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.

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...

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...

The Conservative Party Treasurer and former Jardine Lloyd Thompson Group plc director Jonathan Marland has led an investor group of City grandees that has acquired the Lloyd’s investment fund manager, Insurance Capital Partners LP (ICP). ICP...

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..

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..

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...

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...

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...

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...

The International Underwriting Association (IUA) has elected Stephen Riley as its new chairman it announced today (2 October). Riley, an executive director and board member of Global Aerospace Underwriting Managers, takes over from colleague Tony Medniuk

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)...

Benfield Corporate Risk announced the acquisition of a Norwegian marine and energy broker , Parisco AS, on 28 September. The sale will see Parisco AS and its subsidiary Parisco Marine AS, which had net assets of around £200,000 at the end of last year...

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

The prospect of mandatory disclosure of broker commissions in the UK took a step closer today (2 October) following a speech by the Financial Services Authority (FSA) chief executive John Tiner. The head of the UK’s regulatory authority said it was...

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...