• X
  • LinkedIn
  • Email
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
  • Email
Insurance Insider is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

February 2007/5

  • Converium has laid out a “road map” to generate a sustainable return on equity (ROE) of 14 percent by 2009 as it continues to fend off advances from rival SCOR.
  • Converium has reiterated its rejection of advances from SCOR after the French reinsurer stepped up its takeover approach by pre-announcing a public tender offer for the remaining shares in its Swiss rival which it says it will make within six weeks.
  • The acquisition of Hub International for $1.7bn ($1.8bn including debt) is further proof of investors' growing interest in the broking sector – and the rising multiples being charged by sellers.
  • Bermudian (re)insurer XL Capital has announced a new share repurchase programme authorising it to buy-back up to $1bn of its Class A ordinary shares from investors.
  • Struggling Bermudian life reinsurer Scottish Re Group said it was "disappointed" with its fourth quarter after unveiling a $233.8mn net loss.
  • QBE Insurance Group pointed to its recent foray of international acquisitions as deliverers of future growth, while joining the ranks of underwriters unveiling record 2006 results.
  • 2006 was a gold standard year for Bermudian reinsurer Platinum Underwriters Holdings as it joined its rivals in rebounding from the heavy losses of the previous year.
  • Stephen Way has formally completed his departure from HCC Insurance Holdings, the company he founded in 1974, at the same time as the firm announced a 79 percent leap in profits last year.
  • The worst of the asbestos related difficulties faced by (re)insurers may now be in the past, according to a report by ratings agency Standard & Poor's (S&P).
  • It is imperative that the insurance industry not only understands risk, but thinks of it as an opportunity, according to Aon president and CEO Greg Case.
  • Expanding US broker Hilb Rogal & Hobbs has seen Bear Stearns upgrade its forecast earnings on the back of its accelerating acquisition strategy.
  • Bermudian ACE's London market operation has poached Kiln underwriters Mark Adams and Richard Bayman to bolster ranks in its aviation division.
  • Sal Zaffino, the chairman of Guy Carpenter & Co since 1999, has retired from the firm, the reinsurance broker confirmed last week.
  • Three of the world's largest (re)insurers, Munich Re, Swiss Re and Allianz, have signed a declaration issued by the Global Roundtable on Climate Change (GRCC).
  • Lloyd's insurer Amlin plc has become the first carrier in the London market to offer brokers the option of placing electronically through peer-to-peer systems or an electronic hub.
  • The World Bank is bringing together donor countries today to raise between $30mn and $50mn to complete funding for a Caribbean Catastrophe Risk Insurance Facility (CCRIF).
  • Hannover Re today (26 February) confirmed a deal that securitises reinsurance recoverables worth EUR1bn – equivalent to around a quarter of its total balance.
  • The sale of shares in subsidiary Odyssey Re boosted the fourth quarter profits of Canadian combine Fairfax Financial Holdings to $159.1mn.
  • Rating agency AM Best said Friday (23 February) it expects recent steps to effectively nationalise Florida's property cat reinsurance market will result in a significant decline in sidecar and start-up operations.
  • Giant US IT provider IBM is to make its entry into the London market this year with the release of a system that will facilitate electronic risk placement.
  • Delaware insurance commissioner Matthew Denn had some harsh words for Royal & Sun Alliance (R&SA) despite giving the green light to spin-off its run-off US subsidiary last week.
  • Lloyd's looks set to approve a new syndicate later this week staffed by senior underwriters who left the Bermudian (re)insurer Aspen Insurance Holdings Ltd last year.
  • IPC Re's chief executive Jim Bryce has warned that the industry is now at a pricing crossroads and encouraged reinsurers to consider returning funds to shareholders to avoid excess capital chasing down rates.
  • Risk Management Solutions (RMS) has released the "RMS Infectious Disease Model", the first commercially available probabilistic model for assessing the risk of influenza pandemics across multiple countries.