• X
  • LinkedIn
  • Email
  • Show more sharing options
  • X
  • LinkedIn
  • Email
  • Free trial
  • Log in

July 2007/6

  • The UK-based run-off acquisition firm Tawa plc began trading on the London Alternative Investment Market (AIM) last week in a £127mn Initial Public Offering (IPO).
  • Insurance broker Willis Group Holdings has agreed to a $2.6mn settlement with the Florida attorney general and insurance regulators, the company has announced.
  • Connecticut’s attorney general, Richard Blumenthal, has issued 20 subpoenas as part of the continuing investigation into anti-competitive practices in the reinsurance industry.
  • Shares in IPC Holdings fell sharply last week as the Bermudian cat reinsurer followed a profits warning earlier this month with confirmation last week of a second quarter net hits of $62.6mn and $50.1mn respectively from UK and Australian storms and flood
  • Contrasting performance on organic growth was highlighted by analysts as Arthur J Gallagher & Co (AJG) and Hilb, Rogal & Hobbs (HRH) reported total revenues up for the second quarter.
  • Bermudian (re)insurer Arch Capital Group reported a healthy 44 percent rise in its net income of $199.4mn, or $2.65 per share, for the second quarter of this year.
  • Resurgent UK insurer Royal & Sun Alliance Group saw its shares slide last week against a backdrop of fears over flood losses and jittery investors following the turmoil in the global credit markets.
  • Fast-growing Australian (re)insurer QBE Insurance Group Ltd has entered into a Joint Venture Agreement with the Rajan Raheja Group (RRG) to establish a general insurance company in India.
  • Nottingham headquartered insurer IGI Group Ltd has closed its London office 18 months after it first opened as an underwriting branch.
  • Markel Group has seen AM Best upgrade its financial strength rating on its London-based platform Markel International Insurance Co Ltd.
  • Senior run-off figure Oliver Horbelt has left insurance giant Zurich Financial Services, Insider Week can reveal.
  • QBE has demanded major reform at Lloyd’s after complaining that the Society’s members’ agents refused to recommend an increased bid to buy out Names’ capacity on its flagship Syndicate 386.