November 2006/3
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Advent Capital Holdings has become the latest Lloyd’s (re)insurer to unveil plans for a Bermudian platform, Advent Re, which will write retrocessional business.
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Liberty Syndicates - one of the largest Lloyd’s (re)insurers – has reduced its underwriting capacity for 2007 by £187mn.
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US giant American International Group (AIG) and CV Starr, the managing agency controlled by its former chairman and CEO Maurice “Hank” Greenberg, have settled the legal disputes stemming from the termination of their business relationship.
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Hiscox plc has become the first Lloyd’s insurer to carry out a sidecar transaction, confirming its Syndicate 33 has entered into a quota share reinsurance arrangement with $360mn Bermudian reinsurance vehicle Panther Re, a deal first revealed in the Octob
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Private equity giant 3i Group plc has hired a team led by Bruce Carnegie-Brown, the former Marsh executive who left the firm suddenly in May this year.
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Lloyd’s insurer Chaucer Holdings Plc has launched a new Lloyd’s Syndicate that will provide some £75mn ($148mn) of US catastrophe capacity.
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Willis Group Holdings Limited is to lose a member of its senior management as the broker confirmed that Tom Colraine is to leave the firm after 18 years.
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Amlin's decision to cut back on reinsurance spend appears to have paid off handsomely with the group's share price rising over 6 percent today (29 November) to a new high on the back of an upbeat trading statement today.
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XL Capital, which announced the first of the post-Katrina sidecars Cyrus Re in November last year, has launched a new Cayman Islands special purpose reinsurance vehicle, Stoneheath Re.
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The Lloyd’s Corporation has brought in David Harris, a senior representative of the G6 group of London market insurers, as the three-hundred-year-old Society agrees a number of changes to improve the service it provides.
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UK regulator the Financial Services Authority (FSA) has fined Berkshire Hathaway subsidiary General Reinsurance UK £1.225mn for arranging two improper reinsurance transactions.
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Bermudian-headquartered (re)insurer Lancashire Holdings Ltd said it is looking forward to a “healthy” 2007 in a trading statement released yesterday (21 November).
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US insurer The Hartford Financial Services Group has issued a $247.5mn cat bond, Foundation II, to protect the company in the event of certain US natural catastrophe losses.
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The sudden departure of HCC Insurance Holdings chairman and CEO Stephen Way has prompted a mixed approach from the two main rating agencies. While Standard & Poor’s swiftly affirmed the Houston headquartered firm’s financial strength...
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RK Harrison Insurance Brokers Ltd, the independent London market brokers, will appoint the former Jardine Lloyd Thompson Group executive Dominic Collins to replace its retiring executive chairman, Richard Corfield.
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It took 18 months for ACE Ltd to persuade the Pennsylvania Insurance Commissioner to approve the sale of its asbestos riddled Brandywine subsidiaries, so R&SA shareholders might be in for a long wait before they see their US legacy business spun-off.
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Creditors for all 16 of the participants in the proposed WFUM pool scheme of arrangement met in London on 27 October.
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Swiss reinsurer Converium’s share price continued its upward trajectory after announcing the $295mn sale of its US operations to National Indemnity last month.
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Benfield Group warned last month that trading profits are likely to be £10mn lower in 2006 than previously expected because of the loss of senior members of its facultative team to a rival firm.
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Despite comfortably outpacing third quarter earnings projections, Bermudian rivals ACE Limited and XL Capital met very different responses from analysts at Morgan Stanley.
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Fitch Ratings has decided to “set the record straight” following industry criticism that rating agencies are putting pressure on (re)insurers to diversify.
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Start-ups and pre-emptions suggest 2007 expansion
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Hiscox $360mn sidecar Panther Re receives rating; Alchemy Partners looks to Lime Street for gold; R&SA in line with Q3s; buys UK agency; Endurance pulls out of offshore energy; UK trial date set for ‘Independent Three’; FSA accepts sidecar applications...
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There are still hurdles to be overcome – not least the threat of awkward policyholders. But the structure of the landmark $7bn deal should see off threats