February 2009/3

Aon appoints new non exec chairman...

QBE Europe confirmed last week it is to acquire the renewal rights and to the portfolio of mainly UK industrial and commercial property business written by Endurance Worldwide Insurance Ltd from London, taking on 30 Endurance employees in the process.

Despite concerns over its Standard & Poor's rating, Bermudian Everest Re saw its share price jump last week after its Q4 operating performance outstripped analysts' expectations.

Venture capital partnership Alpine Risk Services has launched to finance insurance broking, underwriting agency and ancillary insurance firms, committing sums of up to £10mn directly or with investment partners, The Insurance Insider can reveal.

Class of 2001 (re)insurer Endurance joined the growing throng of reinsurers reporting sizeable drops in net income for 2008 as the impact of investment losses and the brunt of Hurricane's Gustav and Ike continue to slice through industry earnings.

Lloyd’s insurer Beazley Group plc is to raise £150mn in its rights issue as it said it is boosting its US presence with the acquisition of an underwriting manager and restructuring its operations with a Jersey holding company...

Former AIG chief executive Maurice 'Hank' Greenberg has made a scathing attack on the boardrooms of financial institutions accompanied by a robust defence of his faith in the ability of senior management to set things right if they are of the right calibr

As shipowners prepare to face another expensive protection and indemnity (P&I) renewal this week (20 February), Standard & Poor's has warned of growing pressure on the ratings of International Group (IG) P&I clubs.

AXIS Capital posted a 66.8 percent drop in full-year net income for 2008 to $351mn compared with $1.1bn for 2007, a result which founding CEO and president John Charman said reflected the negative impact of “the extreme volatility of the global financial markets” on the Bermudian’s alternative investment portfolio.

The crash of Continental Flight 3407 into a house in Buffalo, New York State last week could add further impetus to harder conditions in the airline insurance market that are expected to continue throughout 2009.

Maurice 'Hank' Greenberg, chairman and CEO of CV Starr & Co and founder and former CEO of troubled American International Group (AIG) expressed deep criticism of the impact mark-to-market, or fair value, accounting has had on the insurance industry.

US, Bermudian and Lloyd's (re)insurers reporting fully-year results in the last seven days have posted sparkling underwriting results - but almost all have seen profits battered by poor or negative investment returns for the full-year as the financial crisis took its toll.