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Cat bond investors turn to ILW markets
The insurance-linked securities (ILS) market proved its flexibility in the year to June 2011 with sidecar and industry loss warranty business expanding as public catastrophe bond issuance shrank, broker Aon Benfield Securities said in its annual report on the sector.
31 August 2011
Swiss Re calls for more public-private insurance partnerships
Global insurer Swiss Re has urged governments to make greater use of the skills and capacity of the global (re)insurance market and warned against the state participating in the provision of non-life insurance for natural catastrophe hazards.
31 August 2011
Howden opens in Bermuda
Howden Broking Group, the expansive broking arm of international (re)insurance intermediary and MGA combine Hyperion, has announced the opening of a new wholesale and retail operation in Bermuda.
31 August 2011
Advent appoints new CEO
Lloyd's (re)insurer Advent has appointed Jim Migliorini as its new chief executive
31 August 2011
Omega tightens belt as H1 losses widen
Lloyd's takeover target Omega widened its loss for the first half of 2011 to $49.1mn from $34.2mn last year, as it confirmed yesterday's revelation by The Insurance Insider that it is pulling back on its Bermudian business
31 August 2011
Eqecat estimates Irene is a sub-$5bn event
Modelling firm Eqecat estimates that Hurricane Irene caused insured losses of $1.5bn to $2.8bn in the US - well below AIR Worldwide's $3bn to 6bn estimate
31 August 2011
Omega set to halt third-party Bermuda business
Embattled Lloyd's (re)insurer Omega Insurance Holdings is set to halt underwriting third-party business from its Bermuda-based Omega Specialty operation, The Insurance Insider understands.It is also understood that the company has parted company with its Bermuda-based CUO Andrew Stapleton and underwriter Mark Kinseley.
30 August 2011
Healthy cat bond trading on Irene fears
Willis Capital Markets & Advisory managing director Bill Dubinsky estimated trading on the secondary cat bond market reached about $100mn in volume last week as Hurricane Irene bore down on the US, on top of the livecat activity.
30 August 2011
Missing exclusion raises D&O legal issues
The Federal Deposit Insurance Company has filed a lawsuit against the former directors and management of failed bank Silverton and its insurers.
30 August 2011
Catalina in $168mn US run-off move
Expansive run-off acquirer Catalina has bought a US home warranty company that has businesses in Colorado and Hawaii with combined assets of $168.4mn.
30 August 2011
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