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ABI survey pushes UK govt on tax
Eighty-one percent of UK insurance executives feel that if the UK Government fails to improve tax competitiveness, there will be a drop in the number of insurance firms based in Britain. This was the finding of a survey of 75 UK insurance industry leaders
15 September 2009
Willis to settle last PA spiral suit for $130mn
Global broker Willis has announced that its E&O insurers are to disburse $130mn to settle the last of the lawsuits arising from its involvement in the infamous London Market personal accident (PA) reinsurance spiral of the late 1990s.
15 September 2009
Fitch goes negative on Novae subsidiary
Ratings agency Fitch has changed its outlook on Novae Group’s UK FSA authorised insurance subsidiary, Novae Insurance Company Limited (NICL), to negative from stable...
15 September 2009
Schemes face uncertain future after shock Scottish Lion ruling
The ability of solvent UK insurers to finalise their liabilities through schemes of arrangement is in question, after a Scottish court appeared to rule that they should not be sanctioned unless creditors unanimously vote in favour of the proposals.
14 September 2009
Monte Carlo 2009 reveals a market for 'stockpickers'
The old market saying that "there is no such thing as a flat renewal" could have been made for this year's Monte Carlo Rendez-Vous, as an overall picture of a healthy but fragmented reinsurance market emerged.
14 September 2009
Omega cuts back 2010 expansion plans; exec reshuffle
Lloyd's insurer Omega Underwriting Agents Ltd is now planning to increase its 2010 Syndicate 958 capacity by 12 percent to £280mn (2009 £250mn) – less than the initial 20 percent pre-emption...
14 September 2009
Reinsurers form global lobbying group
An 11-strong group of reinsurers that includes Lloyd's of London and eight of the top ten global reinsurance groups used last week's Monte Carlo Rendez-Vous to launch a worldwide body to represent the industry with a unified voice.
14 September 2009
Fairfax closes $1bn fundraise to buy out Odyssey Re minority interests
Canadian combine Fairfax Financial Holdings Ltd closed its $1bn fundraising last Friday (11 September) as it prepares to buy out minority interests in its affiliated reinsurer Odyssey Re.
14 September 2009
Willis raids GCFac following Benfield hires
Hugh Powell, the head of GCFac's Latin American operations, has resigned from the facultative arm of reinsurance broker Guy Carpenter to join rival Willis, our sister publication Inside FAC revealed this morning.
14 September 2009
Hannover Re upbeat on specialty reinsurance rates
German reinsurance giant Hannover Re bucked the pervading downbeat mood on potential rate increases during last week’s Monte Carlo Rendez-Vous...
14 September 2009
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