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Admiral worth just half of market cap, says analyst
London-listed motor insurer Admiral is worth just over £1.5bn less than its current market capitalisation, Investec analyst Kevin Ryan said in a starkly bearish note
30 May 2012
Toa Re affirmed after debt issue and de-risking
AM Best has removed Japanese reinsurer Toa Re and its American subsidiary from under review with negative implications and affirmed the company's A+ financial strength rating after it shored up its capital base following Thailand flooding losses
30 May 2012
Italian quake losses put at $375mn-$875mn
Catastrophe risk modelling firm Eqecat estimates that insured losses from several recent earthquakes in Italy - including two tremors on Tuesday (29 May) - may reach EUR300mn-EUR700mn ($375-$875mn)
30 May 2012
Novae shares fall on Zurich resignations
Shares in UK-listed Lloyd's (re)insurer Novae fell almost 7 percent on 29 May as shareholders digested the resignation of Gunther Saacke, the CEO and CUO of its Zurich reinsurance platform, and his number two Willi Schuerch
29 May 2012
WR Berkley secures managing agent after three years
WR Berkley has received approval from Lloyd's and the Financial Services Authority to establish a managing agent on 1 June, three years after Syndicate 1967 began underwriting at Lloyd's
29 May 2012
Dewey bows to inevitable and files for bankruptcy
Law firm Dewey & LeBoeuf has ended weeks of speculation about its future by filing for Chapter 11 bankruptcy in the US and placing its separate UK-incorporated entity into administration
29 May 2012
Citizens completes $500mn open market placement
Florida's Citizens Property Insurance Corporation has successfully placed its $500mn traditional open market reinsurance cover and is close to completing a further $250mn private reinsurance layer, The Insurance Insider understands.
29 May 2012
Novae Re senior executive duo resign
Listed Lloyd's (re)insurer Novae has been dealt a setback with the resignation of the CEO and CUO of its dedicated Zurich reinsurance platform Gunther Saacke and his number two Willi Schuerch.
29 May 2012
EQC pays 117% more for bulked up top layer
The New Zealand Earthquake Commission (EQC) has placed a firm order for an enlarged NZ$1.5bn top layer that was first revealed in this publication with a rate increase of 117 percent, The Insurance Insider understands
28 May 2012
Only the best allowed to opt-out of Lloyd’s volume claims service
The dispute at the heart of the potential building of a new high-volume low-value claims processing service (VCS) for the Lloyd's market appears to have found a compromise solution that would see top percentile performers allowed to opt of using the facility but less efficient market practitioners mandated to use the service, The Insurance Insider understands.
28 May 2012
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