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U2 claim stands at $17mn
U2's recently cancelled North American tour is likely to cost the London market close to $17mn due to contingency cover purchased by the band and its promoters, The Insurance Insider can reveal.
19 July 2010
Class action lawyers target $230mn NYMagic buyout
NYMagic's move to go private in a $230mn buyout by ProSight Specialty Insurance Holdings Inc has been challenged by class action lawyers over suggestions the US property casualty insurer may have undersold itself.
19 July 2010
Markel in $135mn US workers’ comp acquisition
Specialty insurer Markel Corporation acquired privately owned US workers' compensation insurer Aspen for $135mn in cash, it was announced last week.
19 July 2010
Eqecat launches new models
Catastrophe risk modelling firm Eqecat is releasing the first Asian typhoon model to cover the full western Pacific basin and a US quake model that incorporates earthquake data from the 2008 US Geological Survey.
19 July 2010
Miller bulks up reinsurance with trio of senior defections
Independent London broker Miller is to beef up its reinsurance capabilities by hiring two senior executives from Guy Carpenter and a derivatives specialist from Evolution Markets.
19 July 2010
Hard ILW market bucks downward trend
The industry loss warranty (ILW) sector was a pocket of hard market conditions in the second quarter, bucking the general soft market trend of falling premium prices and an over-supply of insurance cover.
19 July 2010
CEA looks to issue direct cat bond in 2011
The California Earthquake Authority (CEA) is looking to break out from under the wing of risk warehouser Swiss Re and sponsor its first cat bond in 2011, The Insurance Insider's sister publication Trading Risk has revealed.
19 July 2010
Benmosche asserts authority with AIA Tucker move
Boardroom changes have continued at American International Group (AIG), with the US insurer appointing former Prudential plc CEO Mark Tucker as head of its Asian unit AIA.
19 July 2010
Ironshore and QBE big gainers in US E&S rankings
Ironshore and QBE have shot up the rankings of excess and surplus lines (E&S) carriers in the US, with Berkshire Hathaway and Allianz falling sharply as they curb premium.
19 July 2010
Dual signs up Newline and raids Axis in D&O drive
Expansive London-based agency Dual Corporate Risks (DCR) has signed up Newline Syndicate 1218 to provide £10mn of excess capacity for directors' and officers' (D&O) business, while simultaneously raiding Axis Capital to bolster its team.
19 July 2010
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