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Great Mississippi flood could cost $160bn today
A repeat of the 1927 Great Mississippi Flood - the largest flood disaster in US history could cost up to $160nn in economic damages if it happened today, according to catastrophe modelling firm Risk Management Solutions (RMS).
21 May 2007
ACE makes $9mn settlement in Pennsylvania
Bermudian giant ACE Ltd has made a $9mn settlement in Pennsylvania over its underwriting practices and contingent commissions.
21 May 2007
ING impresses with buyback, disappoints with results
Rating agency Moody’s Investors Service reacted positively to Dutch bancassurer ING Group’s announcement of a proposed EUR5bn share buyback, affirming all the ratings of the group last week.
21 May 2007
Terrorism rates soft, despite climate of fear
Terrorism is still at the top of the agenda for many global business leaders, who cite conflict and instability as issues which stop them from investing overseas.
21 May 2007
Swiss Re launches $120mn Japanese typhoon bond
The industry's thirst for alternative reinsurance capacity continues to grow with the issue of $120mn notes under a $500mn shelf programme providing Swiss Re with retrocession cover for Japanese typhoons.
21 May 2007
R&SA appoints broker MD
UK general insurer Royal & Sun Alliance (R&SA) has appointed Paul Donaldson as managing director of its broker division following the departure of Brendon McManus to Willis.
21 May 2007
Hartford bullish on growth
As The Hartford Financial Services Group (Hartford) celebrated "the best year in The Hartford’s history" in 2006, CEO Ramani Ayer was in bullish mood about prospects for 2007, predicting opportunities to grow its businesses.
21 May 2007
‘Safest’ year as airline rates continue nosedive
For the seventh consecutive month airline rates have seen double-digit falls as a report revealed 2006 to be the “safest year on record” for the industry.
21 May 2007
Lockton spreads to Bermuda
Fast growing broker Lockton is launching a Bermudian office as it continues to build its global presence.
21 May 2007
Validus/Talbot deal paves way for M&A
Validus Holdings Ltd agreed terms for its acquisition of Talbot Underwriting Holdings last week, a move that could trigger a wave of mergers and acquisition (M&A) activity between Bermudian (re)insurers and their Lloyd's counterparts.
21 May 2007
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