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  • English & American Insurance Company Limited (EAIC) has increased its scheme payment percentage from 30 to 35 percent with effect from 25 April 2006.
  • Rating agency Moody's has downgraded the insurer financial strength rating of Wellington's Syndicate 2020 from A1 to A2.
  • The positive first quarter for Bermudian (re)insurers continued when RenaissanceRe posted a record net operating income of $195.7mn, or $2.73 per share, up from $54.5mn, or $0.76 per share last year.
  • Canadian combine Fairfax Financial Holdings reported first quarter earning of $172.1mn, or $9.47 per share, up from $35.2mn, or $2.03 a share for the prior year period.
  • Willis Group Holdings Ltd reported on the 3 May net income of $140mn, or $0.89 per share, for the first quarter of 2006, more than double the $67mn, or $0.41 per share, recorded in the prior-year period.
  • Troubled Bermudian reinsurer PXRE Group Ltd has been deluged by shareholder suits alleging that the company misled investors by hiding the full impact of last autumn's hurricanes in its initial loss estimates.
  • Beazley Group plc's head of property Jonathan Gray has called for a back to basics approach to catastrophe underwriting last week, advising underwriters to rely more on their common sense and not to become slavishly dependent upon catastrophe models.
  • London market IT provider Room Solutions has been bought out by the Indian-headquartered company NIIT Technologies Limited (NIIT). In an announcement today (8 May), the company said NIIT has...
  • Despite the capital market's growing appetite to assume risk, traditional reinsurance cannot be beaten for speed of access, according to speakers at an Insurance Insider event last week.
  • The Armenian Airbus that crashed into the Black Sea on 3 May was insured in the London Market by Lloyd's MSF Pritchard Syndicate 318.