News
First half results have reinsurers feeling gloomy
Falling (re)insurance prices, subprime writeoffs and lower investment income all contributed to a di...
Hurricane Gustav closes in on New Orleans
Hurricane Gustav, which is closing in on the coast of Louisiana, could produce a storm surge of between 13 and 18ft if it gets to a Category 4 hurricane as forecast, and may overtop some floodwalls and levees in New Orleans if it were to hit the city,…
Fairfax buyout of Advent looms after company says has 58% of shares
North American financial services company Fairfax has declared their offer unconditional for Lloyd's (re)insurer Advent after receiving an extra 14% of acceptances which put them over the 50% threshold.
Stovin replaces Albanese as president of Markel International
Markel has said that William Stovin will replace Gerry Albanese as president and chief operating officer of Markel International.
Zoom latest airline to go bust: The insurance implications
As another long-distance budget airline goes bust this week, Katherine Brandon, reporter at Professional Broking , the management magazine for insurance brokers, looks at the possible insurance implications of cancelled flights as airlines suffer.
MMC forbidden from poaching Benfield brokers
MMC has been barred from approaching Benfield staff after it failed to buy Benfield last week, sources have told Reinsurance.
Zoom latest airline to go bust
As another long-distance budget airline goes bust this week, Katherine Brandon, reporter Professional Broking , looks at the possible insurance implications of cancelled flights as airlines suffer.
Hardy not part of takeover talks - CEO
Although there has been a speight of recent takeovers of Lloyd’s (re)insurers by Bermudian companies, Hardy hasn’t been part of any talks, chief executive Barbara Merry said in an interview.
MMA appoints head of business development team
Intermediary only insurer, MMA Insurance has appointed Dan Andrews as head of business development.
Groupama CEO dismisses commercial rate rise talk as hot air
The chief executive of Groupama has criticised the market for talking up commercial rates rises but doing nothing about it. François-Xavier Boisseau's comments came as Groupama Insurances reported a UK post tax profit of £15.0m to the end of Q2 2008 …
Insurantz launches commercial vehicles cover
Insurantz.com, the online small business insurance provider has added ‘Business Vans’ commercial vehicles cover to its suite of products aimed at the UK’s 4.5 million small business owners.
Cassidy Davies secures Millenium MPPI deal
LLoyd's insurer Cassidy Davis has secured a deal to underwrite a scheme portfolio of mortgage payment protection insurance for Millennium Insurance Brokers.
Allianz to sell Dresdner this weekend
According to the Financial Times , German insurer Allianz is set to sell its bank Dresdner for about €9bn ($13bn) to Commerzbank.
Hardy poised for growth when market turns
Hardy Underwriting Bermuda has reported a rise in gross written premium to £97.0m (H1 2007: £88.8m) in the first half of 2008.
Gustav forecast for oil disruption
The Gulf of Mexico is standby for tropical storm Gustav after news that the storm might intesify to a major hurricane before hitting its oil fields.
PB Week: Investment returns hit insurers' profits
Insurers have been benefiting from a growing economy where things could seemingly only go up, now many of them are being hit hard by their investment portfolios no matter how diverse, writes Andrew Tjaardstra, editor of Professional Broking magazine ,…
MBIA in $184bn municipal bond reinsurance deal for FGIC
MBIA said that it has agreed to reinsurance $184bn of municipal bonds for Financial Guaranty Insurance Company. The group is expected to receive unearned premiums of around $741m in connection with the deal.
Max Capital appoints chief risk officer
Max Capital, the Bermudian (re)insurer, said that Kevin Werle has been appointed chief risk officer.
Marsh raids Giles and Aon to bolster Glasgow office
Marsh has announced three appointments in its Glasgow office.
RSA rises on deal talks
RSA was among the main risers on the London Stock Exchange as it was again linked with a takeover.
Castlepoint acquiring specialty insurer Hermitage for $135m
(BestWire) CastlePoint Reinsurance, a Bermuda-based subsidiary of CastlePoint Holdings, is acquiring specialty insurer Hermitage Insurance Group for about $135m.
Currency issues send Paris Re to H1 loss
Paris Re, the French (re)insurer, reported a first half loss on an international financing reporting standards basis of $25.6m down from a gain of $80.3m in the corresponding period last year.
Chaucer profits slide to £3.9m
Chaucer has reported a drop in profits to £3.9m in the first half of 2008 (H1 2007: £47.9m).
Highway reports profit fall
Highway this morning reported a fall in profit before tax to £1.4m (2007: £11.8m) for the first six months of 2008. Its gross written premium dipped slightly to £130.7m (2007: £131.2m).