January 2006/3
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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.
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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...
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Bermudian (re)insurer XL Capital announced 4 January a senior management reshuffle, as it steps up its long-term succession strategy to replace CEO Brian O’Hara. As part of the restructuring, James Veghte has been appointed...
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Charles Philipps has warned that Lloyd’s must preserve its security rating, or face disastrous consequences that would spell the end of the market in its current form. Speaking at Lloyd’s on 11 January as part of a series of lectures...
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Reinsurance broker Benfield Group predicted better than expected revenues for 2006 on the back of rising reinsurance rates in 2006 and 2007. In a 12 January trading statement, the broker said that it now expected 2006 turnover to grow by 20 percent...
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Liberty Syndicates is backing a new consortium providing $250mn of capacity to the satellite market in a venture supported by QinetiQ, the former UK Ministry of Defence laboratory which is set to be floated next month.
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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...
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Montpelier Re, PXRE and Quanta action rewarded with AM Best affirmations. While the “Class of 2005” sought ratings and finalised plans to start underwriting in time for 1/1 renewals, three of Bermuda’s existing players hardest hit by the devastating...
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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...
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Bermuda-based run-off company Castlewood Holdings, together with Shinsei Bank, has bought Aioi Insurance Company of Europe (Aioi Europe) for £62mn.
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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.
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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...
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