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XL Capital put D&O treaty to tender
Reinsurance brokers RK Carvill look set to lose a prime $30mn brokerage account after their clients XL Capital put the contract out to tender to three rival firms.
28 July 2003
MRM $200mn debt swap
Embattled Bermudian captive and fronting manager Mutual Risk Management Ltd has ratified its scheme of arrangement with creditors.
28 July 2003
R&SA: US property casualty arm next?
Last week saw increased speculation that slimmed down UK general insurer Royal & Sun Alliance (R&SA) is hawking its US property and casualty business to potential buyers.
28 July 2003
Everest Re not peaking yet
Bermudian (re)insurer Everest Re reported a striking increase in net income last Tuesday, the second quarter up 105.1 percent to $109.6mn from $53.4mn last year.
28 July 2003
Cathedral signs up CATEX
Lloyd’s insurer Cathedral Underwriting Ltd has signed an agreement with CATEX, the technology and software company.
28 July 2003
Hub steps in to purchase Near North
Canadian broker Hub International Ltd has stepped in to purchase Near North National Group weeks after Near North’s management agreed the sale to private equity firm Frontenac.
28 July 2003
Swiss Re dealt S&P downgrade
Giant European reinsurer Swiss Re was today (28 July) downgraded by rating agency Standard & Poor’s (S&P), lowering its financial strength and long-term counterparty credit ratings from AA+ to AA. The outlook remains stable.
28 July 2003
Start-ups continue to set the pace but competition fears are growing
Last week’s first round of half year results from Bermudian post 9/11 start-ups signalled an even stronger performance than last quarter. However, there were signs that increased competition is starting to drive down rates in some specialty reinsurance li
28 July 2003
Brokers continue to reap rewards (analysis of Marsh, Willis and JLT interims)
Marsh, Willis and JLT continue to grow healthy brokerage revenues… Despite growing evidence that non-casualty pricing levels have plateaued, strong half-year results from Marsh, Willis and JLT show brokerage revenues continuing to grow.
28 July 2003
Marsh’s HLF talks slip
Marsh has missed key deadlines in its acquisition talks with HLF Group Plc, leading to speculation that the world’s largest insurance broker may withdraw from the proposed £350mn takeover.
28 July 2003
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