News
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.
US private equity firms looking to start up reinsurance firms
After a stream of catastrophes in 2008 and an active hurricane season, US private equity houses are looking to start up reinsurers, according to Reuters .
Swiss Re borrows $1.5bn from JP Morgan
Swiss Re, one of the world's largest reinsurers, has entered into a $1.5bn long term letter of credit facility with US bank JP Morgan.
Heath Lambert reappointed by Calthorpe
Heath Lambert Group has been reappointed as broker to property developer and investor Calthorpe Estates.
Liability director at Crawford to step down
Suzanne Kearney, a director of SLS, which is a part of Crawford has resigned, Post has learnt.
Aviva continues disposal programme with UK subsidiary sale
Aviva has sold HPI Limited to Solera Holdings.
Lloyd's insurer launches new platform
Canopius Managing Agents, the specialist insurance underwriting business, has merged its two recently-acquired service companies and formed Canopius Underwriting Limited.
CEA opposes US affiliated reinsurance tax proposals
The CEA, the European insurance and reinsurance federation, has today set out its opposition to proposals to change the US tax treatment of related-party reinsurance with offshore entities in a letter to the US Senate Finance Committee and the Committee…
Ace makes FY predictions
Switzerland-based (re)insurer Ace said that it expects operating income per diluted share to be in the $7.25-8.25 range.
Ace appoints new head
Ace Global Markets has appointed Andrew Williamson as marine product line head.
Congressman slams "stonewalling" AIG after CEO meeting cancelled
AIG chief executive Edward Liddy has asked for more time before meeting with US Representative Elijah Cummings, according to reports in America.
Lloyd's broker acquires AR
Lloyd's broker THB has acquired appointed representative, Globesure.
New ABI motor panel chairman appointed
Mark Underford assistant technical manager at Groupama Insurances has been appointed as the new chairman of the Association of British Insurers' motor group rating panel.
CII merger talks collapse
Merger talks between the Chartered Insurance Institute and its Australasian counterpart have been called off.
Hastings and Advantage MBO team speak out
The team behind the management buy out of Hastings and Advantage have spoken of their plans to build the business.
Tysers adds to professional indemnity operation
Lloyd's broker Tysers said it has strengthened its UK professional indemnity operation with the appointment of two senior executives, Richard Bowdidge as divisional director and Kingsley Miller as divisional associate director.
Coface launches rating service
Credit management company Coface is launching a financial rating service.
Swinton agrees £175m bank funding deal
Swinton Insurance agreed a new £175m facility with Lloyds TSB Corporate in order to buy the Equity Insurance Broker business .
Torus Insurance in "selective acquisition"
Torus Insurance has entered into a strategic transaction with New Castle Re in Bermuda in which it acquires any rights to renewals and the potential to assume the unearned premium portfolio on a selected group of New Castle Re contracts.
Levene reappointed Lloyd's chair
Following his re-election to council, the Council of Lloyd's has reappointed Lord Levene as chairman of Lloyd's.
Libero announce MBO from Lehman Brothers
Libero has completed a management buy out from collapsed investment bank Lehman Brothers from an undisclosed sum. It is now wholly owned by directors Stuart Degg, Quentin Moore and Steve Matanle.
ABI: Flood Bill needs to be published as soon as possible
Government actions to tackle flooding announced yesterday must result in people being better protected and informed about the flood risk, according to the Association of British Insurers.
IAG sells UK businesses in £73.5m deal
Insurance Australia Group Limited has agreed to sell its "mass market distribution businesses" in the United Kingdom for a total value of £73.5m.