January 2006/3

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...

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...

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...

Out of court settlements appear to be close in the £80m fraud trial between Cable & Wireless and former employees of its defunct captive insurer Pender Insurance. The case met for a ‘mention’ at the High Court on 12 January and has been scheduled...

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...

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.

Proposals set to include differential charging of Central Fund in bid to reduce cost burden on members. Lloyd's is set to publish a radical blueprint for change later this month which will raise the prospect of a fundamental overhaul of the...

Run-off services provider CMGL has launched a fraud investigations unit under the auspices of John Halls, who returns to the company after six years at Omni Whittington and Axiom.

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...

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...

2005 was a terrific year for European insurance stocks, but investors should now prefer the life sector, over property & casualty, warned analysts at Merrill Lynch. Overall, the European insurance sector rose 31 percent in 2005, outperforming...