February 2008/3
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Lloyd's (re)insurer Liberty Syndicates has announced a reshuffle of its underwriting and risk management units in order to "give greater clarity to the business" and to ensure it is "well positioned to meet changing market needs", according to the firm.
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The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is to be expanded for 2008 renewal, doubling available coverage to $100mn per peril.
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Investment banks are the architects of their own downfall through the collapse in the US sub-prime mortgage market, according to Warren Buffett.
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Chaucer Holdings plc will own 100 percent of capacity on Lloyd's Syndicate 4000 after completing a deal to buy out Quanta's interests in Pembroke, the joint venture set up by the companies in 2006 after the Bermudian went into run-off.
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Tony Holt, the respected industry veteran and head of Amlin's underwriting has taken a leave of absence from the Lloyd's insurer because of ill-health.
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Aon Global has appointed Rob Woods as CEO of its London broking teams.
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Bermudian Allied World Assurance Company Holdings (AWAC) posted record 2007 net income of $469.2mn, edging ahead of the $442.8mn booked in the prior year as it reported its first results since buying out founding shareholder American International Group..
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German reinsurance giant Hannover Re has hailed the 1 January renewals a success, despite falling rates.
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The US Securities and Exchange Commission (SEC) plans to turn its sights to the hedge fund community as a target for future investigations into business practices, a spokesman said last week.
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Broking giant Willis Group disappointed analysts after recording weak organic growth despite strong earnings in the fourth quarter.
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Analysts continue to focus on uncertainty surrounding Bermudian giant XL Capital as the troubled (re)insurer reported fourth quarter earnings in line with last month's sub-prime loss fuelled profits warning.
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The eagerly awaited 2007 electronic claims file (ECF) figures at the end of last month revealed that the Lloyd's market had missed the 100 percent year-end target for take-up despite a significant improvement in December.
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Sub-prime related writedowns in the financial services sector have surged in the last month, so far wiping a total of $257bn from the balance sheets of companies worldwide, according to the latest figures from information provider Advisen.
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German giant Munich Re has become the latest group to take advantage of the deregulated Brazilian market.
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US insurer HCC Insurance Holdings Inc has settled the class action lawsuit over its stock-option granting practices for $10mn.
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Lloyd's (re)insurer Hardy Underwriting Group (HUG) has received court approval for its scheme of arrangement to redomicile its operations to Bermuda.
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Lloyd's managing agency Novae Syndicates Limited has reported no deterioration in run-off reserves as it continues to successfully manage down its legacy business.
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Lloyd's (re)insurer Beazley Group has set up a new division focusing on political and contingency risks.
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Sustained profit performance bolstered by prior-year reserve releases emerged as a common theme among Bermudians reporting fourth quarter and full year 2007 results.
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PARIS RE Holdings Ltd said today it had successfully migrated its portfolio of business from AXA RE onto its own paper at 1/1 renewal.
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US insurer WR Berkley Corp reported record net income of $744mn for 2007 despite seeing profits dip 7 percent in the final quarter.
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Premium income in the life and non-life sectors showed healthy growth at Italian bancassurance group Assicurazioni Generali, boosted by consolidation last year.
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Aon Corp unveiled a major restructuring last week which saw the launch of a new global insurance business led by two of the firm's frontline generals, Steve McGill, the head of the firm's Americas division, and Ted Devine...
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The jury in the trial of five former senior US industry executives charged with transacting an allegedly sham finite reinsurance contract between the two firms is due to retire shortly.