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Allianz set to price $150mn cat bond; Ike may trigger Blue Coast
Europe's largest insurer, Allianz, has added to the flurry of first quarter cat bonds after combining with Aon Benfield and Goldman Sachs to issue the $150mn US wind and quake bond Blue Fin II.
30 March 2009
EC disappoints with proposal to drop competition exemptions
The European Commission (EC) has put forward plans to scrap certain EU competition exemptions relating to insurance policy agreements, citing preliminary findings which suggest the agreements are not specific to the insurance sector.
30 March 2009
Amlin returns to Chaucer race with £280mn offer
Lloyd's insurer Amlin plc remains a leading runner in the race to acquire rival Chaucer Insurance Holdings, after making an offer which values the firm at around £280mn, The Insurance Insider can reveal.
30 March 2009
S&P also turns negative on Berkshire
Standard & Poor's (S&P) became the second rating agency to turn negative on Berkshire Hathaway, after it changed its outlook on the firm's core AAA financial strength ratings to negative.
30 March 2009
Towergate and KPMG deny reports of debt restructuring
UK insurance intermediary Towergate Partnership has denied reports that it is drafting in KPMG to advise on restructuring its £560mn in loans and debt facilities which it has used to fund an aggressive acquisition strategy.
30 March 2009
CX Re drags Tawa to $42mn loss; Argo litigation
UK-listed run-off vehicle Tawa plc fell to an after-tax consolidated loss for 2008 of $42.4mn, driven by deepening losses from the bond portfolio in its CX Re subsidiary.
30 March 2009
Group support lost in watered down Solvency II deal
A preliminary deal on the European Union (EU) Solvency II (SII) directive was reached last week by omitting contentious group support regime proposals, which had been a major stumbling block to EU-wide agreement.
30 March 2009
Japanese rates up as key 1.4 renewals approach; sets scene for US wind season
The 1.4 renewals – dominated by the Japanese treaty market – will provide a barometer of the direction reinsurance rates are headed in after a 1.1 renewal that didn’t deliver the rate rises underwriters had hoped for.
30 March 2009
Aon Benfield pays bonuses; spring defections to follow?
One of the most effective shackles preventing Aon Benfield's key producers from leaving the newly formed leviathan were removed last week, when the reinsurance broker paid its annual bonuses.
30 March 2009
Lloyd's: No more bumper reserve releases after 2008
Lloyd's insurers are unlikely to benefit this year from the bumper tide of reserve releases that bolstered the 2008 bottom line, according to the Corporation's director of finance, risk management, and operations, Luke Savage.
30 March 2009
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