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Benfield needs to downsize to survive, says analyst
Benfield Group must downsize in order to survive as the development of the insurance linked securities market reduces the traditional role of reinsurance intermediaries, according to Panmure Gordon & Co analyst Barrie Cornes.
25 February 2008
R&SA to update on Enstar talks
UK general insurer Royal & SunAlliance (R&SA) may update on its plans with its UK legacy exposures while unveiling its 2007 results later this week.
25 February 2008
Ex-Marsh duo guilty of bid-rigging
Two of the leading enforcers of Marsh's contingent commissions during the heyday of so-called Placement Service Agreements (PSAs) were found guilty last week of taking part in bid-rigging.
25 February 2008
Lloyd's start-up in XL reinsurance deal
Start-up Lloyd's Syndicate 2008 has completed its first reinsurance to close (RITC) deal with the closure of the notorious 2001 account on XL Insurance syndicates 861 and 588.
25 February 2008
Fears grow over further Swiss Re credit exposures
After last year's SFr1.2bn write down of credit swaps, analysts have speculated that Swiss Re could face further losses from sub-prime and credit market exposure ahead of the group’s results due out this Friday.
25 February 2008
Aon takes Gallagher Re business in $38mn+ deal; Singapore MBO
Aon Corp has bought Chicago neighbour AJ Gallagher & Co's (AJG) reinsurance arm Gallagher Re - in a move first predicted by The Insurance Insider.
25 February 2008
London approaches end of paper premiums
The London market has moved a step closer to eliminating paper from premium processing, according to the Market Reform Group (MRG).
25 February 2008
IRS leaves captives tax unchanged
US tax authority the Internal Revenue Service (IRS) has withdrawn its proposal to alter tax arrangements for US captive insurers.
25 February 2008
Jury change delays Gen Re verdict
A change to the jury last week has caused a delay in reaching a verdict in the trial of Gen Re and American International Group (AIG) executives over an allegedly sham finite reinsurance contract.
25 February 2008
P&I renewals up 15 percent on average
An "extended and inflexible" renewal season for the International Group of P&I clubs (IG) ended with an average 15 percent rate rise, according to broker Aon Corp.
25 February 2008
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