January 2006/1

Amlin Credit, the trade credit insurance arm of UK listed insurer Amlin plc, today (3 January) announced the appointment of Ray Massey as its new risk director.

AIG subsidiary National Union Fire Insurance Co of Pittsburgh is being sued by Gemstar-TV Guide International (Gemstar) for $50mn over liability cover the US media company says it has for claims arising out of lawsuits over inflated revenues.

Over 70 percent of Aon’s US clients have accepted the broker’s offers as it attempts to compensate clients for contingent commissions, after the broker extended its opt-in deadline by a month.

As revealed by Insider Week in November, Creechurch Underwriting has announced that it is to form Lloyd’s first takaful syndicate, which will be compliant with Shari’a law.

A report by Guy Carpenter has put the total insured loss from last year’s flooding in central and eastern Europe at EUR1.25bn.

Swiss reinsurer Glacier Re announced on 21 December that it has raised $50mn in new capital.

A record year for CAT bond issuance was rounded off on 22 December when Montpelier Re announced two bond transactions worth $90mn in cover with Cayman-based Champlain Limited.

Mike Mackenzie has become the latest senior figure to part company with rating agency AM Best’s European operation. Mackenzie resigned his position as general manager of European business development.

Giant reinsurer Munich Re has predicted that it will hit its results target for 2005 despite it being the most expensive year ever for natural disasters.

Analysts from US market information firm Advisen have estimated worldwide insurance and reinsurance losses from the trio of major hurricanes hitting the US last autumn will hit $57.6bn, based on reported property and business interruption losses and...

Amlin Bermuda has received ratings from Standard & Poor’s (S&P) and Moody’s, becoming the first “Class of 2005” reinsurer to be rated by the agencies.

Lloyd’s insurer Beazley announced on 23 December it has scrapped plans to form a new short-tail property reinsurance syndicate after failing to get the required support from investors for the initiative.