November 2005/4

US politicians brought some relief to the (re)insurance industry on Friday (18 November) with the news that the US Senate had approved a bill to extend the Terrorism Risk Insurance Act (TRIA) for a further two years until the end of 2007.

Benfield is to lose its role in helping place the world’s largest reinsurance contract because of its decision to expand into the primary insurance markets. Last week the broker was replaced by marine/energy specialists Agnew Higgins Pickering & Co...

Lloyd’s insurer Amlin plc revealed it expects a $52mn bill from Hurricane Wilma but cheered shareholders with an increased profit forecast on its 2003 trading year. In a trading statement to the London Stock Exchange this morning (21 November), the...

But bigger is not necessarily better as competitors look to move in… In a press conference last Friday (18 November), Swiss Re’s incoming CEO Jacques Aigrain highlighted the “remarkable fit” between his company and the (re)insurance operations of GE.

If its proposed acquisition of GE Insurance Solutions concludes without a hitch next summer, Swiss Re will be able to proclaim itself as the biggest reinsurer on the planet, leapfrogging its rival, Munich Re. Based on 2005 estimates, the combined...

If Swiss Re successfully completes its acquisition of GE’s (re)insurance operations next year, it seems likely it will come at a price, after the four leading rating agencies announced they may downgrade the reinsurance giant.