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Companies warned about gaps in environmental cover
Companies have been warned that their public liability insurance does not always cover environmental risks that firms expect.
19 June 2006
New AIRMIC chair to focus on SMEs
The new chairman of The Association of Insurance and Risk Managers (AIRMIC), Geoff Taylor, has pledged to make small and medium (SMEs) firms a priority during his tenure.
19 June 2006
White Mountains raises storms bill by $200mn
Shares in White Mountains Insurance Group Inc closed down 5 percent on Friday to $489 on the New York Stock Exchange after the group admitted its reinsurance losses from last year's storms would be almost fifty percent higher than previously estimated.
19 June 2006
Royal & Sun Alliance to cut over 1500 jobs; shares rise
UK general insurer Royal & Sun Alliance has unveiled plans to cut over 1500 jobs in an efficiency drive that will save the group £130mn in annual costs.
19 June 2006
AXA confirms Winterthur deal with Credit Suisse
French giant AXA announced today (14 June) that it has entered into a definitive agreement with Credit Suisse Group to buy the Zurich-based company’s insurance operation Winterthur for SFr12.3bn, or EUR7.9bn in cash.
14 June 2006
S&P confirms Swiss Re downgrade as GEIS deal closes
Rating agency Standard & Poor’s (S&P) last night (12 June) confirmed that Swiss Re’s acquisition of GE Insurance Solutions (GEIS) has cost the reinsurer its AA rating, which has been downgraded a notch to AA-.
13 June 2006
Lloyd's bolsters China team as deadline looms
Lloyd's has added Steve McCann, its head of open years, to a special working party to manage its application for a permanent Chinese licence as the deadline for regulatory approval fast approaches.
12 June 2006
Augsburg Re set to fly in $1bn IPO
Europe is set to welcome its first publicly quoted start-up (re)insurance company for almost a decade when Augsburg Re is floated on London's Alternative Investment Market (AIM) within the next month.
12 June 2006
Benfield launches $315mn RenRe sidecar; works on innovative 'Cuthbert' transaction
Benfield Group's chief executive Grahame Chilton has always made it clear that he believes one of the prime duties of the reinsurance broker is to ensure there are markets available for its clients; and, if they are not, they should be created.
12 June 2006
Sidecar fundraising tops $2.5bn with Harbor Point deal
Post-Katrina Bermuda-based sidecars will soon have raised more than $2.5bn in capital with the emergence of Bay Point Re, a vehicle being launched alongside the "Class of 2005" reinsurer Harbor Point.
12 June 2006
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