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US P&C sector still shrinking; no return to profitability in 2009
US commercial property and casualty (P&C) (re)insurers returned to loss in 2008 and there is little sign of an immediate turn back to profitability, according to Fitch Ratings.
15 June 2009
Catlin looks for new CFO
Catlin Group Ltd is looking for a new chief financial officer after confirming last week that Chris Stooke will leave later this year.
15 June 2009
Air France crash worst loss since 2001
The Air France Flight 447 loss, in which all 228 on board are feared dead, is set to exceed the $600mn cost of the American Airlines flight that came down in New York...
15 June 2009
ICAT sells Hawaii business to Universal
ICAT Holdings – which underwrites at Lloyd's through its Chaucer-managed Syndicate 4242 – has sold its US subsidiary ICAT Specialty Insurance Co (ISIC) to Universal North America.
15 June 2009
Fitch downgrades four Japanese insurers
Concerns over the Japanese economy and the impact of slumping equities on balance sheets has provoked Fitch Ratings to downgrade four Japanese non-life insurers.
15 June 2009
R&Q shrugs off rival to acquire Woolies captive
UK listed run-off group Randall & Quilter (R&Q) trumped rival LCL Group - the legacy subsidiary of Charles Taylor Consulting - to secure the captive insurance company of the failed UK retailer Woolworths Group.
15 June 2009
Unrealised losses push Ariel Re to modest loss
Ariel Re made a modest loss of $29mn in 2008, as $80mn in unrealised investment losses and $225.9mn in net losses from hurricanes pushed the class of 2005 (re)insurer into the red for the year.
15 June 2009
Bidders shortlisted in EUR80mn BF Rück auction
Three bidders in the auction for the non-life reinsurance portfolio of Berlin-based run-off group BF Rückversicherung have been shortlisted, The Insurance Insider can reveal.
15 June 2009
TARP-reliant Hartford to raise up to $750mn; stock falls
Shares in The Hartford fell 8 percent late last week after the distressed US insurance group surprised investors with plans to raise up to $750mn by selling common stock.
15 June 2009
Guy Carpenter lures Europe execs from Aon Benfield
Guy Carpenter has continued to capitalise on the fallout from the Aon Benfield tie-up last year by luring members of the firm's Central and Eastern European team, The Insurance Insider can reveal.
15 June 2009
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