News
Aspen share offering raises $400m
Aspen Insurance Holdings has announced that it has closed its previously announced public offering of 17 551 558 ordinary shares at $23.00 per share, raising aggregate net proceeds of approximately $400m.
S&P affirms Converium at BBB+, outlook stable
Standard & Poor's Ratings Services has affirmed its 'BBB+' long-term counterparty credit and insurer financial strength ratings of Converium. At the same time, S&P affirmed all ratings on the guaranteed operating entities of the Converium group …
Towergate snaps up Norfolk broker
The Towergate Partnership has announced its 104th acquisition - David Brake Insurance Consultants, based in Norfolk.
Integro hires duo in San Francisco
Integro has hired two executives to serve in its San Francisco office. Michael J Korn has been appointed managing principal, Property Practice, and Ted Doolittle has been appointed principal, Executive Risk Practice.
FSCS declarations open the way for consumers to claim compensation
The Financial Services Compensation Scheme (FSCS) has recently declared 18 firms in default.
FSA: new push on reinsurance transparency
The Financial Services Authority has proposed new rules that may require greater disclosure by insurers of their use of financial reinsurance. Earlier this year, the FSA wrote to firms asking about their use of financial reinsurance. The FSA said the…
Max Re Capital taps market for $250-$300m
Max Re Capital has joined the increasingly long list of companies that are raising new capital in the aftermath of Hurricane Katrina by issuing shares.
Arch edges Katrina loss upwards
Arch Capital Group has announced that it expects 2005 net third quarter operating earnings to be negatively impacted by $173m due to hurricane Katrina — exceeding its previous maximum probable loss estimate, which was of the range $110m-$160m.
£100m boost for Aviva
Aviva said it will exceed the cost savings target of £80m per annum forecasted after its purchase of RAC this year.
Ace USA offers new D&O product
Ace USA, the US based retail operating division of the Ace Group of Companies, has created a policy designed to protect personal assets of directors and officers in situations where indemnification is unavailable or when traditional insurance programs…
Aon launches M&A warranty alternative
Aon Limited has today unveiled an innovative insurance product called Warranty Replacement and Acquisition Protection, to replace the usual giving of warranties by a seller to a buyer in a merger and acquisition.
Fitch changes German outlook
Fitch Ratings has changed its Outlook on German life insurers to Stable from Negative, reflecting amongst other positive factors a recovery in capital adequacy and the flexibility in profit participation, although the long-term macroeconomic conditions…
Police step in over fraud allegations at Besso
London Market broker Besso is under investigation by the City of London Police after the company discovered irregularities in some of its client funds accounts.
AIG subsidiary brings in new excess liability coverage product
AIG Excess Casualty, a division of American Home Assurance, a member company of American International Group (AIG), has introduced xsInResponse, a new product that provides excess liability coverage for risks previously covered by an insurance carrier…
PruHealth reverse PMI premium increase
New research from PruHealth, the innovative private medical insurer, shows that the average private medical insurance premium has risen by a massive 37 per cent since 1999. That compares with Retail Price Index inflation of just 12 per cent during the…
Room targets insurance start-ups
A new IT service that claims it can reduce time, risk and costs associated with creating new insurance companies in London, Bermuda and Dublin is being launched by Room Solutions, a specialist supplier of IT systems to the commercial insurance sector,…
Max Re bucks trend with 3Q profit forecast
Max Re has announced that it expects to report net income for the nine months ended September 30, 2005 between $10 m and $20m. The Bermudian reinsurer said that the results include an estimated negative impact on earnings of $90m from Hurricane Katrina,…
Katrina and Rita blow IPC 3Q losses sky-high
IPC Holdings has said that it anticipates that the net impact from these events on its net income from Hurricanes Rita and Katrina in the third quarter will be in the range of $650m to $750m.
Tillinghurst publishes new Katrina loss estimate
Hurricane Katrina is expected to result in $40bn to $55bn in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin.
Mobile phone insurance called into question
Nearly 2,000 mobile phones are stolen in the UK every day making it important for customers to consider insurance. But the British Insurance Brokers’ Association warns that mobile phone insurance policies can prove expensive and may be difficult to claim…
Accountants’ and auditors’ PI premiums continue to fall
The results of the latest Willis Index survey of the UK professional indemnity insurance industry for the third quarter of 2005 show the market continuing to maintain competitive, especially in the small to medium firm sector. Average premium reductions…
Glencairn appoints former Marsh director
Broker Glencairn has appointed Paul Chalk as Head of IT.
Marine club warns brokers against filing claims by e-mail
FILING demurrage claims electronically could be costing shipbrokers significant sums of money, according to International Transport Intermediaries Club (ITIC).
Chubb third quarter losses top £300m
Insurer Chubb has estimated its total losses from third quarter catastrophes, primarily Hurricane Katrina, to be approximately $600m before tax (£340m). This amount includes estimated losses and loss expenses net of reinsurance recoverable, reinsurance…