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January 2009/3

  • Bermuda-based (re)insurer Arch Capital Group has received approval in principle from the Lloyd;s Franchise Board and UK regulator the Financial Services Authority (FSA) to establish a new managing agent and syndicate at Lloyd’s.
  • Beleaguered bank Merrill Lynch has agreed to pay out $475mn and $75mn respectively to settle two class action lawsuits filed against it in relation to its subprime losses.
  • US active and run-off specialist Citadel Risk Management has acquired “substantially all” of US broker Arthur J Gallagher’s reinsurance run-off portfolio
  • Start-up Lloyd’s insurer Ark has shaken up its underwriting management team, with effect from January 2009.
  • Kuwaiti Islamic reinsurance company Al Fayer Retakaful Insurance's financial strength rating of A- has been put under review with negative implications by ratings agency AM Best.
  • Platinum Underwriters Holdings became the latest (re)insurer to increase its loss estimates from Hurricane Ike as the brutal impact of September's storm continues to escalate.
  • Class of 2005 Bermudian (re)insurance group Ariel Holdings wrote less premium than expected and reported a modest decline in shareholders' funds in 2008, according to ratings agency AM Best.
  • Lloyd's messaging hub initiative will not lead to a substantial cost to market participants, according to the Corporation's director of market operations and North America Sue Langley.
  • US regulators' forum the National Association of Insurance Commissioners (NAIC) is to hold a public hearing next week to gauge public and industry opinion of proposals to provide US life insurers capital relief as turmoil lashes global financial markets.
  • The heaviest prospective loss in British financial history sent Royal Bank of Scotland shares spiraling down 70 percent today (19 January) and made the bank's up-for-sale insurance arm technically worth more than the entire market capitalisation of the...
  • With governments once again in bail-out mode as the banking sector both sides of the Atlantic lurched into its latest crisis, the (re)insurance sector - despite its relatively bright outlook - is again struggling to decouple itself from the fortunes of it
  • German insurance giant Allianz has announced the launch of a new global marine unit though its global Corporate and Specialty division (AGCS).