March 2007/1
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Rating agency AM Best has upgraded its outlook on the global reinsurance sector from negative to stable for this year.
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Heritage Underwriting Agency plc's reported that the majority of its forecasts were stable, although the 2004-year of account finished at the high end of ranges on both live syndicates.
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Omega Insurance Holdings has closed the 2004-year of account for Syndicate 958 at a profit of 7.6 percent of capacity despite absorbing losses from four major hurricanes.
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Analysts at Numis Securities have predicted further premium growth for Lloyd’s insurer Kiln as the firm announced improved forecasts for its syndicates.
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BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services has taken a 25 percent equity interest in JMD Specialist Insurance Services Group Limited (JMD).
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Lloyd's has strengthened its ties in the fast growing Asian markets with the launch of a Malaysian subsidiary.
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Swiss reinsurer Glacier Re reported a 51 percent increase in its premium volume, up to $167.7mn, written during the January renewals.
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Bermudian (re)insurer ACE Limited has appointed its CEO Evan Greenberg as chairman of the board from May this year.
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Hardy Underwriting Group raised the forecasts for its Lloyd's Syndicate 382, closing the 2004-year of account up on predictions despite the four major hurricanes that year.
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The renewed interest of insurers in obtaining UK brokers has pushed up the deal values in broker mergers and acquisitions (M&A), according to research by Deloitte.
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US giant American International Group (AIG) reported a rise in its 2007 net income and announced an $8bn share buyback scheme.
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In a year in which "everything went right in insurance", investment conglomerate Berkshire Hathaway reported a record gain in net worth during 2006 of $16.9bn.
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The impact on reinsurers of last month’s legislation in Florida may not be quite as severe as first feared, with the state reportedly opting to expand its hurricane catastrophe fund by $12bn, less than the $16bn increase allowed in the bill.
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UK general insurer Royal & Sun Alliance (R&SA) has completed the sale of its US run-off operation Arrowpoint Capital to its management even though some policyholders are continuing to object.
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The rise in German run-off liabilities and the changing attitude to the sector will eventually see the creation of a chief liability officer at (re)insurers, according to Arndt Gossmann, director in KPMG's Advisory practice in Germany.
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A report into the European run-off market by PricewaterhouseCoopers (PwC) has estimated its size at in excess of EUR204bn of liabilities.
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Rating agency Standard & Poor's (S&P) is launching a new set of ratings for the run-off sector to indicate the expectation of recovering the principal from (re)insurers.
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Despite delivering a doubling of net profits to SFr4.6bn and an unexpected announcement on capital repatriation, Swiss Re’s full-year financials were met with a cautious response by analysts.
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Converium saw its position strengthened in its efforts to fight off a hostile takeover bid by rival SCOR as it regained its desired A- financial strength rating from Standard & Poor's (S&P).
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Catastrophe modelling agency Risk Management Services (RMS) has lowered its industry loss estimate for European Windstorm Kyrill to a range of EUR3-4bn.
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The competitive trading conditions for insurance broking overshadowed Jardine Lloyd Thompson Group plc's (JLT) 2006 results this morning (5 March) where the theme of declining rates and the weak dollar was paramount.
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Reinsurance broker Benfield Group continues to build its facultative team after last year’s mass defection to rival Aon Corp.
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Independent UK broker Heath Lambert confirmed 2006 turnover of £121mn and pre-tax profits of approximately £17.5mn, as predicted in the February issue of The Insurance Insider.
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Giant US insurer State Farm benefited from the unexpectedly low catastrophe losses of 2006 as it posted after-tax net profits of $5.32bn, compared to $3.24bn in the hurricane-hit year of 2005.