March 2006/4

Michael Bright, the colourful founder of collapsed UK insurer Independent Insurance, will face trial on charges of conspiracy to defraud at a trial starting after Easter 2007, a preliminary hearing at Southwark Crown Court heard today (24 March).

Lloyd's insurer Hardy bucked the trend of underwriting losses when it reported profits of £7.5mn for 2005 on 22 March, underpinned by a positive underwriting result of £6.3mn.

A EUR1bn bill from last year’s natural catastrophes – including almost EUR800mn from Hurricanes Katrina, Rita and Wilma (KRW) – dragged Hannover Re’s net income down from 2004’s 279.9mn to EUR49.3mn.

Shares in Canadian combine Fairfax Financial Holdings have dropped almost 15 percent percent on the New York Stock Exchange (NYSE) today (22 March).

Strong investment income helped French reinsurer SCOR continue its recovery as it recorded a 22 percent increase in 2005 operating profits to EUR242mn, along with a 75 percent increase in net profit to EUR131mn.

Wellington Underwriting plc says its reinsurance costs have risen substantially after restructuring its programme following Hurricane Katrina last year. The Lloyd's insurer posted a full-year pre-tax loss of £26.2mn for 2005 as the devastating storm...

Reinsurance specialist broker Guy Carpenter has appointed Ray Carless as executive chairman of its Australia, New Zealand and Pacific operations. The role will be based in Sydney and will report to Martin Burrough, CEO of the Asia Pacific region.

Willis has signed an agreement with the China Development Bank (CDB) that will see it become the bank’s global risk management and insurance consultant. The move is another big step for Willis as it moves into the Chinese insurance market. The firm...

US tort costs reached a record level of $260bn during 2004 according to research by Tillinghast’s US Tort Costs and Cross-Border Perspectives: 2005 Update. The figure is up from the previous record of $244bn set in 2004 and averages out at...

Despite fears of a difficult 2006 renewal for the International Group of P&I clubs with predicted 20 percent plus rises in reinsurance as the programme was hit by hurricanes and shipping accidents, the reality was much more benign, according to broker...

Bermudian start-up reinsurer Validus has announced it is entering into a $300mn syndicated credit agreement. The transaction consists of a $100mn Senior Unsecured 364-Day Revolving Credit Facility and a $200mn Senior Secured Three-Year Letter of...

XL Re Life, the life reinsurance arm of Bermudian XL Capital, is moving into the US market with the acquisition of Servus Life Insurance Company. The (re)insurer will operate in the States under the name XL Re Life America, offering reinsurance...