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January 2007/3

  • Ironshore Insurance Ltd, the Bermuda-based $1bn insurer formed by the father-and-son team Bob and John Clements at the tail end of last year, has received an A- (Excellent) rating from AM Best.
  • Aon Corp posted flat fourth quarter net income last night of $224mn with broking revenues up 7 percent to $1.5bn.
  • Beleaguered Bermudian PXRE is facing termination charges of up to $53.4mn on cat bonds and reinsurance contracts if, as expected, it goes into run-off.
  • The first sign of the magnitude of last month’s Florida legislation for reinsurers has emerged with Bermudian RenaissanceRe paring back growth targets for 2007 managed property cat reinsurance...
  • John Charman's AXIS Capital Holdings Ltd became the latest industry (re)insurer to beat consensus estimates and report record results for last year on the back of the benign catastrophe season.
  • Veteran London market figure Graham White was appointed as the new deputy chairman of Lloyd’s by the Council of Lloyd’s on 5 February.
  • A series of devastating tornadoes have ripped through Central Florida, killing at least 14 people and cutting power supplies to more than 40,000 residents.
  • Marsh & McLennan Companies, Inc (MMC) has confirmed the much anticipated sale of its asset management arm Putnam Investments to Power Financial Corporation subsidiary Great-West Lifeco Inc for $3.9bn in cash.
  • Broker PWS Holdings is under investigation by the Serious Fraud Office (SFO) over an alleged $1.6mn Costa Rican reinsurance fraud.
  • “Class of 2005” (re)insurer Lancashire Holdings has stated it will not be affected by the increased underwriting capacity of the Florida Hurricane Catastrophe Fund, as it does not write property cat treaty in the state...
  • Bermudian ACE Ltd became the latest (re)insurer to benefit from an unexpectedly benign catastrophe environment as it revealed record 2006 operating income of $2.35bn.
  • Hannover Re is set to enter a landmark financial transaction that will lay off credit risk on its reinsurance recoverables to the capital markets, a move first revealed by The Insurance Insider in January last year.