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Gallagher wholesale buy completes Heath Lambert retail focus
Heath Lambert's drive to divest itself of its wholesale business units to focus on UK retail was finally realised last week when the intermediary sold its Global Business Solutions (GBS) unit to Arthur J Gallagher International Ltd.
16 June 2008
ILS issuance storms ahead in wind season
Swiss Re has successfully closed its $150mn Vega Capital Ltd collateralised risk obligation (CRO) transaction, while Allstate also bought its second $250mn Willow Re cat bond to market, our sister publication Trading Risk revealed.
16 June 2008
US P&C insurers to post 2008 underwriting loss
US property & casualty insurers look set to post a modest underwriting loss and suffer significant reduction in profits and return on surplus for the year, according to Fitch Ratings.
16 June 2008
European premiums flat in 2007; new CEA president
Despite strong competition between insurers and the wider financial markets total premium income for European insurers held steady last year, according to figures from the Comité Européen des Assurances (CEA).
16 June 2008
New president named at Travelers
The Travelers Companies COO Brian MacLean has also been named president of the group after being promoted from executive vice president.
16 June 2008
Kroll spin-off speculation returns as founder retires
Speculation surrounding the future of Marsh & McLennan Companies (MMC) security consulting arm, Kroll, was further fuelled at the end of last week when the company announced that founder Jules Kroll is to step down.
16 June 2008
SCA loses $3.1bn Merrill Lynch dispute
Beleaguered bond insurer Security Capital Assurance (SCA) has lost a legal battle with investment banking giant Merrill Lynch & Co over its obligations of up to $3.1bn on credit default swaps (CDS).
16 June 2008
AXA renews EUR61mn motor notes
French insurance giant AXA is re-approaching the capital markets with its third motor insurance securitisation, renewing the EUR61mn Class D notes from its 2007 Sparc transaction.
16 June 2008
New London chief for Tokio Marine
Hirotoshi Murakami, CEO of Tokio Marine Global (TMG) in London is set to return to Japan and take up a new position with the parent company at the end of this month.
16 June 2008
JLT acquires HWS for £8.75mn
Jardine Lloyd Thompson Group Plc (JLT) has acquired HWS Holdings Ltd (HWS) with its two Lloyd's broker subsidiaries for up to £8.75mn, as predicted by The Insurance Insider.
16 June 2008
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