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RSA ‘should be broken up’ says analyst
Collins Stewart analyst Tim Young suggested a break-up of the RSA Group could be on the cards after it announced a 15 percent rise in group net written premiums to £1.7bn in the first quarter of 2008, compared to the prior-year period.
08 May 2008
Q1 major losses cost Munich Re EUR578mn
Munich Re’s first quarter profits dipped 19 percent as it took a EUR578mn hit in its reinsurance division from the spate of major losses hitting the market in the period.
08 May 2008
MMC falls to loss on Kroll charge
Marsh & McLennan Companies (MMC) has slipped to a $210mn first quarter net loss as a result of a $425mn goodwill writedown at its security consulting arm Kroll.
07 May 2008
IAG downgraded on risk profile
Insurance Australia Group (IAG) has been downgraded by Standard & Poor's (S&P) following a review of its risk profile, just days after receiving a renewed extension to QBE Insurance's merger offer.
07 May 2008
International News Digest
Royal Palm changes hands; Offshore energy underwriter launches; PWS 'still under investigation...
06 May 2008
London News Digest
Canopius down in March; Price Forbes in Bermuda launch; WR Berkley recruits Brit exec...
06 May 2008
Treasury consults on Equitas law change
The UK Treasury published its consultation paper for the four amendments to be made to the Financial Services and Markets Act 2000 in order to allow Phase II of the landmark $7bn deal between Equitas and Berkshire Hathaway to proceed.
06 May 2008
PSA execs have weekend sentence postponed
The two former Marsh Inc executives who were sentenced to jail time last month for their part in bid-rigging have had their sentences postponed pending their appeal.
06 May 2008
Guy Carpenter and Benfield in high profile cost-cutting measures
GC Securities, Guy Carpenter & Co's specialist investment banking arm, is understood to be one of the areas affected by the firm’s widespread cost cutting with the expected closure of its newly formed M&A arm.
06 May 2008
Competition concerns could provide a steep hurdle
Naturally, RBS has indicated it would prefer to sell the insurance operations as a whole, but this could pose problems for potential buyers, not least the ability to raise sufficient funds and competition issues.
06 May 2008
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