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...

Bermuda-based run-off company Castlewood Holdings, together with Shinsei Bank, has bought Aioi Insurance Company of Europe (Aioi Europe) for £62mn.

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.

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...

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...

There were some high hopes and bold predictions that post-Katrina renewals would be a time of plenty for (re)insurers with significant rate rises across all lines of business. But in a look at the state of the market The Insurance Insider has found...

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...

Lloyd’s insurer Beazley received a welcome boost from analysts Numis Securities after it failed to gain investor backing for a new syndicate last month. Numis has upgraded its rating on Beazley shares from ADD to BUY and increased its price target...

Equitas disappointed with reinsurance deals ; Ascot reveals hurricane losses ; Liberty ups capacity to record level ; Hardy founder steps down ; RFIB makes Moscow move ; Independent executives bailed on fraud charges ; JLT Re begins trading ; et al...

Hannover Re is understood to be looking at solutions to reduce its exposure to reinsurance recoverables, which have risen significantly on the back of last autumn’s record industry hurricane losses.