January 2006/6

The Swiss stock exchange is launching a probe into giant reinsurer Swiss Re after comments made by chairman Jacques Aigrain in an interview with the Financial Times (FT). SWX Swiss Exchange reported that it had launched a...

Hannover Re has announced today (3 February) the completion of a $370mn catastrophe bond deal providing it with extra capacity for underwriting catastrophe risks.

Lloyd’s is down to the last two candidates for the next chief executive of the three-year hundred year-old institution, The Insurance Insider can reveal.

Lloyd’s confirmed today (3 February) that it will pursue legal action against Benfield and Aon, the two brokers who placed the £500mn Central Fund insurance contract which failed to engage following an arbitration decision last year.

Christian Milton, the former head of reinsurance buying at insurance giant American International Group (AIG), and three former senior General Re executives, have been indicted by a federal grand jury, according to reports in today’s Wall Street Journal.

BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services related companies, has listed on the Stock Exchange’s Alternative Investment Market this morning (2 February).

UK insurer Brit reported to the London Stock Exchange this morning (1 February) that it expects to make a pre-tax profit of £60mn for 2005.

Rod Fox has left reinsurance broker Benfield to head up Clarendon Group, the US specialty insurance arm of Hannover Re.

Last autumn’s industry record hurricane losses triggered sharp increases in property rates in the fourth quarter of 2005, according to the latest RIMS Benchmark Survey from analysts at US firm Advisen.

“Class of 2005” alumni Validus revealed today (31 January) a healthy start to life, underwriting $220mn of gross written premiums in its maiden 1 January renewal season. The announcement would seem to contradict recent widespread...

AIG was granted a restraining order on a CV Starr as the insurance giant seeks to defend its business in the New York Supreme Court. Judge Herman Cahn’s temporary order is in place until 2 February, when another hearing is scheduled.

Musical chairs among the senior London market underwriting associations saw the chairman and chief executive of ACE’s European operations Andrew Kendrick replace Brit’s Dane Douetil as chairman of the Lloyd’s Market Association (LMA).

US insurer Markel weathered a record hurricane season to report full-year profits just 10.5 percent down for 2005 from $165.5mn in 2004 to $148mn. Net income per share dropped to $14.80 for 2005, but the figure was significantly...

Sovereign Risk Insurance Ltd – the political risk joint initiative between Bermudian giants ACE Ltd and XL Capital Ltd – will become wholly owned by ACE from 1 February. XL Capital explained the decision was part of the group’s...

Latest estimates from the Insurance Services Office’s (ISO) Property Claims Service (PCS) of $56.8bn in insured property losses would confirm 2005 as a record year for payouts. The figure is more than double the previous record, set in 2004...

Broking giant Aon has said it intends to withdraw from business in Iran after concerns were raised by one of its major investors, New York City Pension Funds. The New York Comptroller William Thompson had questioned the broker’s...

Bermudian Arch Capital announced on 26 January that it is to raise $200mn through a sale of Preferred Shares. The company stated that the purpose of the offering was to fund underwriting activities at its (re)insurance subsidiaries.

Hurricane-scarred US insurer Allstate plans to slash up to 700 jobs at its Northbrook headquarters as part of a cost-cutting exercise. The move comes in the aftermath of a record third quarter loss taken by the company as a result of...

US insurer The Hartford announced record 2005 net income of $2.3bn, or $7.46 a share, despite the year’s record industry hurricane losses. The figures were up by 8 percent and 5 percent respectively on 2004 results of...

US insurer The Hartford is appealing a summary judgment in favour of London market reinsurers, including Lloyd’s syndicates, in an attempt to recover $117mn relating to claims it settled with bankrupt asbestos distributor MacArthur in a...

Freezing weather conditions in Europe have killed dozens from exposure, caused a building to collapse in Poland and wreaked havoc on roads over the last week. The extreme weather conditions hit the (re)insurance sector at its most nervous...

Reinsurer Platinum Underwriters Holdings announced last Thursday (27 January) the appointment of Robert Porter as CEO of its Bermudian subsidiary Platinum Underwriters Ltd. Porter moves over from Platinum’s UK reinsurance operation...

The decision last week by Lloyd’s to close its electronic trading platform Kinnect after spending £70mn+, and almost five years of development time, was not entirely unexpected, but has left a vacuum in terms of driving process...

XL Capital last week (26 January) announced it has appointed Eileen McCusker as chief operating officer (COO) for the UK and Ireland. McCusker, who has spent 15 years at XL, will report to XL Insurance...