October 2006/3
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A tsunami is expected to hit northern Japan and Russia today (15 November), the US Pacific Tsunami Warning Center has warned.
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Munich Re, the world’s second largest reinsurer, raised its full year earnings forecast and announced its first ever share buy-back today (7 November) as it became the latest industry carrier to benefit from the benign claims season.
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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).
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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.
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But dollar fluctuations continue to deliver mixed results to bottom line figures
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Lloyd’s last month reported 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.
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Quoted Lloyd’s insurers Hardy Underwriting Group plc and Advent Capital Holdings plc are taking the final steps towards achieving the buy-out of remaining Names’ capital.
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Lloyd’s post-Equitas open year liabilities increased by £0.3bn last year and have become the “elephant in the room” of UK run-off, according to Philip Grant, chairman of the Association of Run-off Companies (ARC).
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US and EU Legal Developments
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Paris-based investment bank Calyon has completed a $63mn securitisation, Pinnacle, once again demonstrating the industry’s growing enthusiasm to sell-on risk to the capital markets.
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Bermuda-headquartered Catlin Group confirmed on 27 September that it is entering into a catastrophe swap agreement that would provide it with coverage of up to $200.25mn for global natural catastrophes.
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Price Forbes Ltd, the London-based international wholesale operation owned by Marsh & McLennan Companies Inc, has been spun-out of the broking giant via a management buy-out, The Insurance Insider revealed on 21 September.
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