March 2006/4

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.

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...

Despite raising earnings expectations on improved prospects at UK insurer Royal & Sun Alliance (R&SA), analysts at Morgan Stanley believe the company’s stock is overvalued. Equity analysts Jon Hockling and Kathy Fear increased 2006 earnings forecasts..

Inmarsat has become the first satellite operator to insure with newly launched space consortium LibSat. The company is insuring its new generation Inmarsat-4 communications satellites with the $250mn capacity consortium, which was set up at the start..

Chaucer became the latest Lloyd’s insurer to make an underwriting loss because of last year’s storms, but post a profit thanks to its investments when it reported its 2005 results on 17 March. Hurricane losses of £68.5mn caused the insurer to fall to..

Insurance giants AIG and AXA have been linked with counter-bids for UK insurer Prudential plc following the takeover move by compatriot Aviva plc last Thursday (16 March) night. In a statement to the London Stock Exchange this morning (20 March)...

German insurer Allianz AG almost doubled profits last year, it announced on 16 March. Net income for 2005 was up to EUR4.38bn, a 93 percent rise from the previous year’s EUR2.66bn. Total revenues rose by 4.2 percent from EUR96.9bn in 2004 to...

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...

Aon has lost its $80mn court case with oil company BP in a judgment that could have wider implications for sub-broking arrangements. Mr Justice Colman ruled in the case of BP v Aon and another that Aon had breached its duty of care to the oil company..

Lloyd’s insurer Beazley reported a 44.5 percent drop in pre-tax profits on 14 March after absorbing a £60mn net loss from hurricanes Katrina, Rita and Wilma (KRW). Pre-tax profits fell to £16.1mn last year from £35.4mn in 2004, although gross written..

UK Insurer Brit Insurance Holdings plc has replaced house broker Cenkos Securities Ltd with Citigroup while unveiling a 2005 profit created by an unexpectedly high release from prior-year reserves. In an eventful 15 March announcement, the insurer...

The weight of over $2bn in two major fourth quarter charges sent American International Group’s (AIG) net income plummeting by 72 percent, it reported on 16 March. AIG reported net income of $444mn for the quarter after it settled with regulators for..