News
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.
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.