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Jubilee confirms Loucaides hire
Specialist Lloyd’s insurer Jubilee Managing Agency has confirmed its appointment of Andreas Loucaides a director of underwriting, a move first revealed in June by The Insurance Insider.
20 October 2008
Bermudians reveal Q3 investment losses
Everest Re, Catlin, Max Capital and Aspen joined a growing chorus of (re)insurers publishing preliminary Q3 results outlooks reflecting heavy investment writedowns – in addition to the impact of hurricane losses (see article 6).
20 October 2008
Amlin adds to rising Ike bill with $285mn loss figure
Amlin cut its 2008 profit forecast by £45mn after tax today as it become the latest (re)insurer to reveal the impact of Hurricane Ike with the bill from last month’s storm rising based on industry estimates in excess of those published by...
20 October 2008
Prudential would give up stake to secure AIG Asian Life units
UK life insurer Prudential has emerged as a potential bidder for some of AIG’s Asian Life units, according to reports. The reports said that the UK firm is understood to be willing to issue new shares to the value of £1.3bn...
20 October 2008
Arch to form $400mn European reinsurance hub
Arch Capital Group Ltd is close to launching a new Dublin-based reinsurer that will act as a hub for its European reinsurance operations, The Insurance Insider can reveal.
20 October 2008
Aon agrees $154.7mn auto unit sale
Broking giant Aon Corporation has agreed a $154.7mn deal to sell off its auto unit AIS Management Group to Mercury Insurance Group, California’s third-largest personal automobile insurer.
20 October 2008
Swiss Re and World Bank carve out African weather derivatives contract
Leading global reinsurer Swiss Re has partnered with the World Bank’s International Development Association (IDA) to develop a weather derivatives contract to hedge against loss of maize crops as a result of drought in Malawi.
20 October 2008
O’Hara forced to sell XL stock; shares up on de-risking
XL Capital preannounced an estimated third quarter net loss of $1.65bn to $1.67bn that confirmed a $1.4bn charge in relation to its August transaction to close the majority of liabilities to former bond insurer affiliate Security Capital Assurance (SCA).
20 October 2008
London 100 speakers stress need for better regulation
The Insurance Insider London 100 (www.london-100.com ) meeting of 16 October heard an uncommonly positive outlook on the potential severity of the financial crisis from guest speaker Howard Wheeldon, London-based senior strategist of interdealer broker BG
20 October 2008
Brokers predict hardening airline insurance market
Broker Aon expects hardening market conditions to be sustained through October, November and December renewals with a closing gap between rates charged by lead and following insurers on placements.
20 October 2008
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