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September 2012/2

  • German run-off (re)insurer Darag is poised to announce that it has raised EUR60mn of new capital from a consortium of investors that will effectively triple the size of its capital base, The Insurance Insider understands
  • The auction of Zurich Insurance Group's UK legacy business Eagle Star is complicated by an intra-group reinsurance contract, The Insurance Insider understands
  • Run-off buyers are increasingly looking to bid for live market (re)insurers as historic low valuations continue to leave much of the sector trading below the value of their net assets
  • The catastrophe retrocession market has grown by nearly 20 percent over the past two years and will deploy a record $9bn of indemnity limit over the course of 2012
  • he insurance-linked securities (ILS) market remains on course to have its strongest year since the financial crisis with total cat bond issuance of around $6bn
  • Despite dreary investment conditions that have stoked industry debate about how and where to find yield, insurers have not significantly changed their strategy in terms of the types of assets they find attractive, according to the NAIC
  • As the global reinsurance industry prepares for its annual gathering in Monte Carlo, rating agencies agree that the reinsurance sector is on a "stable" footing but have collectively warned that results may be squeezed next year
  • Two Asian entrants broke into the ranks of the top 10 global reinsurance groups by gross written premium (GWP) for 2011, demonstrating the growing importance of the region's reinsurance markets
  • With more than half the year gone and two quarters of financial results to digest, investors have tended to reward outperformers on profitability rather than book value growth, analysis by The Insurance Insider shows
  • While there may be downward pressure on rates courtesy of the strong recovery in the reinsurance industry's balance sheet, an offsetting force of dwindling reserve releases is likely to continue gaining momentum
  • The gentle year-to-date for industry catastrophe losses has left the reinsurance sector in rude financial health during the long lead-up to the key 1 January 2013 renewals
  • Cooper Gay Swett & Crawford is demonstrating its continued appetite for M&A by making an approach for independent London market broker Newman Martin and Buchan (NMB), The Insurance Insider can reveal.
  • If Validus succeeds in closing out its deal to acquire Flagstone then it will become the fifth member of Bermuda's $4bn equity club.
  • Validus will not face a competing bid from earlier Flagstone suitor ANV despite the modest 0.73x book price tag, The Insurance Insider understands.
  • Goldman Sachs' wholly owned P&C (re)insurance platform is restructuring six months on from the deal that saw the investment bank buy the Bermudian operations of Ariel Holdings for less than book value.
  • Record industry capital powered by strong first half earnings has fuelled talk of downward pressure on reinsurance pricing only a year after the sector took record ceded losses
  • Barbican has approached members' agents to solicit Names backing for special purpose syndicate (SPS) 6591, which will take on business written by new hire James Winn
  • Tom Bolt's Performance Management Directorate is paying particular attention to Lloyd's casualty reserving practices for financial crisis-related claims given the soft market conditions that have reigned in recent years, according to AM Best.
  • Canopius will run an accelerated integration process with newly acquired Omega, aiming to condense 12 months of work into five months, Canopius chairman Michael Watson told The Insurance Insider in his first interview since the deal closed.
  • August rates rise; Swiss promotion; Canopius bounce back; Marketform appoints; Permanent capital; Carnegie-Brown returns; Hartford exit; Life's a Beach; Lewin memorial; Frankfurt fac; Turkish delight; Hannover upgraded; $84bn capital high; NZII creep; Lloyd's global; Lloyd's global; Join the club; Thai ready; Swiss Re completes; In a huff
  • Three heavyweight insurers are putting the final touches to autumn IPO plans that will test investors' appetite at a time when the global equity markets are moribund, insurance valuations are modest and shareholders are nervous after the Facebook Inc float disaster
  • A pair of investment funds is targeting new sources of private capital as members' agents respond to calls to "invigorate" and streamline the use of Names capital at Lloyd's.
  • Private equity-backed Antares has held talks with a number of parties as the group looks for a way to address issues concerning its scale, The Insurance Insider understands
  • Underwriters from Arch, Ark, Endurance and New Re to join Lloyd's insurer following Q-Re exodus
  • The reinsurance market's greatest strength lies in the depth and longevity of its relationships.
  • A quartet of new opportunities for Names participation at Lloyd's are being lined up for the start of 2013, in an early sign that the Corporation is making good on its pledge to attract further third party capital on a more flexible and efficient basis.
  • Reinsurers will approach preliminary negotiations with brokers and clients for the 1 January renewal at the Monte Carlo Rendez-Vous this month happy to simply hold the line, as the prospect of any further price rises on their books of business ebbs away