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November 2010/2

  • Run-off consolidators face tough challenges in finding growth opportunities as the low interest-rate environment continues, the legal head of consolidator Tawa Management told AIRROC delegates in New Jersey.
  • Legacy (re)insurer Grafton completed a transfer for UK supermarket firm WM Morrison's captive run-off liabilities understood to be in the "tens of millions".
  • Legacy (re)insurers whose traditional sources of revenue are drying up while liabilities shrink in the UK are looking further afield, run-off industry rainmakers heard last month in New Jersey.
  • Legacy specialist RiverStone is set to reinsure-to-close the open years of Syndicate 376, one of the largest remaining syndicates in run-off in the Lloyd's market, The Insurance Insider can reveal.
  • The Florida regulator has continued to ease barriers to foreign reinsurers, with the Bermuda operation of Lloyd's (re)insurer Hiscox the latest to secure a cut in its collateral requirements to 20 percent.
  • Ron Sandler rejected approaches from Lloyd's to take over from Lord Levene of Portsoken before events at nationalised UK bank Northern Rock effectively removed him from the running.
  • Ri3K's founding CEO Alex Letts has stepped down upon the firm's sale to fellow (re)insurance technology platform Qatarlyst.
  • US P&C rates continue to fall in soft market; Berkshire lukewarm on cat; Ambac files for Chapter 11; QBE underwriting chief; Marine follows Bender
  • Reinsurers weigh up UK motor quota share; QBE reinsurance rejig; Pensions shadow Miller; Lancashire picks Whelan; Russia with Lloyd's
  • Two senior broking executives have left Cooper Gay and Colemont Global Group as the organisations readjust following their mergers with US-based wholesale brokers.
  • Aon's out-of-court settlement of its "laptop in the pond" poaching dispute with Marsh ended the prospect of another acrimonious and protracted legal wrangle
  • London market brokers Tysers and Lonmar Global Risks are counting the days until a UK court verdict on a £2.5mn poaching case.
  • The future of Royal Palm Insurance has been cast into doubt after an acrimonious dispute with its founder Wallace "Locke" Burt ended in a $28mn arbitration defeat.
  • Failed investment bank Lehman Brothers' $250mn directors' and officers' (D&O) liability programme is rapidly being eroded by defence costs as the firm's bankruptcy filing rumbles on.
  • The ILS sector must innovate to compete with traditional players as the two markets encroach on each others' territory, according to speakers at the annual Trading Risk New York gathering last month.
  • Standard & Poor's (S&P) has posted a stable outlook on State Farm and RenRe's $100mn joint venture sidecar-style transaction Top Layer Re, matching a recent action on State Farm.
  • Scor is the latest (re)insurer to set up its own insurance-linked investment fund, setting aside $100mn of seed capital for a dedicated fund that will be known as Atropos.
  • Convergence executives are hopeful that recent revisions to AIR Worldwide's European windstorm risk model will be positive for the insurance-linked securities (ILS) market.
  • Three new catastrophe bond issuances at the start of the third quarter included the first solo US thunderstorm bond from a sponsor new to the market.
  • The fiercely independent Hardy board and the management of would-be acquirer Beazley are battling for the hearts and minds of Hardy's key investors.
  • Buy-out firms Apollo and CVC reveal details of £865mn takeover
  • Commentators scrutinising the big corporate brokers' third-quarter results for good news will have been buoyed by signs of recovery after a series of challenging quarters.
  • As Q3 financials filtered through in late October and early November, individual company loss estimates for the New Zealand earthquake began to mount.
  • The day of reckoning when reserve redundancies run dry is still some way off - at least that's the picture that emerged in Q3 results of the group of Bermuda-rooted (re)insurers The Insurance Insider has been tracking