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QBE to raise $1.4bn to fund expansion
Australian (re)insurance group QBE is raising almost $1.4bn to fund an ambitious expansion drive which will see it purchase US underwriting agency ZCS for $575mn, continuing its recent US growth.
01 December 2008
Heritage receives green light for Bahrain platform
London-based captives and mutual manager Heritage has received the green light to establish Heritage Insurance Management (Bahrain) WLL (HIMB) on the Persian Gulf island kingdom Bahrain.
01 December 2008
Credit insurance rates hardening; uninsurable risks on the rise
Fabrice Desnos, CEO of Credit insurance specialist Euler Hermes UK has told The Insurance Insider that an increasing number of risks “have become uninsurable in the strictest sense” and underwriters are having to be more selective about the risks they wri
01 December 2008
ACE launches Swiss insurance company
Bermudian (re)insurer ACE Ltd has launched a Swiss-based insurance company, ACE Insurance (Switzerland) Ltd, to write (re)insurance business for ACE Europe’s Zurich branch established in 2003.
01 December 2008
US government injects $40bn equity into AIG
Troubled insurance giant American International Group announced on 25 November that it had completed a $40bn preferred stock sale to the US Department of Treasury...
01 December 2008
S&P upgrades Hiscox Insurance
Ratings agency Standard & Poor’s (S&P) has upgraded Hiscox Group’s UK non-life insurance subsidiary Hiscox Insurance Co Ltd to A with a stable outlook, on the back of strong operating performance.
01 December 2008
RFIB CEO to step down
Patrick Holcroft, the chief executive of private equity backed London market broker RFIB Group, is to step down, The Insurance Insider can reveal.
01 December 2008
Amlin looks to form 2009 sidecar
Amlin plc is raising capital to form a new quota share syndicate for 2009 financed by Lloyd’s Names to take advantage of the improving market conditions, The Insurance Insider revealed on 28 November.
01 December 2008
‘Milestone’ Aon Benfield deal completed; up to 700 job cuts expected
Aon Corporation completed its takeover of Benfield Group on 28 November to establish the world’s largest reinsurance broker under the joint brand Aon Benfield, headed by CEO Andrew Appel and executive chairman Michael O’Halleran.
01 December 2008
SCOR applies for Russian subsidiary license
French-headquartered reinsurer SCOR has deposited an application request for a composite subsidiary in Russia; a move which cements its life and non-life presence in the region.
01 December 2008
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