July 2006/2
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S&P reassesses syndicate ratings; UK start-up begins trading; FSA consults on special purpose vehicles; RFIB recruits energy team; Insurers dealt UK asbestos blow; Omega upbeat; Ward targets change with reshuffle; et al.
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Rating agency Standard & Poor's (S&P) has described the old and "much-maligned Lloyd's accounting and reporting regime" as superior to the GAAP system imposed last year.
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Total capacity at Lloyd's may rise next year after the first round of syndicates made their 2007 business forecasts.
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Over 1,000 Lloyd's Names have launched a £1bn class-action style legal case against the UK government, led by the militant Names campaigner Christopher Stockwell.
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Insurance service provider Whittington surprised the market last month by agreeing the sale of its newly established Lloyd's managing agency and specialist Asian syndicate, Alba, to Insurance Australia Group (IAG).
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White Mountains raises storms bill by $200mn; Imagine heads for court date with former CEO; River Re licensed in Barbados; Glacier Re mounts defence of under review rating; NAIC vote moves to end US collateral requirements; et al.
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Bavarian-based (re)insurance giant Munich Re moved a step closer to restoring its once cherished double A rating on 27 June, with the news that Standard & Poor's (S&P) had revised its outlook on the company's A+ rating from stable to positive.
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Rating agency Standard & Poor's (S&P) says that more (re)insurers are likely to become insolvent as Solvency II puts the industry through a "revolution".
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French (re)insurer SCOR has agreed to buy German life reinsurer Revios in a $775mn transaction.
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Rating agency Standard & Poor's (S&P) confirmed last month that Swiss Re's acquisition of GE Insurance Solutions (GEIS) has cost the reinsurer its AA rating, which has been downgraded a notch to AA-.
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Despite initial reservations, the investment community appears to have warmed to French giant AXA's move last month to buy Swiss insurer Winterthur from banking conglomerate Credit Suisse Group.
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But mixed views on rationale behind takeover... Analysts have given a mixed welcome to the move by Italian insurer Assicurazioni Generali to take over compatriot Toro Assicurazioni in a deal worth EUR3.85bn.
