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Keeling out at XL Capital
Asked about the effect of sub-prime on XL Capital last year, Henry Keeling described the fall-out from the crisis as presenting an "attractive opportunity" for the Bermudian (re)insurer.
29 July 2008
(Re)insurance stocks fall sharply again
(Re)insurance stocks on both sides of the Atlantic have plunged in trading as fears continue to linger over damage to the financial services sector from the fallout of the sub-prime and credit related crisis.
29 July 2008
Allianz closes $120mn LAZR cat bond
Deutsche Bank and Guy Carpenter have formally closed the innovative cat bond Blue Coast Ltd, which sees Allianz securitise $120mn of US wind exposures in a new structure designed to minimise basis risk.
29 July 2008
XL Capital tumbles 10 percent as $2.5bn capital raise is priced
Investors and rating agencies were bearish on XL Capital's plans to free itself from the shackles of its bond liabilities by raising $2.5bn in equity and other securities.
29 July 2008
XL to raise capital and commute SCA exposures
XL Capital has entered into a $1.775bn agreement with Security Capital Assurance (SCA) that commutes its pre-IPO guarantees and reinsurance of the troubled bond insurer.
29 July 2008
Fusion founders step down
Two of the founders of Towergate subsidiary Fusion Insurance Services, Kevin Pallett and Geoff Crisp have stepped down from the company.
28 July 2008
Normal tropical cyclone season, predicts Guy Carpenter
Despite a widely predicated active hurricane season in the Atlantic, reinsurance broker Guy Carpenter is not expecting a particularly turbulent year for cyclone activity in the Pacific.
28 July 2008
Amlin follows Lloyd's insurers into US
Amlin plc has become the latest Lloyd's insurer to enter the US market after announcing the establishment of a representative office in Illinois taking advantage of Lloyd's admitted licence to operate in the state.
28 July 2008
Scottish Re plunges further into junk territory
Rating agency AM Best has downgraded the financial strength rating of Scottish Re Group Ltd, plunging the embattled reinsurer further into junk territory.
28 July 2008
ILWs are a 'mini hard market'
US national carriers and Florida-only insurers created a surge in demand for Industry Loss Warranties (ILWs) last month, according to Jim Bryce, president and CEO of Bermudian cat specialist IPCRe.
28 July 2008
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