September 2006/4
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The $35mn third-quarter hedge fund investment reverse revealed by Bermudian reinsurer Max Re Capital yesterday (20 September) has been linked to heavy energy losses at Amaranth Advisors.
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Price Forbes Ltd, the London-based international wholesale operation owned by Marsh & McLennan Companies Inc, has been spun-out of the broking giant via a management buy-out, The Insurance Insider can reveal.
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Failed (re)insurer Alea Group Holdings Ltd announced a post-tax loss of $10.7mn for the first half of 2006 today (20 September) as it continues its transition to run-off.
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First half pre-tax profits at quoted Lloyd’s insurer Hardy Underwriting Group plc slipped to £6.1mn the company announced today (20 September), against £7.7mn in the prior-year period.
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Max Re Capital Ltd is the latest new market in the aviation sector with the arrival of former La Réunion Aérienne underwriter Olivier Marre.
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Omega Underwriting Holdings Plc has become the second Lloyd’s (re)insurer in a week to confirm plans to redomicile to Bermuda and the first to confirm it has received clearance from the UK authorities.
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With the 2006 Monte Carlo Rendez-Vous offering relatively benign conditions for networking and negotiations after the travails of 2004 and 2005, discourse last week focussed on the underlying issues facing the industry in a two-paced market.
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Lloyd’s Names are being asked to support the new sports Syndicate 3334 which was formed in July 2006.
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Lloyd’s insurer Kiln plc revealed plans to pre-empt its 2007 syndicate capacity to around £1bn in its interim results statement on 12 September.
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Alongside diversification, the leading rating agencies were intent on raising the profile of Enterprise Risk Management (ERM) for (re)insurers at the 2006 Monte Carlo Rendez-Vous last week.
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Giant reinsurer Swiss Re revealed last Friday (15 September) that it is looking for potential buyers for its iconic London office building the Swiss Re Tower - better known as the Gherkin.
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Scientists have identified the return of the Pacific weather phenomenon known as El Nino as one of the reasons for the benign hurricane season so far this year.
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Up to $500mn of retrocessional capacity will be withdrawn from the market following the completion of Swiss Re’s acquisition of GE Insurance Solutions earlier this year.
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There are many in the US insurance industry who have mixed feelings over Eliot Spitzer’s political aspirations.
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Quanta Capital Holdings announced today (18 September) that it has sold its Environmental Strategies Consulting (ESC) subsidiary, an environmental consulting company.
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Novae Group plc announced on 15 September that its pre-tax profits fell to £16mn for the half year, compared to £27.7mn in the prior-year period.
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HSBC Insurance Brokers announced last week that it has set up a new US wholesale broker and managing general agency, which will trade as Intermediary Solutions, in New York.
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Lloyd’s broker RFIB Group announced two new appointments on 11 September as it continues to expand its non-marine division internationally.
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Aon Captive Services has formed White Rock Insurance (Guernsey) ICC Limited, the first incorporated cell company (ICC).
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US insurers have received a second boost from the courts as they battle the “wind versus water” claims related to Hurricane Katrina.
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Chaucer Syndicates Limited, the managing agency arm of Chaucer Holdings PLC, announced today (18 September) that it has recruited an engineering team.
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The (re)insurance industry’s growing interest in the Middle East was confirmed over the weekend with American International Group (AIG) opening regional headquarters in the Dubai International Financial Centre (DIFC).
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Bermudian-headquartered (re)insurer Aspen Insurance Holdings Ltd confirmed last week (11 September) the loss of Nick Bonnar and Ian Beaton.
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London-based broking proposition Oxygen Holdings plc launched its reinsurance arm, Oxygen Re, last week. Oxygen Re will cater for all types of non-marine, marine and aviation treaty reinsurance and retrocession covers on a
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