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Ambac disappoints with $1.5bn capital raise
Ambac Assurance Corp, one of the monoline insurance sector's giants, lost 17 percent of its stock market value last week after revealing a $1.5bn recapitalisation plan that disappointed investors hoping for a bigger rescue effort.
10 March 2008
JLT grows top line and boosts 2007 profit
Jardine Lloyd Thompson Group plc's (JLT) 2007 results were welcomed by analysts last week as a sign the firm may have turned the corner following recent restructurings and investments in its trading operations.
10 March 2008
RITC start-up closes four syndicates on Lloyd's approval
Lloyd's has approved Syndicate 2008 to write reinsurance to close (RITC) business, with the Shelbourne Syndicate Services Ltd (SSSL) managed vehicle already closing four open year syndicates with gross insurance reserves of around $455mn.
10 March 2008
Ironshore closes on Heritage deal
Ironshore Inc is carrying out due diligence on Lloyd's insurer Heritage Underwriting Agency after signing a non-disclosure agreement (NDA), our sister publication The Insurance Insider revealed today.
10 March 2008
Plans to abolish broker status at Lloyd's but no change to annual venture
Lloyd's insurers will be able to accept business from brokers around the world, but the market's unique - and sometimes criticised - capital structure will not be overhauled, according to proposals that were published last week.
10 March 2008
International News Digest
Buffett goes long on derivatives; Fairfax profits from credit bets; DIFC extends international attractions; AM Best stable on reinsurance; IRS captives tax u-turn...
10 March 2008
FSA in run-off claims review
The Financial Services Authority (FSA) is reviewing claims handling in the UK run-off market but denies this reflects concerns about standards among some legacy insurers.
10 March 2008
RSA sells legacy unit to Enstar
RSA has sold Guildhall Insurance Company to Enstar Group in a move that continues the group’s disposal of its legacy business.
10 March 2008
Ince promotes new heads
Insurance specialist law firm Ince & Co has made a number of senior appointments following the decision of senior partner Peter Rogan to step down this month.
10 March 2008
Allianz forms global legacy unit
Allianz Global Corporate and Specialty (AGCS) has set up a Global Discontinued Business division to handle its vast legacy liabilities, The Insurance Insider has learnt.
10 March 2008
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