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Ozizmir latest casualty of Swiss Re cull
Head of Swiss Re’s capital markets unit, Dan Ozizmir, has become the most high profile casualty of Swiss Re’s ongoing overhaul of its insurance linked securities (ILS) operations, our sister title Trading Risk has revealed.
18 June 2009
Conning sale to Aquiline takes Swiss Re closer to AA return
Swiss Re's move to sell its US asset management arm Conning & Co to Jeff Greenberg-run private equity firm Aquiline Capital Partners LLC will help increase its capital buffer as it refocuses on its core business and pushes for a return to an AA rating.
17 June 2009
Fitch downgrades Brit on profitability concerns
Ratings agency Fitch has downgraded its Insurer Financial Strength ratings for Brit Insurance Holdings' principle insurance subsidiary, Brit Insurance Limited (BIL), to 'A' from 'A+'.
16 June 2009
XL buys $240mn D&O back-up facility
XL Capital has moved to reassure its professional lines clients by teaming up with National Indemnity Company (NIC) to back-up its Side A directors' and officers' (D&O) policies in the event that the Bermudian firm goes bust.
15 June 2009
Regulator acknowledges insurers are not banks
(Re)insurers nervous of being swept up in a wave of global regulation triggered by the recent crises in the financial markets were thrown a lifeline last week.
15 June 2009
Willis in $139mn PA LMX settlement, CNA suit still pending
Willis will pay $139mn to settle part of a longstanding dispute arising from its involvement in the infamous London market personal accident (PA) reinsurance spiral of the late 1990's...
15 June 2009
The Stag's exec exodus continues
The exodus continued from The Hartford last week, as chief investment strategist Quincy Krosby became the third senior executive this month to announce their departure from the embattled US insurance group.
15 June 2009
Guantanamo spat rocks Bermuda government
Bermuda found itself in the middle of a Transatlantic diplomatic row last week after it emerged that its premier, Dr Ewart Brown, had unilaterally accepted the resettlement of four stateless Chinese Uighur Guantanamo Bay detainees...
15 June 2009
Mortality cat bonds unaffected by pandemic upgrade
Despite the World Health Organization (WHO) declaring a global swine flu pandemic last week, secondary market prices for mortality bonds remained stable.
15 June 2009
Bermuda signs tax agreement, gains OECD 'white list' status
Bermuda's deputy premier, Paula Cox, has succeeded in removing Bermuda from a list of tax havens drawn up in April by the Organisation for Economic Cooperation and Development by signing a Tax Information Exchange Agreement with the Netherlands.
15 June 2009
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