Lloyd’s/London
Fitch affirms Hannover Re's A+ rating
Fitch Ratings has affirmed Hannover Re and its reinsurance subsidiary E+S Rueckversicherung AG's insurer financial strength ratings at 'A+' and Hannover Re's issuer default rating at 'A+'. All ratings have stable outlooks.
Towers Watson: 2011 will be the most "significant year of reform ever"
Preparation challenges for Solvency II costing billions of pounds are set to help make this the most significant year of reform ever faced by the UK insurance industry.
Broker AJG UK recruits new director from Hiscox
Philip Saunders has been recruited from Hiscox to join the 14-strong binding authority unit at Arthur J Gallagher UK as divisional director.
Achilles extends Brit deadline again as offer acceptances remain static
Achilles’ offer to acquire the entire issued and to be issued share capital of Brit Insurance is being extended and will remain open for acceptance until the next closing date which will be 1.00pm (London time) on 22 January 2011.
RI3K trio join rival Xchanging
Xchanging has appointed Mark Badman, Alan Ratcliff and Greg Denham to its Xchanging Ins Sure Services arm.
Three factors shaping insurance start-ups in 2011
London market specialists Northdoor has identified three key factors that will shape the start-ups market in 2011.
Omega consults largest shareholder following Canopius bid approach
Lloyd's insurance group Omega has confirmed receiving an "unsolicited" approach from rival Canopius for the business.
Insurance think tank: regulation, climate change and stability key issues for 2011
International insurance think tank, The Geneva Association, today outlined what it believes are the key issues for the insurance industry in 2011.
Jubilee set to reveal future strategy
Jubilee Managing Agency has appointed Paul Battagliola as its new head of operations.
Canopius to plant flag in Switzerland
Canopius Group has revealed plans to establish a reinsurance underwriting platform based in Zurich.
Mitsui unveils a series of new recruits
Mitsui Sumitomo at Lloyd’s has announced a string of new appointments to strengthen its underwriting team.
Omega more than doubles New Zealand quake loss estimate
Omega Insurance's loss estimate for the New Zealand earthquake has risen to US$16.8m, net of reinstatement premiums and before profit commission effects, and US$18.9m after profit commission.
FSA fines and bans director £25 000 for part in £2m London market fraud
The Financial Services Authority has fined Barry Williams £25 000 and banned him from working in regulated financial services for his part in a scheme that defrauded leading London market insurers of more than £2m.
Hannover joins Hiscox and Argo as White Oak capacity provider
Specialist automotive and equipment underwriting agency White Oak Underwriting has announced a new capacity providers for 2011.
Former Aon claims director joins Marsh
Marsh has appointed Alan Morton as senior claims advocate of its international division and property claims practice group leader, UK and International.
XL expands
XL has expanded its professional liability offering for architects and engineers after commencing writing on Lloyd's paper.
People moves - 6 January 2011
Here are the people moves as featured in Post the issue dated 30 December 2010/6 January 2011.
Ironshore launches new European platform with Allied World raid
Ironshore has announced the formation of Ironshore Europe, domiciled in Dublin, Ireland.
Axa declared largest insurer in the world by net written premium
The world's largest insurers, measured by assets and net premiums are based in Japan and France respectively, AM Best has found in its annual ranking of global insurers.
Dual expands into Switzerland and South Africa
Underwriting agency Dual Corporate Risks has received Lloyd’s authorisation to underwrite business in South Africa and Switzerland.
Antares appoints project manager
Antares has appointed James Macdonald-Brown to the finance team of Antares Managing Agency.
Munich Re: 2010 sixth worst for insured losses since 1980
Several major catastrophes in 2010 resulted in substantial losses and an exceptionally high number of fatalities, according to Munich Re.
Guy Carpenter: reinsurance market has excess capital of $19bn
For the second consecutive year, global reinsurance property catastrophe rates for most lines of business will decline at the 1 January 2011 renewals, according to a new report published by Guy Carpenter & Company.
Willis: 2011 reinsurance renewals 5-10% lower than 12 months ago
Overcapitalization in the reinsurance market continues to gradually push rates downwards with price reductions at the 1 January 2011 reinsurance renewals averaging between 5% and 10%.