October 2006/1

A benign conclusion to the 2006 hurricane season could speed up the softening market for non-catastrophe exposed property casualty (re)insurance worldwide.

Integro Ltd announced last week a joint venture with risk specialists Indemnis Trade Risk Management. Integro said the deal would offer an array of trade risk management programmes to clients within North America. “We are enthusiastic about our firm's..

Market information and analysis firm Advisen Ltd has teamed up with XML messaging specialist Web Connectivity Ltd in a combined offering it says will increase transparency and efficiency in the London market. Under the partnership, Advisen will...

Despite paying over $1bn in settlements and foregoing contingent commissions, the post-Spitzer picture is still not “rosy” for the big three brokers, according to a report by ratings agency Standard & Poor’s (S&P). The report entitled...

Paris-based investment bank Calyon has completed a $63mn securitisation, Pinnacle, which again demonstrates the industry’s growing enthusiasm to sell-on risk to the capital markets. The transaction was part of a $128mn programme of various cat bonds...

The sale of Hastings Insurance Services Ltd has focused attention on the future ownership of Lloyd’s insurer Creechurch Underwriting Ltd, which is also controlled by industry entrepreneur David Gundlach. Last week, the Insurance Australia Group (IAG)...

Lloyd’s has announced plans to overhaul its annual venture in a bid to tackle complaints that its current structure adds costs and restricts management flexibility. In an announcement today (2 October), the Society has come up with two proposals...

Lloyd’s insurer Atrium reported a fall in pre-tax profits on 27 September with foreign exchange fluctuations blamed for the drop to £7.9mn for the first half of 2006, against £13.7mn in the prior-year period. In a story that has been repeated by many...

Failed (re)insurer GoshawK Insurance Holdings announced increased post-tax losses of £2.6mn for the first half of 2006, against a loss of £0.5mn in the prior-year period, the company revealed in its interim results on 29 September. “The group has...

Lloyd’s announced last week (27 September) half year pre-tax profits of £1.35bn – marginally down on the £1.38bn booked at the same stage last year – as strong underwriting results in benign conditions were offset by a fall in investment income.

Aon Re Global appears to have pulled off a coup with the hiring of Elliot Richardson, currently head of facultative reinsurance at rival Benfield Group, to run its global Fac operation. According to market sources, Richardson may be joined by up to forty

Despite improvements in underwriting, an increased tax burden and lower investment results meant the US property & casualty insurance industry saw its net income after tax fall almost ten percent in the first half of 2006. According to figures from ISO..