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May 2006/2

  • Validus Reinsurance Ltd will become the latest Bermudian reinsurer to launch a sidecar with around $200mn of capital, The Insurance Insider can reveal. The “class of 2005” company will form Petrel Re, a sidecar reinsurer that will provide capacity...
  • ACE reports record income Bermudian reinsurance ACE limited announced record net income of $489mn for the first quarter of 2006 despite an $80mn charge to cover its settlement with regulators. Post-tax the charge wiped $66mn from ACE's net income...
  • Michael Wade is raising capital for a new reinsurance venture that, if successful, would see the veteran Lloyd's figure return once again to the London market. Wade is working in conjunction with UBS - the investment bank which is currently...
  • (Re)insurers and the capital markets are pushing back the boundaries in their willingness to securitise risk. Where will it all end? It might appear somewhat odd to note (re)insurance securitisations are now à la mode considering the industry's...
  • Redholm Underwriting Agents is set to write $120mn in aviation capacity at Lloyd’s this year and has begun filling the vacancies created by a mass defection to American International Group (AIG).
  • Paul Newson is set to join Lloyd’s managing agency Marketform to write a book of personal accident (PA) business. The Insurance Insider, which last month predicted that there would be further moves around the London PA market, understands that Newson..
  • Bermudian reinsurer to establish 'independent presence' American International Group (AIG) is continuing to divest its interest in reinsurers it helped found, with the US giant putting its 24.2 percent stake in Bermudian IPC Re...
  • Although shares in Fairfax Financial Holdings have regained some ground lost following the company's revelation that senior management members face a class action lawsuit, bears on the stock continue raising questions over the future of the Canadian...
  • Global brokers continuing to toil in competitive post-Spitzer landscape MMC chief executive Michael Cherkasky pointed to the green shoots of recovery in his company’s first quarter results, but it was also apparent that the global brokers are still...
  • ACE settles for $80mn; Willis parts company with Marsh defector; Allianz launches US aviation operation; Insured Q1 US losses at $1.38bn; Fortress Re founder dies; Rivera joins Fox at Praetorian; Insurers in $830mn Suncor BI settlement; et al...
  • Besso fined by FSA over fraud employee; Amlin raises £230mn debt; R&SA boosts regulatory capital; Heritage plans PA syndicate and AIM float; Ex-Marsh VC joins Beazley; Guy Carpenter launches London Market e-claims; GoshawK shares et al...
  • The world’s largest reinsurer Swiss Re – the giant reinsurance firm which has made growing interaction with the capital markets a core strategy – is supporting the newly formed alternative investment management firm, Securis Investment Partners LLP...
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