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House of Representatives pass TRIA extension but Bill faces presidential veto
The House of Representatives approved a Bill on 19 September that would extend the Terrorism Risk Insurance Act (TRIA) for 15 years despite the White House stating it would veto...
20 September 2007
Allianz to take stake in consolidator Oval Group
German insurance giant Allianz SE is believed to be purchasing a minority stake in expanding UK broker consolidator Oval Group, continuing the trend for insurers to acquire greater control of distribution networks, according to sources.
19 September 2007
Brit launches Gibraltar captive reinsurer
Brit Insurance Holdings plc is to form a Gibraltar based protected cell reinsurer which will provide reinsurance to the UK insurance group.
19 September 2007
Class action king pleads guilty
Veteran class action lawyer Bill Lerach, who represented Enron investors and other shareholders suing large corporations, faces up to two years in jail and will be forced to pay $8mn in fines after pleading guilty...
19 September 2007
Restructure boosts Omega as profits grow by 119 percent
Bermuda-based (re)insurer Omega Insurance Holdings announced a 119 percent increase in pre-tax profits to $20.4mn for the first half of 2007, driven largely by Bermudian subsidiary Omega Specialty.
18 September 2007
Atrium profits increase 300 percent despite sluggish premium growth
Specialist Lloyd's (re)insurer, Atrium Underwriting reported pre-tax profits of £23.8mn for the first half of 2007, an increase of 300 percent on the same period last year.
18 September 2007
Last of Independent trio takes stand
Former Independent Insurance finance director Dennis Lomas became the last of the firm's trio of senior executives to take the witness stand last week.
17 September 2007
Hewitt quits Benfield for Guy Carpenter
Chuck Hewitt is leaving Benfield to join rival Guy Carpenter – the second senior executive to make the journey in two months.
17 September 2007
Former Brit CEO to launch cat futures trading
Deutsche Bank is set to launch the trading in catastrophe event-linked futures on the Chicago Climate Futures Exchange (CCFE) later this month, in conjunction with former Brit Insurance chief executive Neil Eckert.
17 September 2007
UK floods costs ZFS $660mn
Swiss insurance giant, Zurich Financial Services Group, has revealed a net loss estimate of $260mn for the UK July floods, bringing the group's total for this summer’s events to $660mn.
17 September 2007
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