March 2007/2
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Insured losses from Hurricane Dean will be in a range of $0.75-1.5bn substantially less than first feared due to the storm’s “extraordinarily fortunate track”, according to modelling firm Risk Management Solutions (RMS).
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Integro Ltd, the US insurance broker formed in response to the regulatory scrutiny in to the broking industry, is to recruit between 50-100 executives to build a new global wholesale and facultative reinsurance group, The Insurance Insider can reveal.
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Strong performance from Lloyd’s insurers in calm cat conditions has led the Society to report pre-tax 2006 profits of £3.7bn for the market.
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Yesterday’s (27 March) closing of the Equitas deal with Berkshire Hathaway has already begun to pay dividends for Lloyd’s, with Fitch Ratings upgrading its insurance financial strength rating on the Society from A to A+.
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Xchanging, the outsourcing firm which runs the London market’s back office, has confirmed its plans to float on the London Stock Exchange.
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Lloyd's insurer Hardy Underwriting Group has revealed that it will stay in London, but that the possibility of moving to a low tax jurisdiction remains firmly in its sights.
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The spectre of asbestos has returned to haunt reinsurance giant Munich Re as it revealed in its full annual report this morning (20 March) a $600mn strengthening of loss reserves for related claims.
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Ark Syndicate 4020 has become the latest start-up to gain Lloyd’s approval, with 2007 stamp capacity of £114mn and backing led by Jeff Greenberg’s Aquiline Capital Partners LLC.
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Lloyd's has received the long-awaited approval for its new Chinese onshore reinsurance operation from regulators today (14 March).
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Guy Carpenter has become the latest reinsurance broker to launch an index-based property catastrophe reinsurance product as an alternative to traditional risk transfer.
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Kiln plc has become the latest Lloyd’s company to announce plans to redomicile in Bermuda and launch an insurer on the island.
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Aon Re Global has agreed to pay Benfield Group £9.525mn to settle the litigation which sprang from the defection of Elliot Richardson, and his facultative team, last year.
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A joint venture between global interdealer broker ICAP and JLT Group has once again underlined the growing co-operation between the reinsurance industry and the capital markets in trading risk.
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European giants Allianz, AXA and Zurich Financial Services (ZFS) reported strident 2006 figures and increased dividends as they benefitted from clement natural catastrophe conditions.
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Berkshire Hathaway chairman Warren Buffett said that with falling rates in “super-cat” insurance as a result of the “flood of capital” post-Katrina, the company has “sharply reduced” wind exposures.
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US giant American International Group (AIG) continued the capital management theme as it reported a rise in its 2007 net income and announced an $8bn share buyback scheme.
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Bermuda’s Class of 2005 – the group of (re)insurers launched in the wake of Hurricane Katrina – will face tougher conditions than their predecessors as they look to broaden scope in response to limited opportunities in the property cat market.
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After a month digesting unpalatable developments in the “Sunshine State”, the (re)insurance industry was at least served up a sliver of good news late February, as it emerged the Florida State Board of Administration...
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Florida reins in cat fund expansion; GE loses asbestos claim; Scottish Re ‘disappointed’ with $233.8mn loss; US plans long-term TRIA extension; Greenberg appointed ACE chairman...
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German reinsurer Hannover Re completed two more innovative securitisations that laid-off its recoverables and property catastrophe exposures to the capital markets.
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The reporting season may have crossed the Atlantic from Hamilton to London but the pattern has remained the same as few catastrophes and low claims fuel record profits.
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Hub International became the latest sizable broker to be acquired by private equity investors when the Chicago-headquartered firm agreed to a $1.7bn deal ($1.8bn including debt) with Apax Partners and Morgan Stanley.
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Aon has confirmed the arrival of Steve Redgwell as head of broking for its Commercial Insurance division.
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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 Deloitte.
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