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...

Willis Group shares fell heavily after the broking giant reported third quarter profits below analysts’ expectations and said it was reviewing targets for 2009 and 2010 because of the financial turmoil.

A slew of US and Bermudian (re)insurers reported dismal third quarter results as they fell victim to natural catastrophe losses and the credit crunch continued to bite with realised and unrealised losses on investment portfolios.

UK-listed broker Jardine Lloyd Thompson (JLT) group has appointed Patrick Snowball to its board as a non-executive director.

Despite a growing voice from the (re)insurance sector supporting the view that the market is turning, some observers believe that a return to hardening conditions across the board remains distant - even amidst mounting pressure on both sides of the balanc

Fitch Ratings group managing director Keith Buckley has said the (re)insurance industry is currently a "dicey environment", warning "not to be scared as to what happens to this industry is to not be paying attention".

UK broking giant Aon Limited has appointed Pauline Colving to be UK chief risk officer.

UK based (re)insurance group Brit announced Kathy Lisson, COO will leave the company on 12 May next year.

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

Legacy sector trade body the Association of Run-off Companies (ARC) and consulting firm Watson Wyatt have launched a key stakeholder group to help drive through the development of individual capital adequacy (ICA) models for run-off businesses.

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.

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

Increased global errors and omissions (E&O) and directors' and officers' (D&O) liability claims of as much as $20bn related to subprime litigation are expected to impact general insurers' underwriting portfolios, according to a report by analysts at globa

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...

Brit Insurance Holdings plc has pulled out of its binding authority agreement with aviation managing general agency (MGA) Augsburg Re, The Insurance Insider can reveal.

Shares in beleaguered American International Group (AIG) plummeted a further 18 percent in early trading today as fears grow that the company may be running out of time to sell assets to pay off its mounting government debt burden.

Transatlantic Re's determination to protect its interests as its embattled majority shareholder seeks to sell its stake is deterring potential buyers, The Insurance Insider can reveal.

Struggling reinsurer XL Re's facultative team has lost a senior property facultative underwriter in its London office, Inside FAC can reveal.

The US property casualty industry's statutory surplus at the end of the third quarter is projected to have fallen by as much as $42bn, or 8 percent, from the start of the year, according to a report by Towers Perrin.

Despite booking its first ever quarterly loss, Bermudian (re)insurer Lancashire Group offered a bullish assessment of prospects in the market, as it heralded a return to hardening conditions.

Technology firm eReinsure is thought to have won the race to develop a new electronic placement platform in the Middle East.

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.

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.

Montpelier Re launching its own Lloyd's managing agency for the 2009 underwriting year after its plans were approved by the Society and UK regulator the Financial Services Authority.

American International Group (AIG) announced the appointment of key executives last week it hopes will steer it through the current crisis that threatens to engulf the US insurer.

Modelling firm Risk Management Solutions (RMS) almost doubled its initial estimate for industry losses from Hurricane Ike to a range of $13bn to $21bn last week - making it the third most expensive US hurricane in history.

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.