September 2005/2

In our regular monthly International News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

Lloyd’s insurer Amlin plc is planning to start a Bermudian (re)insurer next year, The Insurance Insider can reveal.

Shares decline as H1 profit slump unveiled...

The plane crash in Indonesia earlier this month, was the sixth aviation accident since the beginning of August. Six crashes in as many weeks may appear freakishly high frequency but industry experts are remaining calm as the figures balance out in the...

The Association of Run-Off Companies (ARC) and KPMG published their latest annual survey into the UK non-life insurance run-off sector earlier this month revealing a fall in total liabilities, driven by Equitas’ continued successes in shedding...

Supporters of UK solvent schemes of arrangement were encouraged by a Scottish Court’s decision to sanction the M&G Re scheme earlier this month.

In a surprise move, reinsurance giant Swiss Re announced on 25 August that Jacques Aigrain will succeed John Coomber as its chief executive.

Sector set for more woe; OIL mutual facing downgrade threat

(Re)insurers reluctant to estimate losses in the face of continuing confusion...

The head of General Electric’s (re)insurance arm confirmed last month that the giant conglomerate will probably sell or spin-off all its underwriting units in due course.

Pat Ryan, the founding chairman of broking giant Aon Corp, last month announced plans to sell five million shares in the company, equivalent to some $146mn, last month.

Rod Fox, the former chief executive of Benfield’s US arm, has returned to the broker to help develop its new Benfield Corporate Risks division.

While the full magnitude of insured losses from Hurricane Katrina is still being assessed, it already appears certain that the burden will be high enough to trigger payment from the owners of CAT bonds and insured loss warranties.

US broker Hilb Rogal & Hobbs Company has settled with Connecticut regulators investigating the firm over alleged compensation abuses.

In our regular monthly London News Digest, we round up key stories from the last month, presenting them to you in easily digestable snippets.

Days after 11 September 2001, the former MMC chief executive Jeffrey Greenberg was instrumental in forming Axis Specialty – the Bermudian insurer which has since blazed a trail of success amidst the ripe rating environment of 2002-2004.

French reinsurer SCOR continued its return to profitability as it announced an 18 percent rise in net income to EUR72mn in its first half results for 2005 at the beginning of the month.

Bob Clements' fast growing start-up looks to make London breakthrough with its debut acquisition...

It's not finite reinsurance which is wrong, but irrational accounting practices, argues former Swiss Re managing director Shirley Beglinger

In the aftermath of the terrorist attacks on the World Trade Center, The Insurance Insider’s lead editorial quoted the following exchange from Hemingway’s The Sun Also Rises:

Allstate, State Farm face vast exposures with limited reinsurance...

The growing attraction of the run-off sector was underlined last month with the launch of new run-off advisory firm Quest Consultants.

Mark Hardinge, the former Aon Ltd managing director of its professional risks division, is set to join UK broker Heath Lambert Group later this year.