June 2008/1
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Ariel Reinsurance Company Ltd has announced that George Rivaz will take over as chairman as part of a wider restructure of the board.
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Florida’s cat fund has turned to Berkshire Hathaway to buy a $4bn put option bond as a hedge against an active hurricane season after concluding the cost of traditional reinsurance was too high.
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American International Group (AIG) has confirmed reports that former CEO Martin Sullivan will receive a $47mn severance package after officially stepping down from his post.
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In a bleak day for international equity markets, Brit Insurance Holdings Plc led UK insurers’ stocks south after closing down almost 7.5 percent on the London Stock Exchange.
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Lloyd’s insurer Chaucer Holdings plc has confirmed the sale of its shareholding in Pembroke to Ironshore Inc in a deal worth £14.9mn, as first revealed by The Insurance Insider.
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Marsh is dusting off the venerable Bowring name with the formation of a new international division, Bowring Marsh, which will bring together its international placement capabilities for property, terrorism and casualty risks.
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Bermuda’s Allied World Assurance Company Holdings Ltd (AWAC) is expanding its US presence with the $550mn cash acquisition of Darwin Professional Underwriters Inc.
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Lloyd's insurer Hiscox Ltd has revealed plans to create a new Lloyd's Syndicate backed 100 percent by its own capital.
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AXIS Capital Holdings Limited has poached Michael Steel, Benfield Group's global head of capital markets and appointed him in the newly created role of chief risk officer, the Bermuda-held company has announced.
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Bermudian Ironshore Inc is close to announcing a deal with Chaucer plc to buy the Lloyd’s insurer’s Pembroke division, a move first revealed by The Insurance Insider.
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Acquisitive run-off specialist Enstar Group Ltd has announced plans to raise around $105mn with a new public share issue.
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Hawaiian governor Linda Lingle has signed a new law making the transfer of insurance-linked securities to the capital markets more efficient for captives.
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Capita Group Ltd and Marsh UK have finalised a 10-year outsourcing deal, worth £187mn, that will see around 600 staff transfer to the outsourcing giant, as predicted earlier this week by The Insurance Insider.
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The auditors of failed insurer Independent Insurance have been fined £500,000 and ordered to pay costs of £1.15mn by the UK accountancy watchdog after a tribunal found the firm's conduct "seriously below the appropriate standard".
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Paul Jardine, COO of Catlin Group, has been returned as chairman of the Lloyd's Market Association (LMA).
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With $720mn backing from energy sector specialist private equity firm First Reserve Corporation, Torus Insurance Holdings Limited (Bermuda) has formally launched in time for a 1 July start, as predicted by The Insurance Insider.
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Bermudian run-off specialist Enstar Group Ltd has agreed to purchase the failed UK listed (re)insurer GoshawK for £45.7mn ($90.3mn).
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German reinsurer Hannover Re has reached an "exclusive agreement" with Indian reinsurer GIC Re to develop and underwrite life reinsurance business in India, the group has announced.
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French reinsurer SCOR has revealed that it will be launching its Americas "hub" in New York to help increase its presence in the market.
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Rating agency AM Best has downgraded the issuer credit ratings of American International Group (AIG) just days after the insurance giant announced CEO Martin Sullivan's resignation.
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Jardine Lloyd Thompson Group Plc (JLT) has acquired HWS Holdings Limited (HWS) with its two Lloyd’s broker subsidiaries for up to £8.75mn, as predicted by The Insurance Insider.
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Martin Sullivan has resigned as chief executive of American International Group (AIG) after bowing to mounting shareholder pressure over the company’s performance that has slumped on heavy credit losses.
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Arthur J Gallagher International has acquired the Global Business Solutions (GBS) wholesale business from Heath Lambert, The Insurance Insider can reveal.
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Lloyd’s listed (re)insurer Beazley Group plc has promoted group finance director Andrew Horton to take over from Andrew Beazley as its chief executive.
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Space insurance underwriters are facing the prospect of yet another loss with the failure of a Kazakhstan communications satellite in orbit, The Insurance Insider can reveal.
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Beleaguered bond insurer Security Capital Assurance (SCA) has lost a legal battle with investment banking giant Merrill Lynch & Co over its obligations of up to $3.1bn on credit default swaps (CDS).
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Willis Group Holdings Ltd is to buy the US retail broker Hilb Rogal & Hobbs Company (HRH) in a $2.1bn deal.
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Amlin Plc's star head of underwriting, Tony Holt has resumed work at the Lloyd's insurer following a temporary leave of absence for medical treatment, the group has announced.
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American International Group Inc (AIG) is being investigated by the Securities and Exchange Commission (SEC) over its valuation of contracts linked to sub-prime mortgages, according to reports.
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Run-off veteran Jerry McArthur will join Randall & Quilter Investment Holdings Plc (R&Q) as CEO USA and Bermuda after stepping down as chairman of Capita Commercial Insurance Services (CCIS).
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Well-known energy broker Guy Bessis is moving to Marsh Ltd less than eight months after joining (re)insurance intermediary Integro, The Insurance Insider understands.
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Run-off veteran Jerry McArthur is to join Randall & Quilter Investment Holdings Plc (R&Q) as CEO USA and Bermuda after stepping down as chairman of Capita Commercial Insurance Services (CCIS), The Insurance Insider understands.
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The ongoing legal dispute between Randall & Quilter (R&Q) affiliate Cavell USA and private equity owned run-off insurers Seaton Insurance Co and Stonewall Insurance Co is set for an airing in the English courts this autumn.
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Markel International and QBE have emerged victorious from a UK High Court hearing after a judge ruled executives of Surety Guarantee Consultants Ltd (SGC) and a former Templeton Insurance director had conspired to defraud the insurers, obtaining...
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Class action pioneer Mel Weiss has been sentenced to 30 months in prison, after pleading guilty to illegally paying clients to file claims.
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Markel International and QBE have emerged victorious from a UK High Court hearing after a judge ruled executives of Surety Guarantee Consultants Ltd (SGC) and a former Templeton Insurance director had conspired to...
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Energy and property start-up Torus Insurance is set for a 1 July launch with an A- (Excellent) AM Best rating and backing from First Reserve Corporation, The Insurance Insider understands.
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Jerry McArthur is stepping down as chairman of Capita Commercial Insurance Services (CCIS), The Insurance Insider can reveal.
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The Royal Bank of Scotland's (RBS) share price plummeted as Ping An became the latest potential bidder to drop out of the auction for the bank's insurance operation.
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Failed Bermudian (re)insurer Quanta Capital Holdings is to be sold in a $197mn deal to Catalina Holdings (Bermuda), the run-off acquisition company headed by former GoshawK chief executive Chris Fagan.
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Towergate Partnership's pre-tax profits increased by 14.9 percent to more than £100mn in 2007 compared to the previous year, while deputy chairman Patrick Snowball has resigned from its board, the company announced.
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Uncertainty over Bear Stearns' proposed acquisitions of Scottish Lion and its subsidiary Scottish Eagle has been resolved with the run-off insurers' sale to...
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Turner named new FSA chairman; Blight leaves Canopius; Creagh-Coen joins Lancashire; Outsourcing delay hits Marsh; FSA invites feedback on regulatory transparency; Gallagher London new MD; Principle secures retakaful cover
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Guy Carp appoints new Americas chief; Quake to cost Chinese insurers $43mn; Aon receives Saudi approval; EC welcomes subscription market response; Munich Re receives Brazil approval; Swiss Re warns on reserves; Monolines' further losses
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Whittington Group has completed its exit from US run-off market with the sale of Americas Insurance company (AIC) to Independent Services Group (ISG) for an undisclosed sum.
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Our monthly column keeping a check on recent US and EU legislative and regulatory developments, in association with Sidley Austin LLP
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The Association of Run-off Companies (ARC) has called upon expertise from across the industry to judge its Awards for Excellence in Legacy Management this year.
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The solvent scheme of arrangement for Australian insurer Suncorp Metway Insurance Company is unlikely to proceed after gaining insufficient support.
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Markel International and QBE are thought to be confident ahead of the ruling in their High Court showdown with broker Surety Guarantee Consultants Ltd (SGC) and other defendants over construction bond fraud allegations.
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Arthur J Gallagher International has welcomed aboard Simon Matson, who was due to join the firm’s new joint venture onshore/offshore "boutique" energy subsidiary on 2 June, The Insurance Insider can reveal.
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The London market is reporting lighter sub-prime related claims experience than US insurers, due mainly to its "limited US portfolios", according to senior market sources.
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The world's two largest reinsurers continue to divide analysts over their prospects as they look to ride difficult underwriting conditions and exposure to the wider global economic and credit environment.
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The private equity owned run-off insurers Seaton Insurance Co and Stonewall Insurance Co have appealed against a New York court decision last month which prevents them from pursuing a claim against a Randall & Quilter (R&Q) affiliate in the US.
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Australian insurer will need to bring shareholders back on side if it is to remain an independent company despite QBE walking away
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Former Catlin UK CEO Andreas Loucaides has resigned from the group to take up a new post at Lloyd's insurer Jubilee subject to regulatory approval, The Insurance Insider can reveal.
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The 1 June Florida property cat renewal is expected to have produced average rate reductions of around 15 percent, according to a report from reinsurance broker Guy Carpenter.
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Benfield has confirmed a tie-up with Michael Cash that sees it invest $50mn in a fund managed by the former RenaissanceRe executive focussing on the collateralised catastrophe reinsurance and insurance linked securities (ILS) markets.
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Former Quanta Syndicate among targets as Bermudian continues search for Lloyd's platform
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The protracted saga of Cooper Gay's acquisition of Heath Lambert's wholesale units was finally completed as The Insurance Insider went to press with the transfer of some of the up-for-sale operations to the expanding (re)insurance broker.
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American International Group's (AIG) former chairman and CEO Maurice "Hank" Greenberg could face civil charges after being served a Wells Notice by the US Securities and Exchange Commission (SEC) over his role in two reinsurance transactions.