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February 2011/5

  • Bermuda-headquartered Aspen Insurance Holding has appointed Mario Vitale to oversee its US operations as the firm continues its ambitious plans for growth in the states.
  • Swiss Re said this morning (2 March) that the 22 February New Zealand earthquake will cost the firm approximately $800mn.
  • Malta-based captive run-off specialist Grafton (Europe) has had its A- rating with a stable outlook affirmed by AM Best.
  • Former Alea CEO Mark Cloutier has predicted a market full of opportunities for the legacy sector as 2011 progresses, claiming the industry was full of "the walking dead".
  • Extreme weather events and environmental disasters could cause a return of London market excess-of-loss (LMX) spirals, according to John LaBarbera of US law firm Cozen O'Connor.
  • London-based insurance-linked securities (ILS) investment manager Securis Investment Partners plans to launch a new fund on the main London Stock Exchange (LSE) next month.
  • Serial insurance-linked securities (ILS) issuer Chubb Corp is launching its fourth East Lane Re cat bond, seeking $200mn of cover against north-eastern US wind and earthquake losses.
  • UK and international P&C insurer RSA reported a 15 percent year-on-year drop in net profit to £355mn for 2010, led by weather losses that were £175mn worse than a year earlier and a £30mn Chilean earthquake hit.
  • The insurance arm of UK government-controlled the Royal Bank of Scotland Group (RBS) has slid into an operating loss for 2010 as it heads towards being sold in 2012.
  • Soon-to-be-acquired Brit Insurance revealed a 30 percent slide in full-year profits while also revealing that its year-end financials will be sufficiently good so as to ensure shareholders receive an additional payment from private equity duo Apollo and CVC.
  • Specialty insurer HCC saw profits slide a mere 2.5 percent in 2010 as it largely withstood high industry cat losses, torpid investment returns and falling rates.
  • Insurance giant Allianz lifted its 2010 group net income by 12 percent to EUR5.2bn on improved results from its P&C division.