March 2006/3

The Insurance Insider’s 2006 market survey, in association with Salmon Ltd, will gauge the views of senior industry figures on the competitiveness of the London market at a time of extraordinary flux for the industry. It takes less than five minutes...

But share price suffers as plans for new holding company, FSA insurer and rights issue revealed... Lloyd’s insurer SVB Holdings plc has confirmed a scheme of arrangement to ring-fence past liabilities, with the creation of a new holding company...

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...

CNA falls to Q4 loss Chicago-based insurer CNA Financial posted a fourth quarter net loss of $217mn, or 92 cents per share, down from a net profit of $303mn, or $1.11 per share, in 2004. The company was hit by $223mn in commuted reinsurance...

UK insurer Royal & Sun Alliance (R&SA) reported a £685mn leap in its full-year after tax performance. After tax profits were £605mn last year, a marked improvement on 2004’s £80mn loss. Profits before tax rose to £865mn in 2005 from £80mn the...

As Amlin, Beazley, Catlin and Hiscox kicked off the Lloyd’s listed vehicles’ 2005 reporting season, analysts at Keefe, Bruyette & Woods Ltd (KBW) noted good prospects for the sector based on recent trading statements, despite the record hurricane...

EC3 insurers continue to make '05 profits despite hurricane losses : Upbeat Amlin sets Lloyd’s rivals tough challenge. Amlin plc was as good as its word when posting record results earlier this month which promise to stand out among all the quoted...

The fate of the campaign by non-US reinsurers to have onerous collateral requirements relaxed for business written in the US should be known by the end of 2006, after the National Association of Insurance Commissioners (NAIC) finally set itself a...

Despite the demise of Kinnect, London’s back-office provider Xchanging is continuing to develop initiatives to help the market’s insurers reach the contract certainty targets agreed with the Financial Services Authority.

As first revealed by The Insurance Insider on 6 February, Lloyd’s has chosen the former head of the International Petroleum Exchange (IPE) Dr Richard Ward as its next chief executive following the departure of Nick Prettejohn at the end of last year.

London on target with contract certainty initiative ; G6 becomes magnificent seven ; HCC grows Lloyd’s presence with Heritage stake ; Managing the cycle key to Lloyd’s underwriters ; FSA cancels broker’s permission to trade ; et al...

Friedman, Billings, Ramsey Group Inc, the US investment bank which launched Quanta Capital Holdings Ltd in late 2003 before being embroiled in a controversy over the insurer’s demise, is in the throes of forming a new $220mn Bermudian headquartered...