News
Reinsurance market shows first signs of hardening
The (re)insurance market has shown its first signs of hardening, Reinsurance has learned.
CV Starr's Bermudian reinsurance group given ratings
Starr Insurance & Reinsurance Limited (SIRL) (Bermuda), an indirect wholly owned subsidiary of Starr International Company, Inc. (SICO) (Panama), a private investment holding company has been assigned a financial strength rating of A (Excellent) and an…
Temple Insurance Company upgraded by AM Best
A.M. Best Co. has upgraded the financial strength rating to A+ (Superior) from A (Excellent) and the issuer credit rating to "aa-" from "a+" of Canadian insurer Temple Insurance Company. The outlook for both ratings has been revised to stable from…
Aon appoints new global controller
Aon has appointed Laurel Meissner, a former financial executive from Motorola, as senior vice president and global head.
GDP woe for third quarter
Between July and September the UK economy's GDP shrunk by 0.6% which was worse than previously expected.
Nissan captive given ratings
Nissan Global Reinsurance, the reinsurance captive of Japanse motor giant Nissan, has been assigned a financial strength rating of A- (Excellent) and an issuer credit rating of "a-". The outlook assigned to both ratings is stable.
CTC finalises deal
Charles Taylor Consulting has now received regulatory approval from the Financial Services Authority to its proposed acquisition of Westminster Motor Insurance Association.
Everest Re gets Brazilian reinsurance license
Everest Re Group said that its subsidiary, Everest Reinsurance Company, has been admitted as a property and casualty reinsurer in Brazil.
Qatar ratings affirmed
Ratings agency AM Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb+" of Qatar General Insurance and Reinsurance Company. The outlook for both ratings remains stable.
Marsh: fraud protection insurance take up set to rise as cases up 15%
Broker Marsh has predicted a rise in the number of UK companies buying fraud insurance protection next year, as the world economy continues to deteriorate. It also expects the number of insurance claim notifications relating to fraud to grow in 2009.
Consolidation predicted for insurance market
Consolidation in the insurance market may gather pace as companies seek to manage their capital and other regulatory overheads, says an industry expert.
White Mountains Re CFO retires
White Mountains Re Ltd., the reinsurance unit of White Mountains Insurance Group, Ltd. (NYSE: WTM), announced today that Chuck Chokel, chief financial officer, will retire from full-time work at the end of the year. He has agreed to remain a risk…
AM Best assigns ratings to Max Capital US insurance subsidiary
Ratings agency A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of "a-" to Bermudian (re)insurer Max Capital's US subsidiary Max America Insurance Company (MAIC) (South Bend, IN). The outlook for both…
Moody's eyes downgrade for XL's Lloyd's syndicate
Moody's Investors Service (Moody's) today placed the B+ Above Average, performance rating of XL's Lloyd's syndicate 1209 under review for possible downgrade.
Validus raids AIG for head of MGA start up
Validus is expanding its business into 'technical lines property' insurance through the creation of Validus Underwriting Risk Services, a managing general agency based in New York.
Spitzer invested with Madoff
According to reports, Eliot Spitzer, the former New York attorney general, and the man who led the fight against contingent commissions invested in the alleged Ponzi scheme fraud of Bernard Madoff. It is not known how much Spitzer invested.
Imagine downgraded by Fitch following run-off decision
Fitch Ratings has downgraded the Insurer Financial Strength (IFS) ratings of Barbados-based (re)insurer Imagine Insurance Company Limited and Imagine International Reinsurance Limited (collectively, Imagine) to 'BBB' from 'A-', following the decision by…
Aviva begins count down to NU phase out with Boxing Day TV spots
Aviva has confirmed that the campaign to communicate that Norwich Union, is changing its name to Aviva will launch on 26 December and will run for six months.
Carvill trio leaves for rival broker
Three senior brokers have left Carvill to join Lloyd's broker Tysers.
Scor gets life retakaful license
The Labuan Offshore Financial Services Authority (LOFSA) has granted SCOR Global Life an operating licence to provide Retakaful reinsurance products complying with the principles of Islamic finance. LOFSA also granted SCOR Global Life a conventional (non…
Swiss Re financial strength rating outlook moved to negative - Best
AM Best has downgraded its outlook for Swiss Re's 'A+' financial strength rating to negative.
XL downgraded by Moody's
Moody's has downgraded the senior debt rating of XL Capital to Baa2 from Baa1 and the insurance financial strength (IFS) ratings of XL's insurance and reinsurance operating subsidiaries to A2 from A1.
Munich Re agrees to buy AIG business for $742m
Munich Re has agreed to acquire specialty insurer Hartford Steam Boiler (HSB Group) from AIG for $742m (€531m). The reinsurance giant stressed it had funded the deal entirely from "existing resources".
Beazley makes new appointment
Beazley has appointed Anthony Hobkinson to head up its specialty lines claims team focusing on professional and management liability claims. He succeeds David Marock, who was appointed the group's chief operating officer in October.