January 2006/4

Lloyd’s insurers Talbot Underwriting and Cathedral Underwriting have pointed out that they have not currently agreed to back the $250mn+ London market space consortium being supported by Liberty Syndicates, despite the suggestion to the contrary in...

World’s biggest insurer American International Group (AIG) announced last night (18 January) that its executive vice chairman and chief operating officer Donald Kanak is leaving the company at the end of the month, after less than a year in the role.

Seven changes are expected to Converium’s board of directors when shareholders meet in April for the company’s Annual General Meeting.

Swiss Re is planning to shed 10-15 percent of its workforce after completing the takeover of GE Insurance Solutions (GEIS) in a $7.6bn deal.

Benfield’s head of aerospace reinsurance, Stephen May, is set to leave the group only weeks after it was announced the company would be the co-broker on an innovative $250mn space consortium. According to the broker, May will leave the company...

French reinsurer SCOR has hinted at a strong renewals season saying the group has improved its "positioning" by experiencing "satisfactory conditions on all the markets (excluding the United States) on which the Group operates".

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.

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...

Hurricane-hit US insurer Allstate has trebled the cost of its reinsurance programme from $200mn to $600mn as it changes strategy to prevent a repeat of 2005’s losses having the same negative impact.

World’s largest insurance company American International Group (AIG) is expected to pay over $1bn in order to settle fraud investigations by US authorities, according to a report in the Wall Street Journal (WSJ). In May last year New York attorney...

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.

The International Underwriting Association (IUA) has set up a network for the project managers driving the London (re)insurance market towards contract certainty.

A political risk analyst has predicted that the UK will face five more terrorist attacks from Sunni extremists within the next 18 months.

Lloyd’s listed insurer Amlin last Tuesday (10 January) reported a bullish trading statement despite fears expressed in some quarters over rates at the 1/1 renewals, and said 2005 pre-tax profits are expected to exceed analysts consensus forecasts.

The Lloyd’s insurance specialist Numis Securities has upgraded its recommendations on seven London market insurers on the back of improved trading conditions following last year’s storm losses...

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...

Lord Levene has continued his call to the US to reform its “credit for reinsurance” rules to allow foreign reinsurers to lend more support in the event of another mega-disaster such as Hurricane Katrina.

Management at HCC have confidently predicted that the firm will achieve, or better, its consensus earnings of $2.55 per share for 2006.

The senior management team of Integro Ltd are in London later this month to formally celebrate the opening of the broker’s first European office.

Bermudian reinsurer Everest Re announced yesterday (12 January) that it is raising pre-tax loss estimates from last year’s trio of hurricanes by $200mn to $1.2bn, net of reinstatements. The company now expects the after-tax...

US private equity house Hellman & Friedman LLC has withdrawn from the planned acquisition of Zurich Financial Services’ US auto arm Universal Underwriters following the discovery of regulatory irregularities.

World’s largest broker Marsh last week announced three senior appointments, including the capture of James Pierce Jr from rival JLT to chair its global marine and energy division.

Kiln plc has become the first Lloyd’s insurer to ask third party capital providers to put up additional capital to cover losses from last year’s storms. Members of Syndicate 557’s 2005 underwriting year are being asked to contribute...

CV Starr has taken another step towards separation from AIG as all eligible shares held by AIG executives were tendered to Starr in response to its buyout offer.