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Gen Re victorious in Arch fac dispute
A US court has ruled that there was "misappropriation of Gen Re trade secrets" in connection with the defection of a team of the reinsurer's senior facultative (fac) executives to Arch Capital Group in April.
18 October 2007
Analysts cautious over Munich Re's $1.3bn Midland deal
Analysts have reacted cautiously to Munich Re's $1.3bn planned purchase of US primary insurer The Midland Company (Midland).
17 October 2007
Tolle embraces new market entrants
New market entrants are “critical to maintaining the attractiveness of the Lloyd’s market”, according to the Society’s Franchise Performance Director, Rolf Tolle.
17 October 2007
Munich Re launches $260mn Japanese quake cat bond
Munich Re has launched a $260mn cat bond to cover earthquake risk for the East Japan Railway Company (EJRC), the first significant issue since the beginning of August
17 October 2007
‘Disappointment’ at failure to meet third quarter ECF targets
The London market has missed its 60 percent third quarter target for usage of electronic claims files (ECF) by 15 percentage points, making the year-end target of 100 percent "more challenging", said the Market Reform Group (MRG) in a statement today.
16 October 2007
Florida CFO proposes changes to cat fund
Florida’s chief financial officer has proposed giving the state’s governor and cabinet the authority to set the reinsurance levels and pricing of the Florida Hurricane Catastrophe Fund’s optional coverages.
15 October 2007
PCS estimates $1.25bn US third quarter insured cat losses
US property/casualty insurers are expected to pay homeowners and businesses an estimated $1.125bn for third-quarter property losses, according to preliminary analysis by ISO’s Property Claim Services (PCS) unit.
15 October 2007
AIG in Virgin consortium bid for Northern Rock
US insurance giant, American International Group (AIG), is a partner in a consortium, led by Richard Branson’s Virgin Money, to buy stricken UK mortgage bank, Northern Rock.
15 October 2007
Industry criticises UK spending on flood defences
The £800mn pledged by the UK’s chancellor of the exchequer Alistair Darling in his pre-budget report has been criticised as insufficient by the insurance industry.
15 October 2007
Pro Insurance opens US arm
Swiss Re run-off subsidiary, Pro Insurance Solutions Ltd has announced the formation of a US affiliate, PRO US, in a move which highlights the growing interest in the country’s discontinued business sector.
15 October 2007
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