March 2006/4

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...

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)...

UK regulator the Financial Services Authority (FSA) has recognised progress in pursuit of contract certainty by putting on hold work to develop rules it threatened to impose if the London market failed to meet the deadline set for the end of the 2006.

US insurer St Paul Travelers has denied reports that it’s been in merger discussions with Zurich Financial Services Group, that were first reported in the Wall Street Journal on 17 March. The possible creation of an insurance leviathan to match...

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..

Castlepoint Holdings Ltd, the latest insurer hoping to land on Bermuda’s shores, has been told by AM Best that it can expect an A- rating if its advisers raise the $220mn needed to capitalise the start-up. As revealed by The Insurance Insider...

As predicted in the January issue of our sister title The Insurance Insider, Allied World Assurance Holdings Ltd (AWAC) is set to become the last of the so-called “Class of 2001” to go public after filing for an initial public offering (IPO) of up to...

Start-up Lancashire Holdings’ financial strength rating has been placed under review by AM Best after the (re)insurer announced the departure of vice president Alex Richards. The agency has placed the rating under review with negative implications...