News
Hutton takes over from Blunkett at DWP
The Government has announced that John Hutton will be the new Secretary of State for Work and Pensions.
Insurer brings travel inhouse to grow market share
Bupa Travel today announced it was taking over the management of all aspects of its products and underwriting. Previously the company operated in conjunction with Royal and Sun Alliance.
AM Best downgrades Endurance Specialty
AM Best has downgraded the financial strength rating (FSR) to A- (Excellent) from A (Excellent) and the issuer credit rating (ICR) to "a-" from "a" of Endurance Specialty Insurance and its operating affiliates.
AIG brings in new staff
American International Group (AIG) has announced that its Board of Directors has elected John W. Keogh senior vice president, Domestic General Insurance and Michael Mitrovic vice president, Claims.
Oval grows its Midlands corporate team
Oval Insurance broking, the UK insurance broking group backed by Caledonia Investments, has recruited three senior specialists to its existing corporate insurance team in the Midlands.
AM Best downgrades “monoline” IPC, despite $600m fund-raising
AM Best has downgraded the financial strength rating of Bermudian reinsurer IPC Holdings to A (Excellent) from A+ (Superior) and issuer credit ratings (ICR) to ‘a’ from ‘aa-‘. The rating action applies to IPCRe Limited (Bermuda) and IPCRe Europe Limited…
Increased hurricane losses may push Axis to a full-year loss
Bermudian (re)insurer AXIS Capital Holdings has reported a net loss for the third quarter of $468.1m compared with net income of $6.3m in the same quarter of 2004.
Swiss Re announces hurricane losses
Swiss Re has admitted that, that based on current estimates, it expects its aggregate claims for hurricanes Rita and Wilma to be approximately $750m.
RSA: US update
Royal and Sun Alliance this morning revealed that it had settled one its outstanding US legal battles and completed a deal to sell its American non standard motor business.
SEC probe sparks RenRe resignations
RenaissanceRe Holdings has announced the resignation of James N. Stanard, chairman and chief executive, following the ongoing investigations resulting from the company's restatement of its financial results earlier this year.
Lloyd's insurer to raise £72.8m
Lloyd's insurer Kiln this morning announced a rights issue to raise £72.8m. At least £40m of the net proceeds will be used to acquire capacity on Syndicate 510.
RAC launches new advertising campaign
Motoring organisation RAC is launching a new integrated brand advertising campaign. The campaign, which includes TV, radio and national press ads, will start on Sunday 6 November during ITV1's Heartbeat, with a series of 20 second adverts and will…
IPC in $600m fundraising
Bermudian reinsurer IPC Holdings has announced it is to sell $362.8m in common stock and $236.25m in preference shares to gross approximately $600m in funds.
Two more solvent schemes of arrangement sanctioned
Two new solvent schemes of arrangement were sanctioned on Friday 28 October by Mr Justice Evans-Lombe for La Mutuelle du Mans Assurance and Scottish Eagle Insurance. These are the first solvent schemes of arrangement with a material element of direct…
Leighton assumes FSA panel role
Roy Leighton today takes over as Chairman of the Financial Services Practitioner Panel at the FSA. He succeeds Jonathan Bloomer, who stands down and assumes the role of Deputy Chairman for one year. Mr Leighton is Chairman of Nymex Europe.
Quanta takes big 3Q hit and confirms property pullout
Bermudian (re)insurer, Quanta Capital Holdings, has reported that its net loss for the third quarter of 2005 was $59.1m and has conformed that it is withdrawing from property underwriting to concentrate on specialty lines. The hit to earnings compares to…
XL takes $1bn 3Q loss, unveils deal with new cat reinsurer
Bermudian reinsurer XL Capital has reported a net third-quarter loss of $1,049.2m, or $7.53 per ordinary share, compared with net income of $22.5m, or $0.16 per ordinary share, for the same period in 2004.
SVB estimates £5-£10m Wilma losses
SVB has conducted a preliminary assessment of the impact of Hurricane Wilma which made landfall on the US on 24 October. The company's initial estimate of the loss arising from this event, net of reinsurance and reinstatement premiums, is £5 million - …
Amlin to open Bermuda doors in New Year
Lloyd's insurer Amlin has announced the formation of the much touted Amlin Bermuda, a new wholly-owned US$1 billion reinsurance company and £224 million fully underwritten Rights Issue. Amlin Bermuda• Formation of a new wholly-owned reinsurance company…
Aspen sells shares to Lehman Brothers
Aspen Insurance Holdings announced that it has agreed to sell 17 551 558 ordinary shares to Lehm...
Max Re Capital plugs market for additional cash
Max Re Capital has joined the increasing list of companies raising new capital after Hurricane Katri...
Stop Press! Baden-Baden news
This year's meeting of the (re)insurance industry in Baden-Baden was overshadowed by Katrina and Wil...
AM Best condemns Rosemont Re to near-certain run-off
AM Best has downgraded the financial strength rating of Rosemont Re three notches to B (fair) from A...
The real reason behind the rush to capitalise
Mark Geoghegan reappraises the market as a truer picture of Katrina's after-effects emerges