June 2009/5

Bermudian (re)insurer Validus Holdings has said that IPC Holdings shareholders representing approximately 54 percent of total shares support acquisition by Validus, and that it has sent requisitions from the shareholders to IPC.

Fitch changes RGA's outlook to negative; S&P goes negative on Gard; CIC takes over supervision of China Re

After revealing it was discussing selling a portion of its interest in French insurance broker Gras Savoye & Cie, global broker Willis has reiterated its strong commitment to the leading Gallic intermediary.

UK-quoted broker Thompson Heath Bond Group plc (THB) has pointed to sluggish insurance markets for a fall in the group's earnings at the six-month stage.

Despite greater transparency following the damaging sub-prime-related securities ratings withdrawals last year, Standard & Poor's (S&P) managing director of Germany Torsten Hinrichs, conceded "no model is clear of conflicts of interest".

The biggest risk to prospects of recovery from the recession and global economic slump is the potential for the global bond market to break down, according to Standard & Poor’s (S&P) chief European economist, Jean-Michael Six.

Legendary investor Warren Buffett doused hopes of a fast recovery in the US economy, saying he sees no sign of a rebound in the businesses his Berkshire Hathaway conglomerate backs.

The growing popularity of quota share reinsurance as a form of underwriting capital was underscored with news that Bermudian (re)insurer Flagstone Re is the leader on the £50mn transaction that enables Lloyd's insurer Chaucer Holdings to...

French composite insurer Groupama SA has had its insurer financial strength and long-term counterparty credit ratings cut by Standard & Poor's (S&P) from A+ to A on "weakened capital".

By any measure, it was an eventful week for Lloyd's insurer Chaucer Holdings...

Lloyd's and Bermuda (re)insurer Omega Insurance Holding's offer for up to 50 percent of the 2010 capacity on its Lloyd's Syndicate 958, set to close on Thursday (2 July) has been relatively well received by members' agents and analysts alike.

Ratings agency Standard & Poor's (S&P) raised its insurer financial strength rating on Nigeria-based African Reinsurance Corp to 'A-' from 'BBB+' with a stable outlook.

Equitas, the legacy albatross that has hung around the neck of Lloyd's Names ever since its creation in 1996, can now be formally detached after the UK High Court approved the transfer to a new company, Equitas Insurance Ltd, on 25 June.

The proposed Scottish Lion scheme of arrangement returns to court next month, in a hearing that will determine what impact a dissenting minority of policyholders may have on the initiative.

American International Group (AIG) has revealed that it has obtained permission from the US authorities to position its top two international life insurance franchises for initial public offerings.

US insurer The Hartford Financial Services Group has closed the deal that sees it tap TARP (Temporary Asset Relief Program) US bailout funds to the tune of $3.4bn.

Economic consultant NERA has found that the volume of credit crisis-related litigation exploded by 172 percent in 2008...

The US property casualty insurance industry saw a further decline in its surplus over the first quarter of 2009 as a $1.3bn net loss after tax combined with $16.4bn in unrealised capital loss on investments.

Hiscox plc is leading a flurry of proposed bids among Lloyd's (re)insurers to expand their 2010 capacity in order to take advantage of anticipated good trading prospects and the stronger dollar.

(Re)insurers are facing the possibility of a property and business interruption loss after last week's train crash on the Washington Metro, in a programme placed by Aon, The Insurance Insider's sister publication Inside FAC reports.

Former Benfield Group directors John Coldman and Michael Rees are joining up with ex- colleagues to form a new business after the reinsurance broker was sold to Aon last year in a £935mn deal.

This week the UK High Court is set to hear the closing arguments in the pivotal clash between Berkshire Hathaway-backed Equitas and Randall & Quilter (R&Q)-owned Brandywine.

The International Association of Insurance Supervisors (IAIS) took a step forward in its attempts to strengthen co-ordination between international insurance regulatory bodies at the close of its triannual meeting...

Actuarial and risk management firm Towers Perrin Forster & Crosby – the parent of the world’s fourth largest insurance broker – has agreed a merger with fellow professional services firm Watson Wyatt Worldwide.