Lloyd’s/London
US winter storms estimated to cost $2bn
Catastrophe risk modeling firm Eqecat said Friday afternoon (eastern time) that it estimates insured losses resulting from two February winter storms in the eastern United States will exceed $2bn, based on a preliminary assessment.
Axis grabs senior staff from GCube to start renewable energy team
Axis Capital has started a renewable energy insurance team, the company said in a statement.
Catlin boasts of record profit
The Lloyd's insurer saw a 12% increase in gross premiums written to US$3.7bn on constant currency basis; and an 8% increase on a reported basis (2008: US$3.4bn) and recorded a 89% combined ratio (2008: 95%).
Lloyd's insurer sets up new liability division with Argo hire
To build and lead the new division, which will specialise in international professional and general liability and related classes, Chaucer has recruited Mark Lawrence as head of division.
Beazley sets up M&A team
Lloyd's insurer appoints John McNally to head a new team in London focusing on insuring the contingent risks that can otherwise impede merger and acquisition transactions.
In Series: Solvency 2 - Capital ideas
Alex Arterton explains how the prospect of more demanding capital requirements is already shaping insurer strategies.
In Series: Solvency 2 - A year of achievement
With implementation deadlines for Solvency II fast approaching, Sam Barrett looks at how these are driving market developments and insurer action.
Lloyd's insurer signals motor intent with deal
Lloyd's insurer Ascot is targeting the UK commercial motor market for the first time after striking a deal with Chelmsford-based broker and underwriting agency Direct Commercial.
Beazley GWP rises by 27%
Dublin-domiciled Beazley has reported pre-tax profit up 15% to £100.7m (2008: £87.2m) and an underlying profit before income tax up 259% to £147.3m (2008: £41.0m).
Blog-re: Buzztacular
As part of a series of guest blogs from reinsurance personalities, following yesterday's announcement of the launch of social media platform Goggle Buzz to rival Twitter and Facebook, Peter Dunkley of Total Objects explains how the reinsurance market can…
Editor's comment: Sants - is he quackers to give up FSA position?
A headline screaming "lame duck" and "Financial Services Authority" was put up on the Post website on Tuesday following the resignation of the regulator's chief executive Hector Sants.
XL results improve, but miss expectations
XL's fourth quarter results improved, but missed Wall St expectations.
Max Capital to increase share buyback
Max Capital,the Bermudian (re)insurer, has increased its share buyback by $100m, the company said.
FSA "a lame duck" following CEO resignation, claims lawyer
Jonathan Davies, regulatory partner at City law firm Reynolds Porter Chamberlain, believes insurers should be worried by the news Hector Sants is to quit the FSA.
FSA boss to quit in the summer
The Financial Services Authority has today confirmed that its CEO Hector Sants plans to step down this year.
Beazley profits pass £100m and GWP hits a £1bn 2009
Beazley chief executive officer Andrew Horton said "our underwriters delivered again in 2009" as it reports improved profits.
Lloyd's outlines two-year strategy
Maintaining and developing the attractiveness of the Lloyd’s market are the central themes to a review published today by Lloyd’s.
Lloyd's firm merges syndicates
Jubilee Managing Agency has combined its motor Syndicate 1231 and property and personal lines Syndicate 5820 for the 2010 year of account.
Entries for the British Insurance Awards 2010 now open
The British Insurance Awards 2010 are now officially open for entries. These prestigous awards, for the entire UK general insurance industry, will be presented at the Royal Albert Hall on the evening of the 7 July.
Russia may support new round of sanctions on Iran
UN sanctions, including insurance and reinsurance sanctions, have come one step closer to agreement following Iran’s latest rocket test.
Ascot enters commercial motor
The account will be serviced by Direct Commercial and underwritten by Phil Cunningham, managing director of Direct Commercial.
Willis sees revenue and income rise in 2009
CEO Joe Plumeri hails last year as "momentous" as it records revenue of $3.3bn.
QBE's Stout leaves syndicate
Andrew Stout, QBE's portfolio manager for international property, has left the company, market sources told Reinsurance.
LMA and technology
This is a year in which the London Market will make a concerted push in implementing further market reform and embracing technology, especially regarding the second phase of electronic claims handling being brought in. Richard Garnett, managing director…