March 2006/1

Giant reinsurer Swiss Re reported a 41 percent drop in its 2005 net income to SFr1.451bn from SFr2.475bn in the prior year, a result that reflected a tough year for reinsurers. Swiss Re absorbed SFr3bn in large natural catastrophe claims following...

Lloyd’s has chosen the former head of the International Petroleum Exchange (IPE) Dr Richard Ward to become the next chief executive of Lloyd’s, Insider Week can reveal. But the Society is still waiting on the Bank of England to ratify the decision...

Ratings agency Moody’s says that the outlook for Australia's property and casualty insurance industry is stable. “The industry has registered a good underwriting performance in the last few years, largely due to its sound claims experience, driven...

Last year was a record year for cat bonds as the market continued to react to Hurricane Katrina, according to a new report called “The Catastrophe Bond Market at Year-End 2005: Ripple Effects from Record Storms” by reinsurance broker Guy Carpenter.

The London market has exceeded its latest target laid-down in conjunction with UK regulator, the Financial Services Authority (FSA), to ensure contract certainty of policies agreed in December. According to the Market Reform Group (MRG) – the industry

US broker Hub International reported a fourth quarter increase of 75 percent in its net earnings, which rose to $5.9mn. Revenue for the quarter was up 12 percent to $114.1mn, while revenue for the full-year was up 25 percent to $442.6mn.

Lloyd’s insurer Wellington Underwriting plc has announced the retirement of its chief underwriting officer David Foreman in a statement to the London Stock Exchange this morning (6 March 2006). Wellington said Foreman will step down from the board...

London market (re)insurers and brokers were recognised yesterday as some of the UK’s best companies to work for, according to the annual Sunday Times survey. The medical malpractice specialist Marketform Group came 26th out of the UK’s top 100 best...

London-based HSBC Insurance Brokers announced a restructuring last Wednesday (2 March), with four core divisions reporting to chief executive Mike Dixon. The new structure sees Direct Client Solutions, International Solutions, Intermediary Solutions...

Supplementary benefits removed for all but the senior ranks in efficiency drive… Marsh UK is in the process of scrapping its final salary pension scheme for its staff and ceasing supplementary benefits for all but the highest earners...

Lloyd’s insurer Hardy Underwriting has forecast today (6 March) that its 2005 profits will be ahead of expectations. In a statement to the Stock Market the company said: “The profit before tax of Hardy Underwriting Group for the year ended...

Insurance brokers want (re)insurers to write more business with their excess capital according to Chris Klein of Benfield. “When I was a soldier I could never have too much ammunition, and I don’t recall anyone ever returning excess ammunition...