Lloyd’s/London
AIG CEO: we can see the finish line after $3bn credit agreement
AIG has confirmed that it has entered into 364-day and 3-year bank credit facilities totaling $3bn (£1.94bn)split evenly between the two.
Brit takeover deadline extended as over 70% accept Achilles' terms
Brit Insurance has announced that the the deadline for shareholders to accept the recommended cash offer by Achilles is being extended and will remain open for acceptance until the next closing date which will be 1pm on 10 January 2011.
High Court of Justice sanctions business transfer
The High Court of Justice has sanctioned the transfer of insurance and reinsurance business from Aviation & General Insurance Company, a subsidiary of Ruxley Ventures, to Tenecom, a member of the Berkshire Hathaway group of companies.
Flagstone Re and RMS in $210m placing
Flagstone Reassurance Suisse SA and Risk Management Solutions have confirmed the successful placement of $210m of multi-peril Montana Re 2010-1 Notes, the second offering sponsored through the Montana Re shelf program.
Chaucer estimates $20m NZ earthquake exposure
Lloyds insurer Chaucer has increased its estimated exposure to the earthquake in New Zealand from $12.5m (£8m) to $20m.
Charles Taylor begins search for new CEO as Rowe steps down
Charles Taylor Consulting has announced that John Rowe has advised the board that, after 37 years' service with the company, the last 17 of which were as a board member, he wishes to retire as CEO and as a member of the board by the end of 2011.
Munich Re begins to spend €2.5bn energy investment pot
Munich Re, via its asset manager MEAG, has concluded a significant investment deal involving wind power plants in Germany.
Santa's insurance bill reduced by £5m over two years claims broker Aon
Santa may be dusting off the sleigh, making sure the reindeer are in tip-top shape and asking his elves to put in overtime to finish off all the presents to make sure every child across the globe gets a present.
MMC boss Duperreault acclaimed as Insurance Hall of Fame winner
The International Insurance Society has announced Brian Duperreault, president and CEO, Marsh & McLennan, USA, as the 2011 Insurance Hall of Fame winner.
Catlin the latest insurer to up NZ quake loss estimate
Catlin has today announced an estimate of the financial impact of the 4 September 2010 New Zealand earthquake.
Canopius appoints property underwriter
Canopius Group has appointed Andrew Ealey as property treaty underwriter.
Guy Carpenter and Willis join forces with Aon for oil liability consortium
Guy Carpenter and Willis Re are working alongside Aon Benfield as placement advisors to a new sudden oil spill consortium, which aims to deliver larger liability limit coverage for deepwater drilling in US waters.
Earthquakes top reinsurance losses in 2010 according to Guy Carpenter
The earthquakes that devastated parts of Chile and New Zealand were the largest source of losses in 2010, costing the reinsurance industry $8bn (£5.07bn) and $4bn respectively, according to a new report by Guy Carpenter & Company.
Lloyd's names Chaplin as Asia-Pacific chief
Insurance market Lloyd’s has appointed claims boss Kent Chaplin as the new head of its Singapore-based Asia-Pacific operations.
Fitch affirms Lloyd's A+ rating despite pressures
Fitch has today affirmed Lloyd's of London's Insurer Financial Strength rating at 'A+'.
Aspen updates New Zealand loss estimate by $33m
Aspen has announced an updated pre-tax loss estimate for the New Zealand earthquake which occurred in September 2010. Losses are now expected to reach US$53m, revised up from US$20m net of reinstatement premiums.
Jubilee appoints business development chief
Lloyd’s insurer Jubilee Managing Agency has appointed Nick Grazier as head of marketing and business development.
Former Lloyd's CEO Prettejohn linked with top job at Brit Insurance
A former chief executive of Lloyd's has emerged as leading candidate to become the new Brit Insurance chairman.
Career development & CSR news: Lloyd's launches bursary to help Tower Hamlets students
Lloyd's is seeking to ease the financial burden for university students with the launch of a new bursary scheme to help students in Tower Hamlets afford to continue their higher education.
Interview - Roger Brown: Adding value for members
Roger Brown is nearing his second full year as managing director of the ECIC. Mairi MacDonald talks to him about the changes instigated and challenges ahead.
Wells Fargo plans sale of 37% stake in Besso
Wells Fargo is seeking a buyer for its stake in Lloyd's broker Besso.
Lloyd’s & London market – review of the year: Troubled times
A succession of natural catastrophes got 2010 off to a bad start and the market continued to struggle - but the resolution of Brit’s future and the prospect of consolidation could see the year end on a high. Mairi Macdonald reports.
Warning over reserves as retirement age rises – Post in print: 16 December 2010
Senior reporter Leigh Jackson outlines the main news from this week's issue of Post, which includes reports that insurers have been urged to review their reserves, as the proposed abolition of the retirement age could see claimants seeking increased…
Hardy responds to Beazley withdrawal with share buy-back
Hardy has revealed that the share buy-back programme announced on 26 November 2010 will now commence under existing authority from shareholders and will be administered by Peel Hunt.