• X
  • LinkedIn
  • Email
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
  • Email
Insurance Insider is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

June 2012/5

  • Guy Carpenter's Young Professionals raises the bar; McConachie out to pasture early; Debby approaches US coast; Sodden June for UK; Typhoon season kicks off; Pioneering hire for BMS; Groupama in junk territory; Seven year stretch for SII transition?; New pilot for AIG leasing unit
  • US-based broker Lockton has sued former senior vice president of employee benefits David Bachrach for failing to pay back around $350,000 in outstanding membership contributions when he quit the firm.
  • A federal judge has dismissed the claims from two former Marsh & McLennan Companies employees that the broking giant, together with then-New York attorney general Eliot Spitzer, unfairly targeted them to take the blame in an investigation into bid-rigging.
  • Liberty Mutual Insurance and two of its subsidiaries have attempted to overturn a $450mn settlement by American International Group (AIG) that resolved claims it had cheated a workers' compensation programme by underreporting premiums in the industry pool.
  • The four former General Re executives and the American International Group (AIG) executive accused of defrauding investors through a phoney reinsurance transaction in 2000 have reached a resolution of the criminal case, according to a court filing.
  • Heads of state at the Los Cabos G20 summit have accepted the Financial Stability Board (FSB)'s proposals for strengthening its capacity, resources and governance and have allowed the Board a more active role as global financial watchdog.
  • The division of the UK Financial Services Authority (FSA) is costing the FSA, the Bank of England and the UK Treasury between £130mn and £175mn, according to the FSA's latest annual report, released last week.
  • Bermudian (re)insurer Argo Group has hired former BNP Paribas convergence expert Mark Gibson to the new position of director of alternative risk capital.
  • Two US state-sponsored reinsurance buyers were among the major winners at the fourth annual Trading Risk awards, which took place last week at a black tie ceremony held in London.
  • The Insurance Insider Data Room takes a look at the share price movements of US/Bermuda, Lloyd's/London and European (re)insurers and brokers
  • Analysts say it's too early to make a call on what Lancashire's pullback from direct and facultative (D&F) property business means for the London-listed insurer.
  • Despite near-record international catastrophe losses last year, London-listed (re)insurers are still awash with excess capital and ready to seize on any market dislocation or other underwriting opportunities, according to Espirito Santo analyst Joy Ferneyhough.
  • German insurer Talanx was the latest insurer to defer its IPO last week as the euro crisis troubled the markets.
  • Germany-based run-off buyer Darag has confirmed its intention to raise equity capital to fund its acquisition plans.
  • White Mountains Insurance Group's specialist legacy acquisition unit has added to its portfolio with a deal to buy two PICO Holdings subsidiaries for $17mn, adding to its recent hot streak of legacy deal making.
  • Despite recent growth in legacy market M&A, the market is still expected to spin around the dual axes of Europe and Solvency II in the years ahead.
  • The travails of the capital markets and historically low investment returns are concentrating the wider (re)insurance industry on the value that can be unlocked by legacy solutions, a panel of senior legacy professionals has said.
  • RSA has placed a Czech motor insurance subsidiary into run-off, which will add a £10mn restructuring charge to the group's half-year result.
  • The up-for-sale UK arm of Groupama has been at pains to stress its independence after ratings agency Standard and Poor's (S&P) downgraded the long-term insurer financial strength and issuer credit ratings of France-headquartered parent company Groupama by two notches from BBB-to BB.
  • Insurers in non-peripheral Eurozone countries could face downgrades if a Greek exit from the euro was handled badly, Fitch has warned.
  • Legacy giant Enstar has suggested it has $300mn of cash as well as $150mn of deal-specific debt financing readily available to fund further acquisitions.
  • Bermudian (re)insurer Alterra Capital holds about a 35 percent stake in its latest New Point retro sidecar, according to a filing made by the company.
  • The Federal Reserve Bank of New York is to auction more of the assets contained in the Maiden Lane III portfolio it used to assist the bailout of AIG in 2008.
  • Troubled French mutual Groupama has continued the divestment of its non-core operations with the sale of 100 percent of its Spanish operations to Catalana Occidente for EUR405.5mn, it was announced last week.
  • Amendments to the UK legislation seeking a requirement that regulators behave in a reasonable and fair manner, as well as acting proportionately, have been tabled in the UK upper chamber, the House of Lords.
  • In a move that will impact syndicate business planning for 2013, Lloyd's has reset the thresholds on exposure to a major catastrophic event.
  • The Lloyd's market is lacking a unified approach to international expansion, as the top players in the market adopt hugely different strategies to grow their worldwide business, according to a panel of senior (re)insurance executives at the 2012 London Market Roundtable, hosted last week by The Insurance Insider in association with the Qatar Financial Centre Authority (QFCA).
  • The London contingency market could face a claim from promoters of Radiohead's North American tour as a result of the stage collapse in Toronto last weekend, sister publication Inside FAC has learned.
  • The Insurance Council of Texas (ICT) has estimated insured losses from the recent hailstorms in Dallas at just under $1bn - significantly less than the $2bn put forward by another local trade body last week.
  • Mining underwriters are expected to escape the bulk of losses following severe flooding at the Yallourn mine in Australia earlier this month, our sister publication Inside FAC revealed.
  • Veteran property cat underwriter Brian Caudle has retired as chairman at Lloyd's managing agent Advent after 60 years in the market.
  • Malcolm Bean, chief operating officer at Brit Insurance since before it was sold to the Achilles private equity consortium, has left the company, The Insurance Insider has learned.
  • Omega's founder and former underwriting chief John Robinson is taking the company to court in Bermuda ahead of its proposed sale to fellow Lloyd's insurer Canopius.
  • Shares in Axis Capital closed down 2.5 percent on 25 June to $31.57 (previous closing price $32.38 on the NYSE) following news that the (re)insurer had ousted chairman and founder John Charman at the cost of $22mn
  • Berkshire Hathaway's reinsurance chief Ajit Jain has agreed to write lines totalling $800mn on Suncorp's main open market cat treaty while on a recent trip to Australia, The Insurance Insider can reveal.
  • Barbican Group's main backer Carlson Capital is holding talks to buy out its minority owner Steel Capital, The Insurance Insider has learned.
  • Flagstone is weighing up its strategic options after ANV, the sole remaining bidder in its auction process, tabled its "final" bid for the company, The Insurance Insider can reveal.
  • The walk-out at Novae Re's Zurich office continued last week, with most of the firm's Switzerland-based underwriters now having resigned from the Lloyd's (re)insurer.
  • It's been quite a month for those concerned with the nurturing of our industry's future talent, particularly here in London.
  • Lightyear Capital, the private equity (PE) owner of Lloyd's (re)insurer Antares, has held talks with at least three potential partners as it looks to raise additional equity to grow the business, The Insurance Insider can reveal.