News
The market divide sees 'Old Europe' come into its own
Mark Geoghegan sees the wily old guard of reinsurance running strategic rings around the opposition in 2006
Takaful Re starts operations at DIFC
Takaful Re has been licensed by Dubai Financial Services Authority (DFSA) to operate from the Dubai ...
Ratings and capital round-up
The end of 2005 and the start of 2006 were busy times for the reinsurance market, as it coped with a...
AM Best points to UK growth for SVB
A.M. Best has assigned a syndicate rating of A (Excellent) and an issuer credit rating (ICR) of “a” to Lloyd’s Syndicate 2147, which is managed by SVB Syndicates.
Validus Re hits the ground running
New Bermudian reinsurer Validus Re has announced that it has bound business representing gross written premiums of $220m after just over a month of operations.
Claimant lawyers call for central liability database
Lawyers are calling on the Government to get tough on insurers, following a report which revealed the number of industrial disease victims able to trace their employers’ insurance policies has plummeted.
Hurricanes and 12.3% premium drop plunge Everest $218m in red in 2005
A 12.3% drop in net premiums combined with massive fourth-quarter hurricane losses have forced Bermudian (re)insurer Everest Re to report a combined ratio of 120% and a 3.1% fall in shareholders’ funds for 2005.
XL in China and Brazil moves
XL Capital Ltd has announced today that it has opened a representative office in Beijing and is to start an insurance joint venture in Brazil with Banco Itaú.
Steady growth over 2005 for eReinsure
eReinsure.com, which provides e-commerce technology to the insurance and reinsurance industries, has announced that it had a good 2005.
PartnerRe renewals -2% due to higher retentions
Bermudian (re)insurer PartnerRe has revealed that during the January 1 renewal season it had written and bound approximately $1.79bn of estimated Non-Life premium, 2% less than total renewable expiring premium of $1.83bn.
AM Best downgrades and withdraws Alea ratings
AM Best has downgraded the financial strength rating to B (Fair) from B++ (Very Good) and the issuer credit rating to “bb” from “bbb” of the insurance and reinsurance operating subsidiaries of Alea Group Holdings (Bermuda).
Contingency market to begin monthly meetings
A new Contingency Working Party has been established by the International Underwriting Association. The aim of the group is to help promote contingency insurance for public events such as sports matches, theatre and music concerts.
2005 hurricanes firm US property market, claims RIMS survey
US property insurance rates increased sharply in the fourth quarter of 2005, according to the RIMS Benchmark Survey.
MacKellar joins Amlin Bermuda
Amlin Bermuda, Amlin’s wholly owned reinsurance business, has appointed Stuart MacKellar as managing director, subject to the necessary work permit being granted by the Immigration Department.
Zenith signs £12m agency deal with Kinetic
Zenith Insurance has won a contract to provide personal lines capacity of up to £12 million to Kinetic Underwriting Concepts.
AXIS director resigns
Bermudian (re)insurer AXIS Capital Holdings has announced that Edward J. Kelly, III has resigned from its Board due to guidelines recommending that CEOs of publicly-traded companies serve on no more than two public boards outside their own board.
ARC Chairman calls for succession planning
Succession planning in the discontinued business sector will ensure the future health of the insurance industry according to ARC chairman.
RTAs pushing up claims costs says report
Personal injury costs continue to be the biggest problem facing motor insurers with the annual claims bill likely to reach £10.7bn according to a new report from independent market analyst Datamonitor.
Alea estimates up to $240m losses
Alea Group Holdings (Bermuda) has announced estimates on the company's 2005 performance following the Group’s transition into run-off in the fourth quarter of 2005, with $200-240m (£113-136m) losses after tax. In addition, it is estimating $95-105m in…
Former McLarens and Capita boss links up with Questgates
Loss adjuster Questgates has extended its coverage of the United Kingdom with the appointment of a representative in Northern Ireland, Larmour Investigations Limited. Although the business will continue to trade under its own name and receive…
Insurance brokerage fuels record bank profits
A growth in property insurance activity undertaken by Hodge Insurance Brokers, has contributed towards record profits at the Welsh brokers’ parent, the Julian Hodge Bank Group. This year has seen Hodge Insurance Brokers increase shareholder’s funds by…
Tenon Recovery appointed Administrators of Shakespeare Underwriting
Administrators Dilip Dattani and Patrick Ellward of Tenon Recovery were appointed over Shakespeare Underwriting on 23 January 2006 and are looking to sell the business. The Administrators will pursue their investigations into the cause of the company’s…
Admiral launches multicar policy
Admiral Insurance has launched its multicar insurance product to cater for the growing number of people with more than one vehicle.
Novae adds to northern team
Novae Underwriting is strengthening its regional underwriting team with the appointment of Paul Cregan as development underwriter – North and Jacqueline Doherty as assistant underwriter.