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January 2010/4

  • Debate rages over Solvency II impact on the London market; Hiscox upbeat; Key turn; Tax pilgrim; Fortified Amlin; Heath plan...
  • A US judge has ordered Arch Specialty and Lloyd's insurers Brit, Ace, QBE, Beazley and Chaucer to pay out disputed defence costs to Allen Stanford and other former senior SFG executives.
  • Miller hires former Inter-Hannover representative... and adds to energy, P&C team with JLT hire; Chaucer promotes head of specialist lines; Medniuk named as new Great Lakes chairman; BLG's Kean to join Willis...
  • White Mountains Re in $5mn run-off acquisition; Amlin completes Lockton insolvency transfer; Government launches terrorism compensation scheme; Levene accepts university gong; AM Best Paris Re ratings rise after PRE acquisition.
  • R&Q's £2mn acquisition of premium collection firm JMD Specialist Insurance Services last week is a "significant extension" to its traditional run-off business, according at Numis Securities.
  • Losses in the airline hull and liability market last year were the highest on record, excluding losses arising from 9/11, Willis said in its annual report on the sector.
  • Former Chaucer chief executive Ewen Gilmour will add to his growing list of directorships by joining the board of Xchanging Ins-sure Services (XIS) as a non-executive director, The Insurance Insider revealed last week.
  • The United States Court of Appeals for the Second Circuit ruled last week against the relatives of Holocaust victims who purchased insurance policies with Italian insurance giant Generali.
  • Specialist engineering offering TSM Syndicate 1110 commenced underwriting on 1 January with £53mn capacity, after finally receiving Lloyd's approval to operate through turnkey agent Argenta Syndicate Management.
  • London-headquartered Lloyd's insurer Chaucer conceded last week that it is eyeing a possible redomicilation away from the UK to level the playing field with its tax-competitive peer group.
  • Last week Beazley opened a Minneapolis office to write accident and health (A&H) insurance business and a new base in Oslo to service energy business for the firm's syndicates at Lloyd's.
  • Willis Group joined its two global rivals in extending the employment contract of its chairman and CEO last week.
  • Modelling agency Risk Management Solutions (RMS) launched its new Paradex US Earthquake (PUE) parametric index for estimating insured losses from US quakes last week.
  • Marty Becker, CEO of Bermudian (re)insurer Max Capital, last week reiterated the firm's commitment to expansion after losing out on a tie-up with IPCRe last year, saying that "we consider enhanced scale to be desirable".
  • Quoted Lloyd's (re)insurer Amlin plc will write £40mn more catastrophe business in 2010 as it benefits from acquiring Fortis Corporate Insurance.
  • Models that use short-run data to predict insured losses from North Atlantic hurricanes should not be used for important insurance applications, according to a report last week from Karen Clark & Company.
  • Fitch Ratings has predicted that continued "strong" cat bond issuance will be tempered by a soft traditional reinsurance market in 2010.
  • PartnerRe is backing an innovative Peruvian insurance scheme that uses sea surface temperature (SST) as a proxy for catastrophic losses.
  • By 2013, insurance regulators' forum the International Association of Insurance Supervisors (IAIS) expects to have an international regulatory framework ready for impact assessment, as it continues the drive for more consistent global regulation.
  • Munich Re is expected to book a net attributable profit of EUR0.63bn for the fourth quarter of 2009, which should take it to a full-year profit of EUR2.4bn, according to analysts at Keefe, Bruyette & Woods (KBW).
  • The peak quarter for downgrading insurance companies' credit ratings has passed, but there may be further downgrades before stability returns to the market, Fitch Ratings predicted last week.
  • Press reports last week claim that US life giant MetLife is in talks with AIG about a $15bn takeover of the latter's life insurance subsidiary, Alico, in a deal that would dwarf previous post-rescue sell-offs.
  • New York-listed (re)insurer Assurant has paid $3.5mn to settle charges with the Securities and Exchange Commission (SEC) that it inflated its reported income in 2004 using a finite reinsurance scheme.
  • Global trade credit insurer Coface has declared an end to the global credit crisis of the last two years, but warned of the high risks that debt, asset and capacity bubbles pose to the recovery.