June 2006/3

UK general insurer Royal & Sun Alliance has unveiled plans to cut over 1500 jobs in an efficiency drive that will save the group £130mn in annual costs.

French giant AXA announced today (14 June) that it has entered into a definitive agreement with Credit Suisse Group to buy the Zurich-based company’s insurance operation Winterthur for SFr12.3bn, or EUR7.9bn in cash.

Rating agency Standard & Poor’s (S&P) last night (12 June) confirmed 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-.

Fast-growing Integro last week announced a series of further appointments of former Marsh employees to its stable, bolstering its healthcare practice in Boston and Chicago, and establishing a south eastern marine practice.

AM Best has affirmed the financial strength rating (FSR) of A+ (Superior) on US insurer HCC Insurance Holdings and assigned indicative ratings on the firm's $1bn shelf registration.

Independent (re)insurance broker BMS Group reported a 2 percent upturn in 2005 pre-tax profits to £4.5mn last week. "The breadth and strength of our portfolio has ensured that overall we have remained solidly profitable in 2005, notwithstanding the...

Ratings agency Fitch promised to provide greater precision for (re)insurers determining their capital requirements as it detailed what it claims as the first global stochastic capital model in London on last Tuesday (6 June).

AM Best responded last Wednesday (7 June) to Quanta Capital Holdings's run-off plans by first downgrading the company's ratings and then withdrawing them altogether at the firm's request.

Despite increasing asbestos reserves by another £128mn in the year to 31 March 2006, Lloyd's pre-1993 run-off vehicle Equitas highlighted its progress in resolving claims with major policyholders as it released its financial results last Tuesday (6 June).

Starr Aviation Agency, the managing agency ultimately controlled by former American International Group chief executive Maurice "Hank" Greenberg, has found a head aviation underwriter to spearhead the company's London market operations.

As predicted by this publication last week, Swiss Re today (12 June) announced the completion of its acquisition of GE Insurance Solutions (GEIS), creating the world's largest reinsurer.

Latest sidecar vehicle Bay Point Re - which will sit alongside Bermudian "Class of 2005" start-up Harbor Point - has received a BB debt rating for its $125mn debt facility from Standard & Poor's, along with a Baa2 debt rating from Moody's for the loan...