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Ironshore chairman poised to head Northern Rock
Ron Sandler, the chairman of Bermudian insurer Ironshore Ltd and the former chief executive of Lloyd's, is poised to run the stricken UK bank, Northern Rock, if it is nationalised.
14 January 2008
White Mountains cancels retro sidecars
Bermudian reinsurer White Mountains Re has cancelled its quota share arrangement with Helicon Re and Olympus Re for the 2008 year as a result of the softening property cat market.
14 January 2008
Aon: airline market making losses
The airline market is "likely to have made a loss" last year with claims outweighing premiums, according to the latest data from Aon Aviation.
14 January 2008
Hard market 'party is ending, but not yet over' says ABN AMRO
The hard market party enjoyed by (re)insurers over the last few years may be ending, but it is not over yet, according to ABN AMRO analyst Joanna Parsons.
14 January 2008
Aon places 80 percent of London renewals through RI3K
Aon Ltd completed as much as 80 percent of its London market 1 January treaty reinsurance renewal placements electronically through the RI3K trading platform, according to the broker.
14 January 2008
Marsh in £200mn Capita UK back office outsourcing deal
Capita Group plc has won the £200mn contract to run Marsh UK's back office in a deal which will see 650 of the broker's staff move to the outsourcing firm.
14 January 2008
Day of reckoning looms for troubled XL
With a falling share price, the Bermudian insurer is under pressure to find a new leader and resolve its SCA dilemma
14 January 2008
Tawa cuts price of PXRE US
UK quoted run-off acquisition firm Tawa plc will now pay a reduced cash sum of $54mn to buy defunct US reinsurer PXRE Reinsurance Company following a dividend paid out by the company.
14 January 2008
Bankers Life/Credit Suisse test case for sub-prime litigation
A suit against Credit Suisse filed by Florida insurer Bankers Life Insurance over losses on investment-grade bonds backed by sub-prime mortgages sold by the bank is expected to become a "bellwether" for legal action relating to the credit turmoil.
14 January 2008
Redwood cat bond issued; ILS growth set to continue
The California Earthquake Authority's $500mn Redwood X transaction, launched on 31 December 2007, brought to a close a busy season for cat bond issuance - taking total natural catastrophe bond issuance in 2007 to a record $7.105bn.
14 January 2008
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