October 2006/3
-
A tsunami is expected to hit northern Japan and Russia today (15 November), the US Pacific Tsunami Warning Center has warned.
-
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.
-
US and EU Legal Developments
-
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).
-
Broker announces further restructuring with 750 job cull Marsh & McLennan Inc (MMC) revealed on 19 September that it is mulling the sale of its Putnam Investments subsidiary.
-
In a strategic volte-face, Jardine Lloyd Thompson Group plc (JLT) announced last month the sale of its US property casualty and employee benefits operations to Alliant Insurance Services Inc for $100mn (£53.3mn) little more than three years after revealin
-
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.
-
In addition to Thunderbird Re, Lloyd’s syndicates may have a new form of exclusive contingent capital available to them for next year in the form of a Bermuda domiciled special reinsurance vehicle, Syncro Ltd.
-
Despite the growing popularity of sidecars, executives in the London market are not convinced about their merits, according to findings by PricewaterhouseCoopers (PwC) for its 2006 London Insurance Market survey.
-
Energy underwriters face further pain out of last year’s devastating KRW hurricanes with at least $1bn of additional pipeline losses still to come through.
-
Up to $500mn of retrocessional capacity will be withdrawn from the market following the completion of Swiss Re’s acquisition of GE Insurance Solutions earlier this year.
-
The French investment bank IXIS is raising funds to float a new $1bn company on London’s Alternative Investment Market (AIM) to invest in the burgeoning insurance-linked securities sector.
-
Fresh from Alba sale, Whittington plans new Lloyd’s syndicate The trio of senior Aspen Insurance Holdings Ltd executives who have resigned from the reinsurer in the past few months are planning a start-up reinsurer that is likely to have a Lloyd’s plat
-
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).
-
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.
-
Lloyd’s insurers Hiscox plc and Omega Underwriting Holdings plc both revealed last month that they are to redomicile to Bermuda, sparking speculation that other players such as Wellington Underwriting plc may be preparing to make a similar move.
-
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.
-
But dollar fluctuations continue to deliver mixed results to bottom line figures
-
Leading brokers Marsh and Aon have highlighted concerns over a rapidly softening UK professional indemnity (PI) market.
-
Last month’s long-awaited announcement by UK insurer Royal & Sun Alliance Group plc (R&SA) that it had succeeded in agreeing a deal to cut itself free from its US run-off business has fuelled speculation that the company may be the subject of renewed take
-
Bob Clements, the man who has launched a host of (re)insurers throughout a long career in the insurance industry, is looking to raise up to $1bn for Ironshore Ltd, The Insurance Insider revealed last month.
-
This month, The Insurance Insider has two reasons to celebrate. It is not only our 100th issue – a feat in itself – but also ten years since the publication was born.
-
Provisional liquidator Grant Thornton last month 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.
-
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.