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Spectre of self-insurance haunts mid-year renewals
As the key summer renewals fast approach, the insurance market is facing an uneasy stand-off between buyers and sellers which may limit the extra premium income (re)insurers were anticipating.
22 May 2009
People Moves
UIB takes off in US with Houlders hires; Colemont continues expansion with Aon exec; RBSI appoints Geddes as CEO; Cooper Gay adds to political risks team with Lockton hire
22 May 2009
News in brief
Lloyd's gets Portuguese licence; Hiscox US expansion continues with Miami office
22 May 2009
Swiss Re names Flunger insurance and specialty chief
Swiss Re has moved to fill the position at the head of its insurance and specialty division vacated by newly anointed COO Agostino Galvagni.
22 May 2009
Cat futures drop 10% as wind season approaches; underwriters rein in price expectations
Catastrophe futures pricing has softened up to 10 percent for US wind contracts in recent weeks, as traders seek to deploy capital ahead of the North Atlantic hurricane season which starts on 1 June, according to reinsurance broker Tradition Re.
22 May 2009
AIG CEO steps down; embattled giant looks once again for new leader
Ed Liddy famously joined American International Group (AIG) with a $1 salary and to his growing army of critics that was all he was worth.
22 May 2009
Aon calls for clarity on P&I piracy cover
Broker Aon has called for P&I (protection and indemnity) clubs to remove war risks exclusions to allow shipowners greater certainty over coverage should they be subjected to piracy attacks.
22 May 2009
Allstate has no need for TARP
In contrast to its ailing rival The Hartford Financial Services Group, Allstate Corp says it won't participate in the US government’s Troubled Asset Relief Program (TARP).
22 May 2009
Bermuda progresses in bid to lose 'tax haven' status
Bermuda's deputy premier Paula Cox has been working hard to remove the country from a list of tax havens drawn up by the Organisation for Economic Cooperation and Development (OECD).
22 May 2009
Willis cash flow to pay down HRH acquisition debt
Willis Group will use its strong cash flow to pay off the outstanding $103mn of its bridging loan this year, which was used to part-finance its $2.1bn acquisition of Hilb, Rogal & Hobbs in 2008.
22 May 2009
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