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Quinn UK abandons PI as Anglo Irish interest continues
The administrator of Quinn Insurance has confirmed there will be no return to the writing of UK professional indemnity (PI) insurance, as rumours of a rescue package from Anglo Irish Bank continue to percolate.
17 May 2010
Ironshore raises $250mn from debt markets
Bermudian-headquartered international specialty insurer Ironshore has completed a $250mn private debt offering of 8.50 percent senior notes, which become due in 2020.
17 May 2010
Validus Re wins A- rating from Fitch
Ratings agency Fitch assigned an A- insurer financial strength (IFS) rating to Validus Re last week.
17 May 2010
Miranthis wins race for PartnerRe CEO job
Bermudian reinsurer PartnerRe revealed that Costas Miranthis will succeed Patrick Thiele as CEO at year-end.
17 May 2010
Alterra is born as Max-Harbor Point deal completes
The all-share merger between Bermudians Max Capital and Harbor Point completed last week to create $2bn gross written premium (re)insurer Alterra Capital.
17 May 2010
FSA says UK brokers’ anti-corruption culture ‘far too informal’
UK broking houses approach higher risk business involving third parties "far too informally", according to the Financial Services Authority (FSA).
17 May 2010
Neal Bill would cost (re)insurers $17bn
International (re)insurers writing business in the US face $17bn in new taxes over the next decade if the Neal Bill is passed, according to an expert congressional committee.
17 May 2010
London insurers’ Milberg appeal dismissed
Zurich Specialties London, Ace unit Illinois Union and Lloyd's insurer Novae will appeal after their action to revoke defence payments made to lawyers Milberg LLP for criminal counts linked to a kickback scheme was dismissed.
17 May 2010
Darag involved in multiple European run-off sale talks
German legacy buyer Darag is involved in seven sets of run-off sale talks, just weeks after securing its first acquisition in the form of Hamburg-based insurer HVAG, The Insurance Insider understands.
17 May 2010
Kingsway back to black but Lincoln litigation threat lingers
Kingsway Financial Services (KFS) returned to the black in the first quarter, despite a net operating loss and its combined ratio ballooning 30.4 percentage points from a year earlier to 136.2 percent.
17 May 2010
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