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January 2009/4

  • The drag of Transatlantic Holdings' relationship with majority shareholder American International Group (AIG) was evident in the downgrade of its core operating companies' financial strength ratings from AA- to A+ by Standard & Poor's last week.
  • Max Capital has revealed a negative return of approximately 20 percent on its alternative investment portfolio for 2008, prompting unrealised asset write-downs of around $233mn and a full-year loss and negative net operating return on average shareholders
  • Ironshore Inc continued its raid on American International Group (AIG) with the appointment of a trio of executives to man a newly created US property/casualty operation.
  • Bermudian-headquartered (re)insurer Aspen Insurance Holdings Ltd has endured a struggle to renew the reinsurance programme for its financial institutions (FI) book written out of London reflecting concerns over the sector's loss exposures, The Insurance Insider can reveal. 
  • Investment bank Merrill Lynch has agreed to pay out $475mn and $75mn to settle two class action lawsuits filed against it in relation to its sub-prime related losses.
  • US run-off specialist Citadel Risk Management has acquired "substantially all"of broking group AJ Gallagher's reinsurance run-off portfolio in a move which the Citadel group described as an "opportunity to create a runoff sector for the reinsurance interm
  • Hannover Re has bought buy a book of US life reinsurance business from Scottish Re with estimated premium volume of $1.2bn in what it described as a "transformational step" for its global life unit.
  • 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.
  • Swiss Re led the slide in European insurance stocks on Friday (23 January) as its share price fell more than 20 percent amid concerns that it is set for a further round of heavy write-downs and may need to raise capital when it reports its fourth quarter
  • Bermudian-based PartnerRe recorded a 12 percent cancellation rate during its key 1 January renewals; a figure which it said was the lowest seen over the last five years and reflects "a reversal of the trend of increasing client retentions."
  • The Chicago Mercantile Exchange (CME) has traded $30mn notional limit of its CHI hurricane cat futures in the first weeks of 2009, as reinsurance broker Carvill withdraws from the initiative which it founded in 2007.
  • Outgoing Hannover Re and E+S Rück CFO Elke König has been tipped for a role at giant reinsurer Swiss Re, according to sources.