March 2008/3
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Ironshore Inc is carrying out due diligence on Lloyd's insurer Heritage Underwriting Agency after signing a non-disclosure agreement (NDA), our sister publication The Insurance Insider revealed today.
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Lloyd's insurers will be able to accept business from brokers around the world, but the market's unique - and sometimes criticised - capital structure will not be overhauled, according to proposals that were published last week.
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Bermudian-headquartered run-off company Alea Group Holdings' outstanding liabilities now stand at around $1.5bn after a series of major commutations, the company announced in its 2007 results.
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Jardine Lloyd Thompson Group plc's (JLT) 2007 results were welcomed by analysts last week as a sign the firm may have turned the corner following recent restructurings and investments in its trading operations.
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Bermuda-headquartered (re)insurer Catlin Group Ltd reported an 8 percent increase in combined earnings to $462mn for 2007, on the back of the integration of acquired London (re)insurer Wellington Underwriting...
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Lloyd's insurer Chaucer Holdings plc will continue to target improving conditions in UK motor as it looks to realign its book in the face of softening in other lines of business.
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Brit Insurance Holdings said it was "business as usual" this morning after the UK insurer posted £62.5mn of net reserves for sub-prime related liability claims.
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The major catastrophe modelling agencies are again disagreeing over the size of losses arising from an event with estimates of insured losses from European Windstorm Emma varying between EUR300mn and EUR1.3bn.
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Mirroring the aviation sector, an excess of capacity together with low losses are driving premium rates downwards, according to Aon's Aerospace Insurance Market Review.
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Wall Street banks could lose a further $325bn in capital due to deteriorating sub-prime US mortgages in the face of a "systemic margin call", according to JPMorgan.
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Ambac Assurance Corp, one of the monoline insurance sector's giants, lost 17 percent of its stock market value last week after revealing a $1.5bn recapitalisation plan that disappointed investors hoping for a bigger rescue effort.
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German reinsurer Hannover Re is expected to report 2007 profits of EUR779mn on 12 March, according to analyst William Hawkins of Keefe, Bruyette & Woods (KBW).
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