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Scottish Re suffers further downgrades
Embattled life reinsurer Scottish Re Group and its subsidiaries suffered further downgrades from rating agency Standard & Poor’s (S&P) last week.
21 August 2006
Competition Commission outlines Lloyd’s merger concerns
The UK Competition Commission has published a Statement of Issues for its inquiry into Lloyd’s members agency Hampden Private Capital’s acquisition of its rival CBS Private Capital’s advisory business.
21 August 2006
Nationwide wins Katrina decision
US insurer Nationwide Mutual Insurance Co won the first of the many “wind versus water” lawsuits spawned by Hurricane Katrina last week, although experts warned that it is unlikely to set a precedent as the cases vary widely.
21 August 2006
Integro’s London arm to rebrand
London market broker Humphreys Haggas Sutton & Co is to rebrand following its acquisition by Integro Ltd earlier this year. Humphreys Haggas Sutton & Co Ltd – which was formed in 1994 – will trade going forward as Integro Insurance Brokers Ltd.
21 August 2006
ZFS outperforms on P&C strength
Swiss giant Zurich Financial Services (ZFS) this morning reported half-year net profits of $1.96bn, up 9 percent on the first six months of 2005, and ahead of analysts’ consensus of $1.8bn.
17 August 2006
UK run-off investor buys Chevanstell Ltd
Randall & Quilter Group Investment Holdings Ltd, the UK based acquirer of run-off businesses, has acquired Chevanstell Ltd, The Insurance Insider can reveal.
17 August 2006
QBE profits up 20 percent
Australian-headquartered (re)insurer QBE Insurance Group announced today (16 August) that its after-tax operating profits were up 20 percent to Aus$591mn for the first half of 2006.
16 August 2006
Sportscover launches new Lloyd’s syndicate
Sports underwriter Sportscover today (15 August) announced that it is launching a new Lloyd’s syndicate specialising in covering amateur sports.
15 August 2006
Glacier Re rating affirmed following cash injection
Swiss-based reinsurer Glacier Re has responded to rating agency concerns following last year’s hurricanes by further bolstering its capital base with a $30mn cash injection from existing shareholders.
15 August 2006
ZFS appoints new US commercial COO
Zurich Financial Services announced last week that Mike Foley, the head of McKinsey's US P&C insurance practice, will become the chief operating officer for its North American Commercial unit.
14 August 2006
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