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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.
  • 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...
  • 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...
  • Chaucer Syndicates Ltd has become the latest Lloyd’s insurer to unveil plans to build a Singapore platform. In a statement to the London Stock Exchange last week, Chaucer said it will appoint energy underwriter Chris Wildee as chief executive of the...
  • Although premium growth in China has exceeded all expectations in recent years the country’s insurance market is still in its infancy, according to a report by the reinsurance broker Benfield Group. Benfield said that total premiums increased strongly...
  • Bermuda-headquartered Catlin Group confirmed on 27 September that it is to enter into a catastrophe swap agreement that would provide it with coverage of up to $200.25mn for global natural catastrophes. The deal marks the first publicly rated...
  • 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...
  • RenaissanceRe founder and former chairman and CEO Jim Stanard and two other ex-employees of the Bermudian reinsurer have been charged with securities fraud by the Securities and Exchange Commission (SEC) over a finite reinsurance transaction.
  • 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.
  • Provisional liquidator Grant Thornton last week announced creditor approval for its proposed UIC Insurance Company Limited scheme of arrangement that looks set to boast the rare distinction of paying out more than 100p in the £1. If the scheme is...
  • With last week’s move by UK insurer Royal & Sun Alliance Group plc (R&SA) to clear the decks on its US legacy issues, speculation has begun to mount that the move may pave the way for renewed interest from potential bidders for the company...
  • 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
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