May 2011/1
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National Indemnity Company (NICO)'s reinsurance deal last month to assume $3.5bn of American International Group (AIG) liabilities in advance of its planned IPO was also further demonstration of Warren Buffett's enduring appetite for asbestos risk.
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A potentially pivotal ruling in a Rhode Island court has approved a commutation plan for a solvent insurer to extinguish its liabilities without going into insolvency, in a ruling that could have significant implications for commercial (re)insurers with a run-off portfolio in the States.
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Defunct Bermudian retro player PXRE - now owned by UK-listed run-off acquirer Tawa - has received approval from the Connecticut Insurance Department to withdraw $22,800,000 in the form of a cash dividend to its immediate parent WT Holdings, Inc.
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After Randall & Quilter (R&Q)'s shares climbed 19 percent on the London Stock Exchange in the first four months of 2011 its year-end results largely validated investors' enthusiasm.
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Goldman Sachs' private equity arm has agreed to invest up to $291.6mn for a 19.9 percent stake in leading Bermudian run-off player Enstar, becoming the group's largest single shareholder in the process.
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The Financial Services Authority (FSA)'s Solvency II contingent has quadrupled in size in the last year as the regulator tries to keep pace with the EU's schedule.
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UK insurers don't hear too much about "proportionality" from their regulator these days but there was a welcome echo last month when the Financial Services Authority (FSA) said it would impose a two-tier approach to Solvency II.
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International insurance groups continue to oppose recent Brazilian government legislation that restricts global reinsurers' ability to write business from the country.
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The simmering tensions between some brokers and insurers risked spilling into open hostilities during April as arguments again erupted over broker remuneration.
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Warren Buffett's Berkshire Hathaway may sue former executive David Sokol to recover any damages suffered by his acrimonious departure in March.
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Liberty Mutual is blocking a proposed settlement between American International Group (AIG) and other insurers related to alleged under-reporting of AIG workers' compensation premiums.
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It has been a steady start to the second quarter for cat bond sales, with three repeat offers coming to market.
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