January 2006/3

US insurer Markel weathered a record hurricane season to report full-year profits just 10.5 percent down for 2005 from $165.5mn in 2004 to $148mn.

As exclusively revealed by our sister publication The Insurance Insider on Friday (13 January), Lloyd’s has unveiled its vision for the marketplace, which may see differential charging for the Central Fund and a number of other significant reforms...

Reinsurance giant Swiss Re announced on 28 December that it had completed a second deal securitising future profits from a portfolio of US insurance policies bought up by its Admin Re division. The so-called ALPS securitisation “benefits Swiss Re by...

A panel of High Court judges has thrown out an appeal by reinsurers against Justice Morison’s 21 December 2004 judgement in favour of claimant reinsureds and defendant brokers on all points in the notorious Aon 77 dispute.

Bermudian Arch has become the latest (re)insurer to enter into a sidecar arrangement following the establishment of Flatiron Re. Flatiron Re follows XL sidecar Cyrus Re and Montpelier’s Blue Ocean, and carries the distinction of becoming the first...

Swiss reinsurer Converium finally ended the search for a new CEO on 14 December as it announced the appointment of Inga Beale to the post. Beale will join the company early this year from GE Insurance Solutions (GEIS), where she currently heads up...

Failed (re)insurer GoshawK earlier this month (3 January) announced increased provisions at its Bermudian subsidiary Rosemont Re for losses from last autumn’s hurricanes and prior-year legacy issues.

Investors can expect to see a rise in mergers and acquisitions (M&A) activity within the life sector over the next few years, according to a report from reinsurance giant Swiss Re. The report found that the need to consolidate had begun a busy phase...

Allied World Assurance Company’s (AWAC) move towards independence has cost it a ratings downgrade amid rumours that it is set to become the last of the so-called “Class of 2001” to go public with an IPO. Rating agency AM Best said it had decided to...

Insurance giant ZFS is mulling over a significant German acquisition, according to sources. The Zurich-headquartered firm – which has been widely tipped to participate in M&A activity this year – is thought to be considering a mid-tier German...

Six of the "Class of 2005" receive AM Best rating just in time for 1/1 entry. As predicted in the December issue of The Insurance Insider, rating agency AM Best rubber stamped a number of Bermuda’s so-called “Class of 2005” reinsurers, dishing out...

An end to contract uncertainty has been demanded by the director of the Financial Services Authority’s (FSA) retail firms division David Strachan, as he reserved the right to intervene in the market. Strachan said: “The FSA is absolutely committed...