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Plumeri endorses principles approach
A principles-based rather than a rules-based approach not just to regulation but to running the entire industry should be embraced by the industry, according to Joe Plumeri, chairman and CEO of Willis.
05 April 2007
Greenberg sells $28mn AIG stock
Maurice "Hank" Greenberg sold another chunk of his American International Group (AIG) shares netting around $28mn last month. Greenberg sold 400,000 shares at an average price of $69.86 each, adding to the sales he made last year.
05 April 2007
Munich Re still haunted by US asbestos
The spectre of asbestos returned to haunt reinsurance giant Munich Re as it revealed in its full annual report a $600mn strengthening of loss reserves for related claims at its US operation.
05 April 2007
QBE bond ‘fraud’ trial set for November
QBE Limit and Markel are set for a November High Court showdown with broker Surety Guarantee Consultants Ltd (SGC) over allegations of fraud in connection with construction bonds it issued as a coverholder.
05 April 2007
Hannover Re to grow on large Praetorian windfall
Hannover Re is planning growth in US property catastrophe business as it builds on record 2006 profits and redeploys capital freed up by the $800mn sale of its Praetorian subsidiary to QBE Insurance Group Ltd.
05 April 2007
No buyback despite record Generali profits
Italian giant Generali disappointed analysts by failing to follow some of its European rivals with a special share buyback scheme despite reporting record net profits of EUR2.4bn for 2006, a rise of 25.3 percent.
05 April 2007
Equitas completes Berkshire deal
Equitas has completed its landmark reinsurance transaction with National Indemnity Company, part of Warren Buffett’s Berkshire Hathaway group, on 27 March.
05 April 2007
International News Digest
Flagstone shares forge ahead after shaky start; Wurtt gets Best A- despite rival downgrade; Nephila to grow weather market; Cuomo gets go-ahead for Liberty Mutual suit...
05 April 2007
Benfield appoints Paragon fac broker
Benfield Group’s dedicated approach to rebuilding its facultative operations following the defection of Elliot Richardson saw the reinsurance specialist swoop for Paragon International Insurance Brokers Ltd’s Julian Hall
05 April 2007
Wellington staff continue to head out of Catlin
A number of former Wellington Underwriting staff continued to head out of the Catlin Group last week with David Foreman’s recently launched Ark Syndicates believed to be a likely destination for some.
02 April 2007
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