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  • UK run-off management company Tawa announced a round of redundancies within its 90 staff in London last week, fuelling sentiment that the discontinued business sector is heading towards greater consolidation and streamlining of its resources.
  • Nephila Capital the Bermuda-based investment manager specialising in catastrophe reinsurance and weather risk, has announced the launch of Gamut Re, a reinsurance vehicle funded using collateralised debt obligations (CDOs).
  • A flurry of (re)insurance activity in the capital markets last week ended with US giant Allstate Insurance launching a $2bn shelf catastrophe programme through a Cayman Island-based special purpose reinsurer Willow Re.
  • Lancashire Holdings Ltd has entered into a contingent equity arrangement which gives the Bermudian-headquartered insurer the right to raise a minimum of $49mn any time throughout this year’s hurricane season.
  • Standard & Poor’s (S&P) has upgraded the insurer financial strength rating of AXA’s core subsidiaries to AA from AA- citing the company’s successful integration of Winterthur.
  • Swiss reinsurer Glacier Re has become the latest carrier to go to the capital markets sponsoring $75mn in notes under a shelf programme providing it with retrocession cover from windstorm and earthquakes.
  • Dominic Fodera, a former director of failed Australian insurance company HIH, has been jailed for two years for authorising a prospectus with a material omission.
  • Lloyd's insurer Novae has entered the UK property market with the appointment of an ex-Wellington Underwriting team.
  • UK broker COBRA Holdings has announced its intention to seek admission to the AIM stock exchange with a planned £10mn float.
  • BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services, has revealed a 15.4 percent growth in its net asset value last year.