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November 2007/5

  • Quoted Lloyd's insurer Novae Group plc is set to open a bloodstock account next year following the capture of a Brit Insurance underwriter.
  • Bermudian reinsurer Montpelier Re Holdings Ltd has extended the employment contract of its founding chairman and chief executive Tony Taylor until 2009, it confirmed last week.
  • The rules for Brazil's open reinsurance market are set to be published on 15 December, according to local sources.
  • Tawa plc, the UK quoted run-off consolidator controlled by French billionaire Francois Pinault, has launched Tawa Consulting Ltd, which will take on consulting and advisory operations.
  • Aon Re Global Fac is to launch a dedicated residual value insurance division.
  • London-based electronic trading platform Ri3K is streamlining charges for its services in response to "market criticisms" over the firm's pricing structure.
  • Lloyd's insurers Beazley Group plc and Hiscox Ltd disclosed moderate share buybacks last week, continuing the trend in the (re)insurance sector for the repatriation of capital to shareholders.
  • A New York-based hedge fund has hit back at Canadian conglomerate Fairfax Financial Holdings with a counterclaim accusing the firm of defamation and a campaign of harassment and intimidation.
  • Non-life insurers should escape the global credit crunch but not contagion from a possible economic stagnation or recession, according to research from Morgan Stanley.
  • Gallagher London became the latest firm to levy an additional commission on the market as the weak dollar and falling rates continue to squeeze brokers' margins.
  • 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.
  • Underwriting discipline, capital management and improved prior-year syndicate forecasts were the dominant themes as Lloyd's (re)insurers reported trading updates last week.
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