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January 2008/2
  • Bear Stearns ‘applauds’ Gallagher reinsurance decision
    Bear Stearns analyst David Small has praised AJ Gallagher management’s decision to sell its reinsurance division and was “encouraged” by plans to reduce its back office workforce by 400 positions.
    30 January 2008
  • Duperreault to head MMC
    Brian Duperreault, the former ACE Ltd chief, has been appointed president and CEO of Marsh & McLennan Cos (MMC) with immediate effect, in a bid to boost the fortunes of the ailing financial services group.
    30 January 2008
  • Allstate reduces reinsurance programme spend
    US insurer Allstate Corp has cut its reinsurance programme as it scales back its property book in hurricane-exposed states.
    30 January 2008
  • AXIS launches US P&C insurer
    AXIS Capital has launched a property and casualty (P&C) insurer to write on an admitted basis in the US.
    29 January 2008
  • Ex-PXRE exec to head Bermudian reinsurance broker
    Guy Hengesbaugh, the former chief operating officer of the defunct catastrophe reinsurer PXRE, is to head up Towers Perrin’s Bermudian reinsurance broker.
    29 January 2008
  • Lloyd’s upbeat despite missing ECF targets
    Lloyd's has remained upbeat despite the market missing the 100 percent 2007 target for take-up on usage of electronic claims files (ECF) as it ended the year at 88 percent.
    29 January 2008
  • XL downgrade will hurt competitive position, warn analysts
    Troubled XL Capital was downgraded by both AM Best and Fitch Ratings late last week, with analysts warning the rating action could limit the (re)insurer’s competitive position, particularly in US casualty business.
    28 January 2008
  • Lloyd's confirms 2008 capacity at £15.95bn
    Lloyd’s has confirmed underwriting capacity at 1 January 2008 of £15.95bn, only fractionally down on the £16.1bn the market began 2007 with.
    28 January 2008
  • SocGen fraud unlikely to cause major insurance loss
    The biggest fraud in investment banking history, at French bank Société Générale, is unlikely to translate into a large insured loss because it did not buy unauthorised trading cover, according to senior market sources.
    25 January 2008
  • Sub-prime liability losses could escalate to $9bn
    Bear Stearns analysts have trebled estimates for insured management and professional lines losses relating to the sub-prime crisis from $3bn to $8-9bn as notifications and class action lawsuits continue to mount.
    25 January 2008
  • THB completes PWS deal
    Specialist UK broker THB Group plc has completed its £8.5mn acquisition of PWS Holdings plc’s Lloyd's business and overseas interests, it confirmed this afternoon (24 January).
    24 January 2008
  • Downgrade fears as XL takes up to $1.7bn sub-prime charge
    Troubled Bermudian XL Capital said last night it expects to book up to $1.7bn in after tax fourth quarter charges related to the sub-prime fallout when it reports its financials next month.
    24 January 2008
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