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AXA upgraded after Winterthur integration
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.
12 June 2007
Glacier issues $75mn wind and quake bond
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.
12 June 2007
FSA issues ban following CIC debacle
UK regulator, the Financial Services Authority (FSA), has banned David King, the president of the unauthorised insurer CIC, from working in regulated companies for life.
11 June 2007
Jardine elected as LMA chairman
Catlin Underwriting Agencies CEO, Paul Jardine has been elected as the new chairman of the Lloyd’s Market Association (LMA) to replace ACE Europe’s CEO and chairman Andrew Kendrick.
11 June 2007
Former HIH director jailed
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.
11 June 2007
Novae launches into the UK property market
Lloyd's insurer Novae has entered the UK property market with the appointment of an ex-Wellington Underwriting team.
11 June 2007
COBRA plans AIM float
UK broker COBRA Holdings has announced its intention to seek admission to the AIM stock exchange with a planned £10mn float.
11 June 2007
BP Marsh grows 15 percent
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.
11 June 2007
NAIC to revamp reinsurance regulation before reducing collateral charges
The National Association of Insurance Commissioners said that it will step up its efforts to overhaul reinsurance regulation in the US before addressing the collateral charges faced by alien reinsurers.
11 June 2007
Krall to leave Converium
Converium Holdings has announced that its chief risk officer, Markus Krall, will leave at the end of June citing personal reasons.
11 June 2007
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