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Hannover Re considers US future following restructure
Hannover Re has announced a restructure of its US arm Clarendon and admitted it will weigh up the options for the future of its ongoing specialty and discontinued programme businesses. In a statement today (7 March) the German reinsurer revealed the...
07 March 2006
JLT shares fall again following profits decline
Shares in UK listed Jardine Lloyd Thompson Group plc (JLT) have again fallen sharply today following the broker’s 2005 results which show a fall in profits and tough trading conditions. At midday, JLT’s shares had fallen almost 12 percent...
07 March 2006
AIG parts company with another Starr agency
Giant insurer American International Group (AIG) has formed a new unit, AIG Specialty Excess, in order to handle all in-force, new and renewal business currently handled by CV Starr & Co agency, a subsidiary of CV Starr & Co, Inc.
06 March 2006
Aon sues rivals over alleged staff poaching
Broking giant Aon is suing two of its rivals, Integro and Heath Lambert, for poaching members of its staff. The suit against Integro was filed in Atlanta on 13 February and accuses the start-up broker of a “campaign to pirate” Aon employees.
06 March 2006
Quanta counts cost of devastating downgrade; future bleak
Shares in (re)insurer Quanta Capital Holdings Ltd collapsed last week after the company admitted it was putting itself up for sale following deteriorating losses and a downgrade by rating agency AM Best from the crucial A- to B++.
06 March 2006
Foreman steps down at Wellington
Lloyd’s insurer Wellington Underwriting plc has announced the retirement of its chief underwriting officer David Foreman in a statement to the London Stock Exchange this morning (6 March 2006).
06 March 2006
Validus appoints CFO; preparing ground for early IPO?
“Class of 2005” start-up Validus Holdings Ltd announced today (6 March) that former Merrill Lynch investment banker Joseph E. (Jeff) Consolino has been appointed chief financial officer and executive vice president of the company and its subsidiary...
06 March 2006
JLT shares drop ahead of prelims
Shares in UK listed broker Jardine Lloyd Thompson Group plc (JLT) have dropped 7 percent today ahead of the company’s announcement of its preliminary 2005 results tomorrow morning.
06 March 2006
Berkshire hit with $3.4bn storms bill; Buffett paves way for succession
Warren Buffett said the cost of Hurricane Katrina and “her ugly sisters, Rita and Wilma” cost Berkshire Hathaway a total of $3.4bn last year. The investment titan revealed the extent of Berkshire’s bill in his annual letter to the company’s...
06 March 2006
Wilma hits AWAC profits
Bermudian Allied World Assurance Holdings (AWAC) announced a fourth quarter net loss of $23.9mn from last year with the company suffering an $83mn hit from Hurricane Wilma. The company’s net loss for 2005 was $159.8mn, down significantly from the...
06 March 2006
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