November 2007/2
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Heritage Underwriting Agency plc, the specialist Lloyd’s insurer, has admitted receiving an "indicative proposal" but says the "the price contained within the proposal significantly undervalues the company".
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Hardy Underwriting Group (HUG) plc has confirmed its intentions to become the latest Lloyd’s insurer to redomicile to Bermuda.
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John Hurrell has been appointed CEO of the Association of Insurance and Risk Managers (AIRMIC) after a prolonged search following the departure of David Gamble this summer.
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(Re)insurance broker Lockton has continued the increasingly popular trend for building Fac reinsurance business after launching a property division dedicated to the sector.
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UK (re)insurer Brit Insurance Holdings plc has invested in Norton Re II, a $118.2mn Bermuda-based sidecar-style vehicle launched to replace the original $107.7mn Norton Re which expires this year.
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Marsh Inc has completed its search for a new chief executive with the appointment of Daniel Glaser.
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Specialist broker THB Group plc has entered into talks with PWS Holdings over the acquisition of PWS’ Lloyd’s broking business and overseas interests.
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Ping An Insurance, China's second largest life insurer, has bought 4.18 percent of Benelux financial services group Fortis, at a cost of EUR1.81bn.
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Powerful consolidators are forcing insurers to "fundamentally re-examine their operating models" as they tighten their grip on the commercial SME market, according to the latest research.
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Catlin Group Ltd expects to take a $75mn charge against the value of sub-prime-related securities in its investment portfolio, the (re)insurer revealed in a trading statement this morning (28 November).
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Groupama SA is expected to be the next European insurer to launch a cat bond with its proposed securitisation of EUR200mn of French windstorm risk.
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UK mega consolidator, Towergate Partnership has agreed a £95mn cash offer for Yorkshire-based Broker Network Group today (27 November).
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London-based electronic trading platform RI3K is streamlining charges for its services in response to “market criticisms” over the firm’s pricing structure.
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Montpelier Re has continued to build its US operations with the launch of a new direct property facultative division to write business on behalf of its Lloyd’s Syndicate 5151.
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French reinsurer SCOR SA will add to its Atlas suite of cat bonds with the EUR160mn Atlas IV bond, which is due to close on 27 November.
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Administrators of loss-hit Kamp Re 2005, Zurich Financial Services' (ZFS) catastrophe bond, have extended the original maturity date by a month, to 14 January 2008, pending a final determination of the loss amounts.
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Brit Insurance Holdings plc’s share price continued to fall this morning despite an encouraging trading statement and the group’s apparent lack of exposure to the sub-prime crisis.
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As softening continues in the professional indemnity (PI), directors’ and officers’ (D&O) and financial institutions (FI) insurance markets, premium rates could soon head towards levels seen in 1999 and 2000 – the trough of the last soft market – accordin
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Jardine Lloyd Thompson (JLT) has become the latest broker to announce a capital repatriation programme as the group’s share price continues to fall as a result of weak equity markets.
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The financial strength rating (FSR) of Swiss Re has been placed under review with negative implications by AM Best following the reinsurance giant’s announced SFr1.2bn ($1.1bn) mark-to-market loss from credit default swap exposures.
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Fitch Ratings has upgraded the insurer financial strength ratings of UK insurer Aviva plc’s non-life firms to AA.
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Syndicate forecasts for Chaucer Holdings plc’s Lloyd’s operation have continued to improve, according to the firm’s latest report.
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Gallagher London is optimistic that it will receive an understanding response from insurers and clients as it levies an additional commission for placing business in the London and UK markets.
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Non-life insurers should escape the global credit crunch but not contagion from economic stagnation or recession, according to the latest research from Morgan Stanley.
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Endurance Specialty Insurance Ltd has been upgraded to A by AM Best, returning the Bermudian (re)insurer’s ratings to their pre-Katrina level.
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Swiss Re shares were trading down this morning after the reinsurer announced a SFr1.2bn (£524mn) hit - SFr981mn after tax - on two credit default swaps linked to mortgage backed securities.
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Former QBE Limit underwriter Mark Harrington is to head a new Lloyd’s composite syndicate with an expected capacity of £75mn for the 2008 year, The Insurance Insider can reveal.
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Aon Natural Resources London chairman Tim Fillingham and ex-Navigators UK and Europe CEO David Hope are to set up a new insurance company focusing on energy and commercial property lines.
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Steve Taylor, business development officer for Gallagher Re, is leaving the reinsurance broker to join one of its clients, WR Berkley Corporation.
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Growth in its life business was the driving force behind a 25 percent rise in profits at Swiss insurance giant, Zurich Financial Services Group (ZFS), it reported today (15 November).
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Lloyd’s managing agent Beazley is to continue the market trend for share buybacks after announcing the repurchase of £30mn, representing around 5 percent of the company’s issued share capital.
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Bermudian reinsurer XL Capital is set to renew a slimmed down version of its Cyrus Re sidecar with $105mn in capital from three tranches of loans.
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SCOR has booked net profits of EUR299mn for the year-to-date, up 93 percent on the prior-year period, along with top line growth boosted by the acquisition of Converium and Revios.
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Lloyd's insurer Amlin plc will return £120mn of capital to its shareholders due to its “financially robust position following a number of years of strong financial performance”.
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American Financial Group, Inc. (AFG) is to become a significant capital provider to the Lloyd’s insurer Marketform Group Ltd, and its Syndicate 2468 in 2008, The Insurance Insider can reveal.
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It was a familiar tale as Bermuda's (re)insurance community booked third quarter figures that set strong profits from two years of benign underwriting conditions against a backdrop of falling rates and a less positive outlook for the sector.
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