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September 2007/3

  • Specialist Lloyd’s insurance group Chaucer Holdings plc announced continued strong financial performance, with pre-tax profit of £47.9mn, despite softening rates across most lines of business.
  • Despite rates holding up better in the reinsurance than in the primary sector, 1/1 renewal prices are set to drop by around 10 percent in US property, while non-motor casualty and specialty will also see further declines...
  • Munich Re has targeted a potential EUR5bn market with its new unit set up to sell protection against selected enterprise risks.
  • Electronic trading platform RI3K has launched a new messaging service for the (re)insurance industry.
  • Former Independent Insurance deputy managing director Philip Condon has admitted to a court that he had concerns whether the company’s practices regarding reserves were “acceptable”.
  • (Re)insurance conglomerate Zurich Financial Services announced the launch of a Chinese distribution platform, Zurich Insurance Brokers (Beijing) Ltd, which will deliver general and life insurance products across China.
  • The legacy of workers’ compensation carve-out reinsurance – epitomised by the Unicover pool which collapsed in 1999 – re-emerged when CNA Financial Corporation agreed to pay John Hancock $250mn to end a dispute relating to the business.
  • Bermudian life reinsurer, Scottish Re Group has closed a $555mn Triple-X life securitisation through its subsidiary Clearwater Re.
  • A proposal for a national cat risk pool has met with stiff opposition in the US Senate with some lawmakers refusing to subsidise “a lifestyle of beach living”.
  • The continued pressure on rates has dampened Kiln plc’s premium growth with the (re)insurer confirming plans to reduce its participation in the Lloyd’s market.
  • Fears that the sub-prime debacle will affect the insurance industry are beginning to materialise as many mid and small-cap companies begin to post directors and officers (D&O) and errors and omissions (E&O) claims...
  • Benfield Group has become the latest reinsurance broker to respond to the growth in insurance linked securities with the creation of a new team to advise on non-traditional risk transfer solutions.