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AXIS Capital $3bn IPO
The Marsh backed, Bermudian head-quartered insurer AXIS Capital will be valued at around $3bn – almost twice its 2001 start up capital – when it floats in New York later this year.
16 June 2003
Moody’s boosts three Syndicates
Ratings agency Moody’s has upgraded the outlook for Markel Syndicate 3000, Munich Re Syndicate 457, and Beazley Syndicates 623 and 2623.
16 June 2003
Underwriters and coverholders bound to FSA regulations
London market underwriters who hand over the pen and the coverholders who act under their binding authority in the UK should making ready for the raft of FSA regulations due to come in at the end of the next year. This was the advice from Richard Teff, pr
16 June 2003
London market looks at Hull wordings
The Joint Hull Committee, a London market initiative representing hull underwriters from Lloyd’s and the companies market, has begun a review of the International Hull clauses launched last November.
16 June 2003
Munich Re management reshuffle continues with Booth resignation
Munich Re’s director of investor relations and strategic planning Clement Booth will leave the firm in September, months before the new chief executive Nikolaus Von Bonhard arrives.
16 June 2003
RBS adds Churchill to the stable
Royal Bank of Scotland (RBS) increased its presence in the UK general insurance market last Wednesday, buying Churchill from rival banking group Credit Suisse in a £1.1bn deal.
16 June 2003
Benfield buoyed by successful float
Shares in Benfield Group began conditional trading on the London Stock Exchange on Friday morning as the company announced the pricing of its IPO at 250p per share.
16 June 2003
EasyGroup founder says risks don’t mix
Natural risk takers generally don’t do well as managers of public companies, according to seasoned entrepreneur Stelios Haji-Ioannou, the man who brought us easyJet and easyCar.
16 June 2003
Hannover acts to assay fears with EUR500mn capital boost
Hannover Re, the world’s fifth largest reinsurer, has responded to concerns over its geared capital base by raising EUR500mn in two equity offers last week.
16 June 2003
Electra writes down HLF stake over lack of exit
Private equity firm Electra Investment Trust has halved the value of its stake in the broker HLF Group because of its decision not to pursue an IPO for the time being.
16 June 2003
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