News
WR Berkley forms Berkley Offshore Underwriting Managers
W. R. Berkley Corporation, the US (re)insurer, said it has formed Berkley Offshore Underwriting Managers.
Zurich hires senior casualty exec from AIG
Zurich said that Kevin Whitehead has been appointed head of its excess casualty unit.
S&P affirms Aviva rating
Standard & Poor's has affirmed its ratings of the main Aviva operating subsidiaries as AA/AA- ("very strong"). The group rating continues to be AA- with a stable outlook reflecting the continued robust performance of the Aviva group.
Novae says Gustav, Ike loss to reduce FY profits by £5-10m
Lloyd's insurer Novae has said that Hurricanes Gustav and Ike, net of reinsurance and reinstatement premiums, will reduce profit before tax for 2008 by £5-10m.
China Re reports 4.66% 9-month growth in revenues
(BestWire) — China Reinsurance Group Corp. reported a 4.66% growth in insurance revenues to 27.1 bn yuan (€3.17bn) in the first nine months of the year.
Bank of England raises insurer fears
The Bank of England has raised the prospect of insurance companies' investments falling below regulatory requirements or downgrades impacting their long term sustainability.
Baden Baden: Munich Re says market is hardening
(BestWire) During the Baden-Baden Rendez-Vous event, Munich Re said it believes the reinsurance market is hardening, thanks partly to the recent financial turmoil.
Insurance industry divided on US bailout talks
(BestWire) — As Treasury department officials continue to mull whether and how insurers might be included in the $700bn troubled asset relief program, sharp contrasts are being drawn between the life and property/casualty sectors on the topic of equity…
Axis Capital reports Q3 $249m loss
Axis Capital, the Bermudian (re)insurer, reported a loss of $249m in the third quarter of the year, down from a net income of $270m in the same period last year.
Hardy reveals hurricane exposure
Lloyd's insurer Hardy Underwriting has estimated that its combined claims exposure for hurricanes Ike and Gustav , after reinsurance and reinstatement premiums, is $23m.
Baden-Baden: - Lloyd's Tolle warns of underwriting shake-up
Rolf Tolle, Lloyd’s franchise performance director told delegates at an XL briefing at the reinsurance gathering in Baden Baden this week: “We are at the end of maybe the longest period of economic growth and, I have to say, of “cheap money” driving that…
Baden-Baden - asset weakness to drive consolidation
At the reinsurance industry gathering at Baden-Baden this week, reports Eric Alexander, one industry commentator painted a dramatic picture of how the changed economic outlook will impact the reinsurance sector.
Aviva CEO bullish on future once economic stability returns
The group chief executive officer of Aviva has insisted the group is positioned for growth once economic stability returns because it has a strong brand and capital position.
CNA in $331m Q3 net loss
CNA, the US (re)insurer, reported a third quarter loss of $331m, compared to $174m gain in the period a year before.
American Surety Holdings in Q3 net loss of $4.3m
American Surety Holdings, the US (re)insurer said that its net loss for the third quarter of 2008 was $4.3m.
Dual creates UK development manager role
Dual Corporate Risks has promoted its senior regional manger Kevin Cleary to the newly created post of UK development manager.
FTSE pares losses after morning crash
The FTSE 100 crashed on Monday morning, but the 'Black Monday' worries were given a slightly lighter tinge in the afternoon session.
US P&C insurers estimated to pay out $11.5bn in Q3 property losses
US property/casualty insurers are expected to pay homeowners and businesses an estimated $11.5bn for third-quarter property losses resulting from a total of 11 catastrophes in 22 states — the fourth-largest insured property loss in a third quarter since…
Broker looks to become dominant force in East Midlands after MBO
The Berkeley Burke Group has sold its general insurance business to the management.
MMA opens new office in Scotland
MMA Insurance has opened a new office on St Vincent Street, Glasgow.
Haynes gains wider role at Tokio Marine
Kiln Group chief financial officer Peter Haynes is to assume a broader financial management and leadership role for Tokio Marine companies.
FTSE crashes in early trading
The FTSE 100 has crashed to 3686.26, down 5.08% at 10:50am. Aviva was down 11% to 219.50 pence per share.
Kiln CFO Haynes given senior appointment in Tokio Marine Global
Kiln Group and Tokio Marine Global has announced Peter Haynes, the Kiln Group chief financial officer, is to assume a broader financial management and leadership role for Tokio Marine companies, subject to the requisite regulatory consent.
Brit Insurance snags new liability underwriter from Zurich Commercial
Brit Insurance Holdings, the UK-based international general insurance and reinsurance group, said it as appointed Darren Mallett as liability underwriter on its UK division.