February 2009/4
-
The cost of casting off its problem child banking arm Dresdner dragged Allianz to a worse than expected full year loss of EUR2.44bn, compared to a net profit of EUR7.97bn in 2007.
-
Despite a stellar set of 2008 results that include a 13 percent rise in pre-tax profits, RSA is to cut 1,200 jobs in the UK by mid 2010 as part of a £70mn cost cutting exercise.
-
Australian property and casualty insurer QBE has posted a solid 2008 performance compared with its peers, with after-tax profits of A$1.86bn as investment losses were offset by foreign exchange gains.
-
The future of American International Group (AIG) hangs in the balance amid reports that the fallen insurance giant is in advanced discussions with the US government that could see it broken up into state-controlled divisions to keep it from bankruptcy.
-
US insurer Liberty Mutual is set to sponsor another cat bond with the launch of its $200mn Mystic Re III transaction – taking the tally of insurance linked securities (ILS) issuance to $550mn for 2009.
-
All eyes will be on American International Group (AIG) in the coming days amid fears that it is set to unveil the largest quarterly loss in US corporate history that could see it teeter once again on the edge of bankruptcy.
-
Currie extends RenRe stay; new CRO named...
-
ARC Congress, 2009 PLUS D&O Symposium, more fourth quarter and FY results...
-
Atrium and Validus set up in Singapore...
-
Four potential bidders have been shortlisted as possible buyers for troubled insurance giant American International Group's (AIG) Philippine life insurance unit.
-
Catastrophe modeling firm AIR Worldwide has increased its French insured loss estimates for winter storm Klaus to between EUR500mn-EUR1bn.
-
Mapfre became the second (re)insurer to lose a AA- rating status last week after ratings agency Fitch downgraded the Spanish (re)insurer’s core subsidiary insurer financial strength (IFS) rating...
-
French insurance giant AXA saw its 2008 full year profit fall by 83 percent to EUR923mn as it suffered the effects of negative marks-to-market on its corporate bond portfolio...
-
Advent Capital joined the calls for an overhaul of how the industry underwrites Gulf of Mexico energy risks after Hurricane Ike ripped through the firm’s reinsurance protection and led to a £24.2mn underwriting loss.
-
Straitened Australian insurer Insurance Australian Group (IAG) has raised $450mn ($287mn) after warning that its first-half profits will be adversely impacted...
-
Bermudian-headquartered Flagstone Re has become the latest casualty of heavy investment losses as it slumped to fourth quarter and full-year net losses.
-
(Re)insurers Arch Capital Group and Montpelier Re joined the crowd of Bermudians posting poor fourth quarter 2008 results, as the dire investment conditions took their toll.
-
Fairfax Financial Holdings Ltd continued to swim against the tide of financial turmoil as it reported its best ever annual profits on the back of record investment gains.
-
Goldman Sachs’ recommendation last week to short the highly-valued Amlin plc and go long in rival Catlin was criticised last week by Investec Securities’ insurance analyst, Tim Young.
-
The much-anticipated European industry-wide loss index has drawn closer to fruition with the Swiss incorporation of Perils AG, a firm established to aggregate European windstorm exposure and loss data.
-
Swiss Re's share price plunged 19 percent last week as investors digested the replacement of the firm's CEO, the widely expected downgrade by Standard and Poor's and a poorly-received analysts' conference call with its board of directors.
-
Stanford Financial Group, the banking and investments group at the heart of $8bn fraud allegations from US regulator the Securities and Exchange Commission (SEC), bought directors' and officers' liability insurance (D&O), Bankers’ blanket bond insurance (BBB) and errors and omissions (E&O) cover in the London Market through global insurance broker Willis, The Insurance Insider can reveal.
-
Swiss-headquartered Paris Re's hopes for reinsurance price hikes at the key 1/1 renewals were not fully realised as it reported only "meaningful increases" in loss-affected classes, while loss-free programmes were either flat or with “very moderate” increases.
-
Bermudian (re)insurer IPCRe saw its 2008 operating income fall by a relatively modest 19 percent to $258.7mn, compared to $317.9mn in 2007, as it revealed a loss ratio for the year of 40.2 percent.
-
A class action lawsuit filed on 12 February under the US Employee Retirement Income Security Act (ERISA) has potentially opened up a new avenue for Madoff-related losses in the insurance industry.
-
A federal judge approved a $69mn settlement in a policyholder class action against Marsh & McLennan (MMC) over an investigation into an alleged nationwide bid-rigging scheme, and separately awarded $19mn in legal fees connected to the case.
-
In a sign of hardening prospects for the insurance market, Aon has structured a five-year “cost certainty” insurance deal with global defence and aerospace company BAE systems.
-
The Centre for the Study of Financial Innovation's (CSFI) annual Insurance Banana Skins survey - which asks respondents to rank the risks facing the industry - has placed investment performance as the key challenge facing insurers in 2009.
-
IPGL Ltd, which is 55.1 per cent-owned by City grandee Michael Spencer, sold its entire 12.18 percent stake in the AIM-quoted UK stockbroker Numis Corporation, last week.
-
Ironshore Inc is to grow further into American International Group (AIG) territory with a managing general underwriter (MGU) arrangement for its new environmental unit with Berkshire Hathaway subsidiary National Fire and Marine.
-
The wildfires that raged through Australia earlier this month will lead to insurance losses of at least $505mn (A$790mn), according to estimates.
-
Florida's regulators approved State Farm's controversial plan to withdraw from the Sunshine State's property insurance market within two years.
-
Bermudian reinsurer Platinum Underwriters posted solid 2008 results last week, which saw it navigate the dual trials of Hurricane Ike and the second half investment meltdown relatively unscathed.
-
Assicurazioni Generali, one of Europe's largest insurers, saw its financial strength ratings cut last week on concerns over the impact of the financial turmoil.
-
Shares in Berkshire Hathaway hit fresh 5-year lows last week as financial market turmoil took its toll on the company's stock holdings and shareholders speculated that...
-
Troubled US insurer Hartford Financial saw its shares lose almost half of their value last week, leading a slide in life insurer stocks over growing concerns about the sector’s exposure to variable annuities and commercial mortgage-backed securities (CMBS).