January 2006/3

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...

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...

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...

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...

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...

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...

Deloitte & Touche, the audit firm embroiled in the controversial collapse of aviation reinsurer Fortress Re, has paid out around $100mn to Japanese insurer Sompo as part of a litigation settlement. Fortress Re collapsed after the 11 September...

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...

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...

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...

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.