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Chaucer profits up 89.3 percent for first half of 2007
Specialist Lloyd’s insurance group Chaucer Holdings plc announced continued strong financial performance, with pre-tax profit of £47.9mn, despite softening rates across most lines of business.
10 September 2007
Sub-prime could fuel reinsurance demand
Despite rates holding up better in the reinsurance than in the primary sector, 1/1 renewal prices are set to drop by around 10 percent in US property, while non-motor casualty and specialty will also see further declines...
10 September 2007
Munich Re targets EUR5bn market with enterprise risk unit
Munich Re has targeted a potential EUR5bn market with its new unit set up to sell protection against selected enterprise risks.
10 September 2007
RI3K launches a new electronic message service
Electronic trading platform RI3K has launched a new messaging service for the (re)insurance industry.
10 September 2007
Condon concerned over ‘acceptable’ reserving practices
Former Independent Insurance deputy managing director Philip Condon has admitted to a court that he had concerns whether the company’s practices regarding reserves were “acceptable”.
10 September 2007
ZFS in Chinese distribution initiative
(Re)insurance conglomerate Zurich Financial Services announced the launch of a Chinese distribution platform, Zurich Insurance Brokers (Beijing) Ltd, which will deliver general and life insurance products across China.
10 September 2007
CNA in $250mn ‘Unicover’ settlement
The legacy of workers’ compensation carve-out reinsurance – epitomised by the Unicover pool which collapsed in 1999 – re-emerged when CNA Financial Corporation agreed to pay John Hancock $250mn to end a dispute relating to the business.
10 September 2007
Scottish Re issues $555mn Triple-X life securitisation
Bermudian life reinsurer, Scottish Re Group has closed a $555mn Triple-X life securitisation through its subsidiary Clearwater Re.
10 September 2007
Federal cat pool meets opposition in Senate
A proposal for a national cat risk pool has met with stiff opposition in the US Senate with some lawmakers refusing to subsidise “a lifestyle of beach living”.
10 September 2007
Kiln feels rating squeeze
The continued pressure on rates has dampened Kiln plc’s premium growth with the (re)insurer confirming plans to reduce its participation in the Lloyd’s market.
10 September 2007
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