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Fairfax trades credit crisis to own advantage
Canadian conglomerate Fairfax Financial Holdings reported record 2007 results fuelled by investment income of $1bn driven by credit default swaps (CDS) tied to US financial groups and bond insurers.
22 February 2008
Record Allianz results despite sub-prime hit
German financial services giant Allianz AG’s 2007 financial year results hit a historical high, with net income increasing 13.5 percent to EUR8bn accompanied by a proposed 45 percent dividend hike to EUR5.50 per share.
21 February 2008
Florida moves closer to cat fund u-turn
Republican Ron Reagan is set to introduce a bill tomorrow in Florida’s House of Representatives supporting proposals to scale back the state’s hurricane fund, potentially handing $3bn of limits back to the private reinsurance market.
20 February 2008
Montpelier profits up despite diversification costs
Bermudian reinsurer Montpelier Re Holdings Ltd announced increased 2007 profits despite the expense of rolling out new platforms.
20 February 2008
Panmure Gordon warns that Benfield faces near ‘perfect storm’
Reinsurance intermediary Benfield Group is facing a near “perfect storm” of negative issues that are unlikely to dissipate in the near future, according to a research note by Panmure Gordon & Co analyst Barrie Cornes.
19 February 2008
London set to end paper premiums
The London market has moved closer to eliminating paper from premium processing as the Market Reform Group (MRG) announced today (19 February).
19 February 2008
Charman signs five-year deal to continue as AXIS chief
Market veteran John Charman has signed a five-year deal that will see him continue to head up Bermuda-based AXIS Capital Holdings Limited, the company he founded.
19 February 2008
Munich Re beats profit target despite higher combined ratio
Munich Re beat its increased profit projections for 2007 as it booked a consolidated result of EUR3.9bn for the year, up 11.9 percent on 2006.
19 February 2008
Caribbean insurer boosts Flagstone’s premium income
The acquisition of Caribbean property insurer Island Heritage boosted the premium income of "Class of 2005" reinsurer Flagstone Re, which rose 91 percent last year, it revealed in its 2007 results yesterday (18 February).
19 February 2008
FGIC splits to hive off losses; MBIA raises $1.1bn to avoid bailout
Bond insurer FGIC Corp has told regulators it wants to break into two in a bid to save its credit rating, according to a New York Insurance Department spokesman.
18 February 2008
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