October 2008/4

UK regulator the Financial Services Authority (FSA) is assembling a crisis team of advisers amid fears that the insurance sector is the next to be engulfed by the financial storm that has brought the banking sector to its knees.

AXIS Capital holdings has become the latest in a line of Bermudian-based (re)insurers to report a third quarter net loss, blaming the impact of hurricanes Ike and Gustav and the “unprecedented” turmoil in global financial markets.

Shares in CNA Financial plummeted almost 33 percent yesterday (27 October) after parent Loews Corp said it would pump up to $1.25bn into the US insurer following its $331mn third quarter net loss.

The talent drain at troubled American International Group (AIG) has continued with a raft of resignations in its Global Marine and Energy (GME) practice, including the president of its...

Hiscox has teamed up with AEGIS in a strategic partnership that will allow the Lloyd's insurer to offer its privacy protection product to the Bermuda-based energy

Arch Capital Group has replaced John Vollaro, its CFO of almost seven years, with ING’s John Hele from 1 April 2009.

Independent (re)insurance broker Cooper Gay has appointed Chris Butcher as MD of FSJ Broking, its UK wholesale division, with immediate effect. Derek Thornton will continue as Executive Chairman and will report to Chris.

Bahrain's economic boom is being reflected in a 21 percent surge in premiums reported for 2007 over 2006 levels. A 22 October announcement from the Central Bank of Bahrain revealed...

Bermudian (re)insurer Argo Group International Holdings Limited (Argo), which acquired Lloyd's managing agency Heritage earlier this year, has launched a new subsidiary aimed at the financial insurance market.

Fast expanding Lloyd's insurer Jubilee Managing Agency has hired Norman Topche from Willis Re to take the position of director of reinsurance.

Lloyd's insurer Amlin plc ended prolonged speculation over its star head of underwriting as it revealed Tony Holt will stand down from executive responsibilities at the end of year, taking a non-exec board position.

Former Independent Insurance executive Keith Rutter has left (re)insurance broker Lockton International for AmTrust as the expansive US insurer looks to grow its London presence.