• X
  • LinkedIn
  • Email
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
  • Email
Insurance Insider is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

July 2007/5

  • State-backed Florida Hurricane Catastrophe Fund (FHCF) is planning to bolster its cash reserves with a potential $10bn bond issuance.
  • Capita CMGL has confirmed the reinsurance to close (RITC) transfer of the run-off Duncanson & Holt Syndicate 55 to a new Lloyd’s syndicate backed by CarVal Investors LLC, as first revealed in the July issue of The Insurance Insider.
  • The UK-based run-off acquisition firm Tawa plc is set to float on London Alternative Investment Market (AIM) later this week in a £127mn Initial Public Offering (IPO).
  • Although (re)insurers are expected to unveil strong figures as the reporting season begins in earnest this week, analysts will assess the wider impact from high-profile second quarter catastrophe events in the UK and Australia following IPCRe’s...
  • Further widespread flooding over the weekend will push the combined cost of the summer floods in the UK to well in excess of £2bn, according to Geoff Bromley, non-Americas chairman of reinsurance broker Guy Carpenter.
  • Shares in Bermudian reinsurer Everest Re Group Ltd slipped after a Bear Stearns analyst downgraded the company on "limited growth opportunities and declining profitability".
  • Bermudian reinsurer IPCRe warned last week that its 2007 profits would be affected by the recent storm and flood events on opposite sides of the globe in the UK and Australia.
  • Loss estimates from the recent earthquakes and typhoon that have hit Japan continue to spread as insurers count the cost.
  • Aviation (re)insurance rates in Brazil are set to rise following the second major accident in under a year.
  • A solvent scheme of arrangement for the reinsurance business written through the GLM Pool was sanctioned by the UK High Court in London earlier this month.
  • Broking network Unitas Alliance has confirmed the appointment of former Endurance Worldwide Insurance Ltd CEO Mark Boucher as non-executive chairman of its new underwriting agency, as revealed in the July issue of The Insurance Insider.
  • Insurance giant American International Group (AIG) is facing lawsuits from two Minnesota workers compensation insurance associations seeking $100mn in damages for alleged fraudulent business practices, according to reports.
  • London market professional risks insurers have continued to suffer falling rates during the second quarter of 2007, with reductions of up to 20 percent in the period for directors and officers (D&O) risks, according to broker Willis.
  • "Class of 2005" insurer Lancashire Holdings Ltd has taken advantage of a favourable credit environment to refinance an existing $350mn letter of credit facility.
  • UK-listed broker Jardine Lloyd Thompson (JLT) has expanded its Bermudian operations with the acquisition of Park (Bermuda) Ltd (Park) for up to $11.8mn cash.
  • Ariel Holdings Ltd’s £193mn swoop for Atrium Underwriting Group last week was a further sign that the stars have aligned for Lloyd’s M&A activity as reinsurers look for growth at a time when rates are falling.
  • The Consumer Federation of America (CFA) accused US insurer Allstate Corp of excessively raising home and auto insurance rates and using questionable practices to settle claims.
  • Fitch Ratings next-generation stochastic capital model, PRISM, will change the way risk is assessed for (re)insurers, the rating agency has claimed.
  • Lloyd's insurer Amlin plc's announcement of plans to set up a Singapore office is the latest in a series of moves by market participants and the Corporation to directly access business in the Asia Pacific region.
  • Lloyd's insurer Hiscox plc has acquired a portfolio of kidnap and ransom business from the broker Aon Ltd.
  • The value of Names’ right to participate on Lloyd’s syndicates could be put to the test after the £193.2mn deal between Bermudian firm Ariel Re and Atrium Underwriting plc (see article 2).
  • Lloyd's was described as a "perfect fit" by Ariel Re chairman and CEO, Don Kramer, after the Bermudian firm agreed its £193.2mn deal for Atrium Underwriting plc.
  • Insured losses in Belgium from January’s Windstorm Kyrill have reached EUR213mn, according to the Belgian insurer association Assuralia.
  • Bermuda-headquartered (re)insurer Catlin Group announced the appointment of a new aviation team head, based in Paris.