May 2009/3

Paris Re has given a cautious welcome to price hardening in some of its core short-tail lines of business, but has again struck a notably less excitable tone than many in its global P&C (re)insurance peer group...

Insurance giant Allianz saw its net income for the first quarter of 2009 drop by EUR1.12bn to EUR29mn compared to Q1 2008, as write-downs almost doubled to EUR708mn and its property and casualty (P&C) business produced sluggish figures.

Laura Pendergest-Holt, the chief investment officer for Stanford Financial Group, has been indicted by a Houston federal grand jury on charges of obstruction of justice and conspiracy to obstruct justice.

Dermot O'Donohoe is set to join Torus on 1 September after resigning as chief underwriting officer of XL Insurance’s global specialty operations and CEO of its London market operations, The Insurance Insider can reveal.

Everest Re Group Ltd has become the latest Bermudian to establish a full European underwriting platform with the launch of a EUR200mn Irish subsidiary.

Guy Carpenter chairman Britt Newhouse is relocating to London as the reinsurance broker looks to bolster the management structure of its European operations, The Insurance Insider can reveal.

Florida's state-backed insurer Citizens Property Insurance Corporation has pulled its reinsurance spend from the private market for 2009 because of the increased cost of cover.

UK insurer RSA has raised £500mn of subordinated debt to bolster its financial flexibility ahead of any call on its existing EUR500mn subordinated guaranteed bonds.

Troubled US insurer The Hartford Financial Serviced Group has been given a much needed fillip with preliminary approval for a $3.4bn participation in the US Treasury's Capital Purchase Program (CPP).

Bahrain-based reinsurer Arig posted a first quarter net profit of $1.48mn, half the $2.96mn it posted for the first three months of 2008 but nevertheless a return to profit after it booked a full-year loss of $28.57mn last year.

With investor calls for peril diversification in insurance-linked securities (ILS), Munich Re's EUR100mn European windstorm and Turkish earthquake cat bond - Ianus - will be seen as a welcome move.

Lloyd's (re)insurers Brit and Amlin impressed with strong figures in interim management statements last week, supporting strong top line growth with bullish comments on pricing.

The joint venture that acts as the clearing house for the London market, Xchanging Ins-sure Services (XIS), has appointed Richard Bucknall to succeed its current chairman, Sir Laurie Magnus.

Lancashire Holdings saw its first quarter revenues fall sharply as it said it was holding back capacity to take advantage of "improving opportunities".

American International Group (AIG) is speeding up plans to reposition its Asian life insurance operations as an independent company that will include a multi-billion dollar initial public offering (IPO).

Following private equity firm Pamplona Capital Management's announcement last week that it would like to acquire a 29.9 percent stake in Lloyd’s insurer Chaucer Holdings, all eyes are on Brit Insurance...

XL boosts aviation team with Catlin hires; Arch CEO Iordanou takes on chairman role; Allianz Global in UK PI push; XL Insurance energy promotion; Cooper Gay bolsters EE energy business

Legacy UK (re)insurer Scottish Lion has applied to the Scottish Court of Session to sanction its proposed solvent scheme of arrangement after receiving "overwhelming support" from its creditors for the proposal...

Newly founded Zurich-based Perils AG estimates the property insurance market loss for windstorm Klaus at EUR1.55bn.

Bermuda was dealt a reprieve last week as US President Barack Obama left out of his $210bn tax revenue package proposals that would curb the ability of non-US insurers to cut tax bills by ceding US premiums to affiliated offshore reinsurers.

UK-based engineering support services firm Babcock International Group plc is pioneering a £500mn longevity swap with Credit Suisse - the first in a series of transactions designed to hedge 45 percent of its £1.7bn defined pension liabilities.

Adrian Fox, the financial institutions (FI) specialist who resigned from Aspen Insurance Holdings in March, has re-emerged at HSBC Insurance Brokers.

Airmic (the association of insurance and risk managers) has published its own guidelines for commercial insurance buyers in their dealings with brokers, calling for automatic, mandatory disclosure...

Great American Insurance has asked for a judge to decide the outcome of a $15mn claim from a directors' and officers' (D&O) insurance policy that relates to an ongoing dispute with American International Group...