March 2009/5

Existing estimates of the global (re)insured losses arising from sub-prime, credit crisis, liquidity and fraud-related litigation are "intuitively low", according to industry leaders...

The European Commission (EC) has put forward plans to scrap certain EU competition exemptions relating to insurance policy agreements, citing preliminary findings which suggest the agreements are not specific to the insurance sector.

Lloyd's insurer Amlin plc remains a leading runner in the race to acquire rival Chaucer Insurance Holdings, after making an offer which values the firm at around £280mn, The Insurance Insider can reveal.

Following a nine-month strategic review, XL Capital placed its UK and Irish life annuity reinsurance business into run-off, citing market conditions.

Lloyd's insurers are unlikely to benefit this year from the bumper tide of reserve releases that bolstered the 2008 bottom line, according to the Corporation's director of finance, risk management, and operations, Luke Savage.

UK-listed run-off vehicle Tawa plc fell to an after-tax consolidated loss for 2008 of $42.4mn, driven by deepening losses from the bond portfolio in its CX Re subsidiary.

The Chicago Mercantile Exchange (CME) facilitated a $10mn trade on its new 2nd event Gulf and Florida hurricane futures contract just days after its launch.

Europe's largest insurer, Allianz, has added to the flurry of first quarter cat bonds after combining with Aon Benfield and Goldman Sachs to issue the $150mn US wind and quake bond Blue Fin II.

Standard & Poor's (S&P) became the second rating agency to turn negative on Berkshire Hathaway, after it changed its outlook on the firm's core AAA financial strength ratings to negative.

Lockton International is to outsource its London professional indemnity claims broking department to commercial liability claims specialist Devonshire Claims Services (DCS), The Insurance Insider can reveal.

Catlin rights issue gets 98.68% take-up; Montpelier Re expands LOC facility; Lockton opens Dubai office

Lloyd's posted another sharp fall in the number of run-off or 'open years' of account in 2008, continuing the trend started in 2007.

Last week's deal between Talanx and Swiss Life will boost Hannover Re's life reinsurance business, according to the unit's CEO Wolf Becke.

The 1.4 renewals – dominated by the Japanese treaty market – will provide a barometer of the direction reinsurance rates are headed in after a 1.1 renewal that didn’t deliver the rate rises underwriters had hoped for.

In its first full year of trading, the private equity backed Lloyd's insurer group Ark Insurance Holdings posted a $18.6mn profit.

Aon veteran Vincent Redier has retired from his position as executive chairman of the broking giant's French operations, The Insurance Insider can reveal.

The London International Insurance and Reinsurance Brokers' Association (LIIBA) has said that its members now total over 120 firms - representing 98 percent of the London-based international broker sector...

A preliminary deal on the European Union (EU) Solvency II (SII) directive was reached last week by omitting contentious group support regime proposals, which had been a major stumbling block to EU-wide agreement.

UK insurance intermediary Towergate Partnership has denied reports that it is drafting in KPMG to advise on restructuring its £560mn in loans and debt facilities which it has used to fund an aggressive acquisition strategy.

New York-based private bank and alternative investment manager Gruss & Co has denied suggestions that it is interested in being involved in a bid for the up-for-sale Lloyd's insurer Chaucer.

Former Berkshire Hathaway executive Tom Bolt – who is widely admired in Lime Street – is now to take on the ultimate underwriting job by succeeding Rolf Tolle as the Society’s Underwriting Performance Director.

One of the most effective shackles preventing Aon Benfield's key producers from leaving the newly formed leviathan were removed last week, when the reinsurance broker paid its annual bonuses.

Allied World hires ex-AIG execs for Asia expansion; JLT launches RVI unit with Aon hire; Colemont hires aviation duo from Aon; Sutherland appointed CEO of Qatar Board; Allianz appoints new risk transfer CEO; Aspen promotes Griffiths replacement