October 2007/2
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Zurich Financial Services Group (ZFS) has named ex-Converium Holdings CEO Inga Beale as head of organisational transformation and mergers & acquisitions with effect from 1 January 2008.
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Insurance giant American International Group (AIG) reported operating results for the third quarter below analysts' expectations, compounded by losses in its AIG Financial Products (AIGFP) division, which suffered a $352mn pre-tax charge on credit default
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In the first transaction of its kind following Germany’s implementation of the EU Reinsurance Directive, Deutsche Rückversicherung AG (Deutsche Rück) has transferred all of its run-off business to its UK-based subsidiary.
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Roger Townsend, executive director of Xchanging Insurance Services (XIS), has dismissed market accusations that it is taking advantage of a monopoly over the market.
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Marsh & McLennan Companies, Inc (MMC) suffered a slump in its third quarter profits from its continuing operations, which fell to $80mn from $133mn in the prior-year period, the company reported today (8 November).
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German insurance giant Allianz SE has issued EUR155mn and $65mn of European windstorm cat bonds through a newly created EUR1bn shelf vehicle, Blue Fin Ltd, as predicted by The Insurance Insider last month.
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Allianz continued its strategic stake-building in the UK distribution chain this month, with confirmation that it has acquired a 10 percent minority share of Yorkshire-based broker The Oval Group, as predicted by The Insurance Insider in September.
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Kiln Ltd is to return £60mn of surplus capital to investors in a share buyback part-paid for by the sale of its 20 percent interest in US insurer WR Berkley’s European operation.
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Bermudian Validus Holdings Ltd almost doubled third quarter profits from $69.7mn to $136.5mn year-on-year as it reported its first set of results reflecting the July acquisition of Talbot Underwriting.
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Kamp Re 2005, Zurich Financial Services' (ZFS) catastrophe bond, hit by losses from Hurricane Katrina soon after its launch, is due to be tested within the next month, after the bond's administrators finally filed a proof of claim notice on 30 October.
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European giant Swiss Re has forced analysts to backtrack on their earnings forecasts after its net income came in well ahead of predictions.
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Tawa plc, the UK quoted run-off consolidator, has acquired the US firm PXRE Reinsurance Co (PXRE US) from parent Argo Group International Holdings Ltd in a $114mn transaction.
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