Lloyd’s/London
Brit opens books to PE house as Apollo ups bid to £10.75 a share
Brit Insurance today confirmed that private equity house Apollo has submitted a revised indicative proposal to acquire the entire issued and to be issued ordinary share capital of the company at a price of £10.75 per share in cash.
Consolidation - global brokers: Too big for their boots?
The creation of the global broker in the 1980s resulted in a dominant few. David Trezies asks whether this consolidation has produced any tangible benefits for clients.
Lloyd's & London market: Bargain hunt
It looks like investors searching for a piece of the action in Lloyd's can pick up a bargain right now, as depressed share prices shine a light on profitable businesses trading at a discount to their net asset value. Ralph Savage investigates whether a…
BIS countdown - Sean McGovern interview: Getting to grips with government
Lloyd's general counsel Sean McGovern talks to Jonathan Swift about the incoming Solvency II directive and his role building relationships with the new government.
Beazley gives warningover energy rate spike
Worldwide energy insurance rates will continue to harden in 2010 due to the Deepwater Horizon oil disaster, with a further spike possible at the reinsurance renewal season, Beazley has claimed.
Lewis leaves Jubilee
Jubilee's group finance director, Kate Lewis, has resigned from the Lloyd's syndicate.
Insurers concerned over double regulatory burden
The lack of detail concerning the regulation of the Lloyd's market could mean insurers there have more influence than others over the eventual shape of their replacement regime for the Financial Services Authority.
Arch sees income rise $85m
Arch has recorded net income of $237m, or $4.45 per share for the second quarter of this year, compared to $152.1m, or $2.43 per share for the same period last year.
Montpelier Q2 net written premiums up 7%
Reinsurer Montpelier claims that premium growth in the last quarter has been driven by its Lloyd's and US operations, particularly its marine book.
Beachcroft warns of cost of reform
Dan Preddy, financial services litigation partner at Beachcroft, has responded to publication of the Treasury consultation paper on financial services regulation.
CEO Utley out at IAG UK
Insurance Australia Group has announced today that Ian Foy, currently CEO of IAG’s New Zealand business, will return to the United Kingdom to become CEO of IAG’s UK business, succeeding Neil Utley.
Insurers are rightly concerned about new regulatory framework
This is according to Paul Edmondson of law firm CMS Cameron McKenna, speaking about the Treasury Consultation Paper on the new financial regulatory framework announced today.
Amlin appoints former Aon director to broker role
Amlin has appointed Patrick McMillen as business development and broker relationship manager.
Argo expands D&O team
Argo International has expanded its directors' and officers' team with the appointment of Rita Mistry and Anthony Hope.
QBE adopts US dollar for reporting as it forecasts 40% profit drop
QBE has decided to adopt a US dollar presentation currency for 2010 onwards, as it is claims this is more relevant for measuring performance given that around 75% of business is now written in 48 overseas countries, and over 50% of annualised premium…
Resume: Serene progress
William Richard Adamson, managing director at Paladin Underwriting Agency, tells Reinsurance about how it all went right in his career
The Reinsurance Power List 2010: Who's the daddy?
After the usual team debates, tears and tantrums, once again the Reinsurance team presents its annual Power List. We give you our opinions on who is hot and who is not in the reinsurance world and why they are a force to be reckoned with
Beazley sees rates go backwards on renewals as it hits $115.5m profit
Lloyd's insurer Beazley achieved a profit before tax of $115.5m (2009: $30.1m). It added the profit before income tax and earnings per share includes an exceptional foreign exchange gain of $33.7m.
ABI confirms insurance fraud hit £16m a week in 2009
Insurers are detecting more fraudulent insurance claims than ever according to figures released today by the Association of British Insurers.
Ex-Morgan Stanley COO joins Kiln
Kiln has appointed Ray Faires to the newly created role of chief information officer.
Aon open to the idea of accepting contingent commissions again
Aon today announced it is working with markets to explore the various forms of alternative remuneration available to it which may include supplemental and/or contingent commissions.
Robertson Taylor names new entertainment boss
Oxygen subsidiary Robertson Taylor Insurance Brokers has named Dawn Johnstone as manager of its music and entertainment division.
Lloyd's affirmed as A+
Ratings agency Fitch has affirmed Lloyd's of London's insurer financial strength rating at A+.
Brit deal in the balance
Private equity house Apollo is not expected to up its offer for Brit, meaning the chances of the deal being successful are 50:50, according to Jefferies International.