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July 2009/2
  • Arch profits boosted by reserve releases; Chubb raises 2010 targets
    Bermudian Arch Capital followed its compatriot Platinum Underwriters in booking a solid set of Q2 figures as its bottom line benefitted from improving investment conditions and healthy reserve releases.
    24 July 2009
  • RFIB appoints new CEO
    London market broker RFIB Holdings has announced the appointment of Marshall King as CEO.
    23 July 2009
  • Platinum delivers solid Q2 profits
    Platinum Underwriters Holdings kicked off the Bermudian Q2 reporting season with a solid set of figures that included a record $1.90 net income per share, as improving investment conditions and reserve releases boosted its results.
    22 July 2009
  • HSBC Insurance Brokers fined £700,000 over data security
    UK regulator the Financial Services Authority (FSA) has fined London-based HSBC Insurance Brokers £700,000 for not having adequate systems and controls in place to protect its customers' confidential details from being lost or stolen.
    22 July 2009
  • Scor buys XL Re Life America for EUR32mn
    Scor has snapped up the US life reinsurance operations of XL Capital for total consideration of EUR31.7mn cash.
    22 July 2009
  • Fresh Willis Stanford suit details personalised investor letters
    A second suit filed on behalf of investors against Willis arising from the global broker’s role as insurance intermediary for Stanford International Bank (SIB) has alleged that the firm would, at SIB’s request, produce personalised “safety and comfort”...
    21 July 2009
  • UK insurance working group set to dodge tax issue
    A high-powered City working group co-chaired by the Chancellor of the Exchequer Alistair Darling and Aviva’s CEO Andrew Moss is set to avoid calling for direct changes to the UK’s tax regime which has seen an exodus of Lloyd’s insurers...
    20 July 2009
  • Fairfax looks to take 100% of Advent with £94mn offer
    Canadian combine Fairfax Financial Holdings Ltd has made a recommended offer to buy up the remaining shares in its majority owned Lloyd’s (re)insurer Advent Capital Holdings plc.
    17 July 2009
  • Scottish Lion scheme objections delay proceedings
    A dissenting minority of US policyholders have delayed the proposed scheme of arrangement for Audley Gilroy-owned discontinued insurer Scottish Lion, and a UK court stayed proceedings until 8 January 2010, The Insurance Insider can reveal
    17 July 2009
  • Andrade named P&C chief as Hartford promotes from within
    The Hartford Financial Services Group has moved to bolster its depleted senior management resources with the promotion of Juan Andrade to head up its property casualty operations.
    17 July 2009
  • Big 3 ratings agencies sued by pension giant
    US pension fund giant the California Public Employees' Retirement System (Calpers) has sued the big three ratings agencies over the rating of structured investment vehicles (SIVs) relating to sub-prime mortgages.
    16 July 2009
  • Fitch: Reserve adequacy key issue for US P&C in 2009
    With 2009 looking set to be another year without pronounced market-wide rate increases, US property casualty (P&C) insurers could soon be seeing the end of bumper reserve releases propping up financial results...
    16 July 2009
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