January 2007/6

Converium Holdings’ chief executive Inga Beale has continued to re-shape the resurgent company’s senior management with the appointment of Jakob Eugster from Benfield.

German insurance giant Allianz today (31 January) reported losses of up to EUR230mn caused by Windstorm Kyrill earlier this month.

Bodies representing the reinsurance industry have responded to criticism over their lobbying of Florida lawmakers that last week passed legislation significantly disintermediating the role of property reinsurers in the state.

Munich Re said its pre-tax losses from the European Windstorm Kyrill will be around EUR600mn and estimated the overall market loss at EUR5-7bn.

Bank of America has launched a Lloyd's syndicate specialising in writing long-tail lines, our sister title The Insurance Insider revealed this morning (29 January).

Royal & Sun Alliance Insurance Group plc (R&SA) won a significant victory in its acrimonious battle with General Motors last week after a Michigan Circuit Court ruled...

The London market has to be "willing to strive, to improve, to challenge, to change" if it wants "all roads in insurance to lead to London", according to Dan Glaser.

A record capacity of £16.1bn for 2007, up 9 percent from last year’s £14.8bn, is proof that Lloyd’s remains an attractive proposition for investors, according to rating agency Standard & Poor’s (S&P).

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The European windstorm Kyrill may trigger Munich Re’s EUR110mn cat bond, Aiolos, as the reinsurer announced last week that its losses from the storm may be in the region of EUR600mn.

State-founded Citizens Property Insurance – already the largest insurer in Florida – is likely to gain an even bigger share of the market as a result of legislation signed into law by Governor Charlie Crist on Friday.

The reinsurance market was hit last week with news that legislation has been passed in Florida that will disintermediate significant reinsurance capacity in the state, the most profitable in the property catastrophe sector.