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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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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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.
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Carriers will not just be tested on their ability to pay claims but will also be ranked according to their client service levels, following a new initiative launched by broker Willis Group Holdings Ltd.
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Broker Aon Corp has agreed to sell its warranty arm to Canadian conglomerate Onex Corp in an estimated $710mn deal.
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Staff at Lloyd's run-off Equitas Holdings Limited have been rewarded for their success at commuting claims with major policyholders by pay rises which have seen the average salary increase by over £30,000 in the last four years.
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Bermudian (re)insurer Allied World Assurance Co (AWAC) is set to continue its capital building strategy after its forthcoming initial public offering (IPO) with the issue of $500mn senior notes.
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Failed (re)insurer GoshawK last week released its 2005 preliminary results, revealing an after-tax loss of $140mn and warning that further deterioration in Hurricane Wilma losses would not be covered by its reinsurance protection.
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The recent reshuffle at the top of Willis Re has sparked talk in the market that Grahame Millwater is being groomed as a potential candidate to succeed Willis chairman and CEO Joe Plumeri.
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JLT's proposed takeover of rival Heath Lambert could even create the UK's second largest insurance broker by turnover, concludes The Insurance Insider.
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UK-quoted insurer Hiscox said last month that plans to redomicile to Bermuda are on track.
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The protracted fallout caused by Maurice "Hank" Greenberg's March 2005 departure from giant US insurer American International Group (AIG) continues both in and out of the US courts.
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Insurance broker Willis Group Holdings Ltd cancelled a $300mn debt issue at the end of June - a move that has led to speculation the firm is again considering a significant acquisition.
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Lloyd's insurer looks to raise up to £100mn to back further expansion plans The independent Lloyd's (re)insurer Cathedral Capital plc is looking to raise up to £100mn in a fund raising that will provide a platform for further expansion by...
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Mark Cloutier, the head of run-off at the defunct reinsurer Alea Group Holdings, will replace Marc Ricciardelli as the company's chief executive from 1 September.
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Guy Carpenter & Co has confirmed last week the appointment of David Spiller as its group chief executive, replacing the long-serving Salvatore Zaffino.
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Aon's announcement that it will have the ability to trade electronically across all its London market lines of business by the end of the year marks a "huge cultural shift", according to the driving force behind process reform at the broker.
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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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French (re)insurer SCOR has agreed to buy German life reinsurer Revios in a $775mn transaction.
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