January 2006/3

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.

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...

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...

The increasing use of securitisation transactions by European life insurers for finance and risk transfer is set to keep on growing, according to a report by rating agency Standard & Poor’s (S&P).

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...

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...

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.

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...

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...

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...

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...