• X
  • LinkedIn
  • Email
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
  • Email
© 2024 Insider International Limited, company number 15236286, 4 Bouverie Street, London, EC4Y 8AX. Part of the Delinian Group. All rights reserved.

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

October 2006/4

  • Few of the 34,000 Lloyd’s Names who reinsured themselves into Equitas in 1996 probably thought it would happen, but it is now possible they will receive a premium following today’s transaction with Berkshire Hathaway.
  • In a landmark transaction, Lloyd’s run-off vehicle Equitas has agreed a $7bn reinsurance deal with Berkshire Hathaway which, once completed, will bring finality to the vehicle.
  • Today's (20 October) $7bn deal between Equitas and Berkshire Hathaway lays a framework for reinsured Names and Lloyd's to achieve finality for pre-1993 liabilities and, if completed, nearly doubles the assets available to the run-off vehicle.
  • Bermuda-based insurer Catlin Insurance Company Ltd had its A financial strength rating placed under review with negative implications by rating agency AM Best today (19 October).
  • The Swiss reinsurer Converium has agreed to sell its US operations to Berkshire Hathaway for $295mn, paving the way for a possible upgrade of the company.
  • Bermudian-headquartered Endurance Specialty Holdings is pulling out of the offshore energy market and parting company with Paul Upton, who ran the business out of its London subsidiary, The Insurance Insider can reveal.
  • Lloyd’s insurers have geared up balance sheets to cash in on attractive post-Katrina underwriting conditions, according to research by equity house Numis Securities Ltd.
  • Benfield Group’s unexpected profits warning today (16 October) is likely to focus attention on the firm’s new Corporate Risk division which has found the going tougher than expected.
  • The risk gap is widening for insurers who are taking less premium for more risk, leading to significant concern about sustaining their profitability levels, according to Aon’s ‘2006 European Property, Liability and D&O Report’.
  • US reinsurers enjoyed a strong first half of the year, as rate rises in key property & casualty lines together with mild catastrophe losses contributed to favourable underwriting conditions, according to broker Benfield in its latest report on the sector.
  • Royal & Sun Alliance Insurance Group plc revealed a group restructuring last week to reflect the focus of the company into its UK, International and emerging markets.
  • Despite making significant progress over the last decade Lloyd’s run-off vehicle Equitas is “not out of the woods yet”, according to Marcus Rivaldi, a director at Standard & Poor’s (S&P).
  • Giant reinsurer Swiss Re has agreed to acquire General Electric’s GE Life businesses for £465mn, it announced on 13 October. Swiss Re said the transaction would provide further scale and infrastructure for Swiss Re’s Admin Re business in the United Kingd
  • Wellington Underwriting plc is “highly likely” to join its Lloyd’s rivals Amlin plc, Hiscox plc and Omega Underwriting Holdings plc by opening a Bermudian operation by the end of the year, according to Numis Securities’ analyst Nick Johnson.
  • AXA Group announced today (16 October) that it had agreed to acquire Greek insurer Alpha Insurance for EUR225mn.
  • South African financial services company Alexander Forbes said it expects earnings per share for the first half of the year to be down by 25-35 percent because of a number of exceptional costs...
  • Rating agency AM Best is to assess the “tail risk” attached to sidecar operations that are inadequately capitalised.
  • The Salvage Arbitration branch of Lloyd’s Agency Department has appointed John Reeder QC as its appeal arbitrator.
  • Stephen Snook has led a four-man team from Markel International to form a UK property team at Navigators.
  • Moody’s Investors Service became the latest rating agency to upgrade French (re)insurer SCOR to the all-important “A” territory on 13 October.
  • Berkshire Hathaway chairman Warren Buffett has warned his senior managers against using “accounting gimmicks” to manipulate stock options in a memo.
  • Swiss reinsurer Converium received approval from the Malaysian regulator on 10 October to write retakaful reinsurance through its local office.
  • US insurer Allstate Corp announced the next phase of its leadership succession plan on 9 October, with George Ruebenson set to take over from Thomas Wilson as president of Allstate Protection.
  • Benfield Group has warned that trading profits are likely to be £10mn lower in 2006 than previously expected because of the loss of senior members of its facultative team to a rival firm.