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XL names ex-Safeco boss new CEO
Troubled Bermudian giant XL Capital has gone outside the firm to name Michael McGavick as CEO in place of Brian O’Hara.
17 March 2008
Travelers confirms Lloyd's open years deal
Travelers Syndicate Management Ltd has confirmed the successful closure of the 2000 and prior and 2001 open years of account on its Syndicate 227 into RITC Syndicate Management Ltd's (RSM) Syndicate 5678.
17 March 2008
Scottish Re stock suspended by NYSE
Beleaguered life reinsurer Scottish Re had its stock suspended by the New York Stock Exchange (NYSE) last week, and has an application pending with the Securities and Exchange Commission to delist the firm.
17 March 2008
SCOR to join rivals in Brazil
French reinsurer SCOR will join a host of other foreign reinsurers taking advantage of the newly deregulated Brazilian market, according to news reports.
17 March 2008
Marsh appoints Cooke to head market relationships
Broker Marsh Inc has appointed Jeremy Cooke to the new position of global head of market relationship management (MRM).
17 March 2008
IRS holds firm on taxing foreign (re)insurers
The US tax authority the Internal Revenue Service has reiterated its position on the cascading federal excise taxes (FET) that will apply to foreign (re)insurers on when the deal involves an underlying US risk.
17 March 2008
Berkshire exits White Mountains in $836mn deal
Berkshire Hathaway Inc has exited its 16.3 percent stake in White Mountains Insurance Group Ltd in a deal that sees the Bermudian insurer pay $751mn in cash and transfer two of its run-off units to the investment giant.
17 March 2008
Benfield waits for market to turn
Benfield Group CEO Grahame Chilton said he remains confident that the reinsurance market will turn even as the enervating effects of the weak US dollar took its toll on the firm’s 2007 results.
17 March 2008
Markets down on Bear Stearns fire sale as credit crisis deepens
Bear Stearns has become the latest casualty in a dramatic escalation of the US sub-prime triggered credit crisis that has led to heavy falls on the European and Asian stock markets today.
17 March 2008
Arch to form $400mn Gulf Re
Arch Capital Group Ltd is to form Gulf Re, a Dubai-based $400mn capitalised reinsurer, in a joint venture with the Gulf Investment Corporation.
17 March 2008
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