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Gallagher Re loses key executive
Steve Taylor, business development officer for Gallagher Re, is leaving the reinsurance broker to join one of its clients, WR Berkley Corporation.
19 November 2007
US Senate passes seven-year TRIA extension
The US Senate passed a seven-year extension to the Terrorism Risk Insurance Act (TRIA) last Friday (16 November).
19 November 2007
Lloyd's insurers continue buyback trend
Quoted Lloyd's insurers Amlin plc and Beazley plc continued the market trend for share buybacks after announcing the repurchase of shares totalling £150mn last week.
19 November 2007
Catlin COO urges insurers to hold on to capital in sub-prime storm
Catlin Group COO, Paul Jardine, has called on insurers to be "very wary" of repatriating capital to shareholders in the current market environment, as the sub-prime debacle may hamper future attempts at capital raising.
19 November 2007
Swiss Re shares slump 10 percent on mortgage backed swaps loss
Swiss Re shares slumped over 10 percent today after the reinsurer announced a SFr1.2bn (£524mn) hit – SFr981mn after tax – on two credit default swaps linked to mortgage backed securities.
19 November 2007
Lloyds TSB hires Citigroup exec to spur insurance growth
Lloyds TSB Corporate Markets has hired former Citigroup executive Stephen Winningham as global head of its Financial Institutions relationship banking division.
19 November 2007
Lancashire appoints directors
Bermudian insurer Lancashire Holdings Limited has announced the appointment of Jens Juul and Simon Burton to its board of directors.
19 November 2007
Standard Life pulls out of Resolution takeover
UK life insurer Pearl Assurance has emerged as the strongest bidder in the takeover struggle for UK life funds consolidator Resolution plc, after raising its cash offer to 720p per share.
19 November 2007
Moody's warn against diversification in softening market
Ratings agency Moody's Investor Services has warned insurers against "diversification for diversification's sake" in a softening market, stating that global market rates are now "past their peak" and "M&A activity can be challenging".
19 November 2007
Statement of truth in spotlight in North Korea case
The critical Court of Appeal verdict that upheld the Summary Judgement, which struck out large parts of the defence of London market reinsurers led by Allianz in a case brought by the North Korean national insurer...
19 November 2007
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