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Zurich settles WTC business interruption claim for $80mn
Zurich American Insurance has settled a business interruption claim, stemming from the 2001 World Trade Centre loss, for $80mn with ABM Industries.
21 August 2006
Lloyd’s insurers maintain syndicate forecasts
Lloyd’s insurers Hiscox plc and Omega Underwriting Holdings plc have announced unchanged mid-point profit forecasts for the 2004 and 2005 underwriting years.
21 August 2006
ZFS outperforms on P&C strength
Insurance giant Zurich Financial Services (ZFS) last Thursday (17 August) 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.
21 August 2006
Goldman Sachs advises on Tokyo earthquake securitisation
In a twist on the industry’s current enthusiasm for Cat-linked securitisations, Goldman Sachs has advised on a securitisation linked to assets held by Japan Earthquake Reinsurance (JER), the government backed Cat reinsurer.
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
Fairfax subsidiary delays results
Another subsidiary of Canadian combine Fairfax Financial Holdings announced last week that it would be delaying the filing of its second quarter results because it needed extra time to adjust accounting errors.
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
Alexander Forbes sells international arm in £86mn deal
South African-headquartered broker Alexander Forbes Ltd has reached an £86mn deal with US broker Lockton Companies Inc and private equity firm Stone Point Capital LLC to sell Alexander Forbes Risk Services Holdings, the holding company of its London-based
21 August 2006
QBE profits up 20 percent
Australian-headquartered (re)insurer QBE Insurance Group announced on 16 August that its after-tax operating profits were up 20 percent to Aus$591mn for the first half of 2006.
21 August 2006
Fitch affirms Lloyd’s A rating
Fitch Ratings has affirmed Lloyd's Financial Strength (IFS) rating of A (excellent) with an Issuer Default Rating (IDR) of A-. Both ratings have been assigned a stable outlook.
21 August 2006
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