January 2006/4

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.

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.

Bermudian (re)insurer XL Capital has revealed another management change with the announcement Friday (13 January) that John Welch has been promoted to president and chief operating officer at its subsidiary XL Reinsurance America Inc (XLRA).

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.

On 1 January Richard Harrison was promoted to divisional managing director for marketing. Harrison was joined by executive director Malcolm Kingsbury, assistant director Mark Hennis, sales director Steve Horner and chief...

Last Friday (13 January) saw the launch of specialist lines underwriting agency Amalfi Underwriting Ltd in the London market, with a target to write $25mn of premium income in its first year.

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...

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.