system “protectionism” as senior European reinsurance leaders hit out at inaction over scrapping the requirement for so-called “alien” reinsurers to fully collateralise US...

Giant broker Aon has today revealed plans to leave the City for Docklands, with talks ongoing for a new London office at Canary Wharf. The firm said it was in exclusive negotiations with Canary Wharf Group plc, and is seeking around...

Lloyd’s insurer Atrium Underwriting gave an upbeat trading statement on 16 February with a mix of good results, lower storm loss estimates and predictions of positive conditions for the year ahead. Results exceeded forecasts for 2003, with a...

Lloyd’s broker RFIB Group has opened a representative office in Dubai as it aims to expand in the Middle East. RFIB has over twenty years experience of marine and non-marine business in the region and says it regards a permanent local presence key...

Bermudian (re)insurer AXIS Capital announced last week (15 February) that one of its founders, Trident II, has put 3,150,000 of the company’s shares up for sale in a block trade. The offering will be underwritten by Banc of America Securities...

Giant insurer American International Group (AIG) has terminated its relationship with CV Starr owned agencies Starr Technical Risks Agency and its subsidiaries (Starr Tech). The move comes amid a court battle over whether four insurance agencies...

German giant Hannover Re has completed a EUR100mn securitisation with a transfer of life insurance risks into the international financial markets. The transaction, known as the L6 securitisation, covers individual unit-linked policies from Germany...

Swiss reinsurer Converium is the latest company to report on the January renewal season, pronouncing itself “very satisfied” despite a 3 percent decline in non-life premium volume. During the January renewal season the company wrote...

Swiss giant Zurich Financial Services (ZFS) reported a strident set of 2005 figures last Thursday (16 February), delivering record operating profit of $3.95bn – a 32 percent rise on 2004. Net income also increased considerably, by 30 percent to $3.2bn.

Arab Insurance Group (ARIG) reported an 82 percent rise in net profits last year to a record of $48.2mn, up from $26.5mn in 2004. The record profit represents a 19.5 percent return on average shareholders’ equity, with the board of directors...