News
QBE reveals new structure for 2006
QBE has undergone a reorganisation of its insurance structure in Europe it announced today. It claims the move will streamline processes and offer clients a more flexible and innovative partner for their reinsurance needs.
Omega estimates Katrina will cost it less than Florida hurricanes
Omega today said Hurricane Katrina would have a "negligible effect" on its 2005 results.
Monte Carlo: Lloyd's could suffer downgrade blow
Ten insurance and reinsurance groups, including Lloyd's, Swiss Re and Ace European Group have been placed on creditwatch with negative implications by Standard & Poors. The decision was made late last Friday night because of their 'exposure to the…
Catlin results show profit surge
Catlin has announced record net income for the six months ended 30 June 2005.
Europe's inadequate response to terrorism
The president of the Federation of European Risk Management Associations (FERMA), Thierry van Santen, says European risk managers are “very shocked” by the inadequate response of European governments to the economic threat posed by terrorism. His remarks…
Swiss Re doubles its own Katrina estimate
Swiss Re today announced that it now expects the total insured loss from Hurricane Katrina for the insurance industry to be in the range of USD 40 billion. Accordingly, Swiss Re estimates its own claims to be in the range of USD 1.2 billion.
Willis boss warns industry faces judgement
Joe Plumeri, Willis group chairman and CEO, today called on the industry to recognize the confluence of eventsimpacting our industry as “our defining moment”.
Bermuda start up acquires Overseas Partners Re
Catalina Holdings, a newly established Bermuda based company this morning announced that it has signed a binding stock purchase agreement to acquire Overseas Partners Re from Overseas Partners. The acquisition is subject to Bermuda Monetary Authority…
Katrina impact on property reinsurance market still uncertain
Hurricane Katrina could be the largest property loss ever recorded in the global reinsurance market, according to Aon.
Heath Lambert in new partnership tie up
Heath Lambert today launched a new partnership with The British Medical Association’s (BMA) financial services arm, BMA Services.
Hiscox reports jump in half year profits despite drop in business
Hiscox this morning reported a higher half year profit profit of £88.1m for 2005 (2004:£60.3m) on less gross premiums written of £437.2m (2004: £489.0m). The insurer added its UK profits doubled to £21.1m.
Fortis swoops for top 50 UK broker
Fortis (UK) today announced it has acquired affinity broker OutRight.
Kennedys opens Madrid office
City law firm Kennedys is opening an office in Madrid on 3 October 2005 by merging with the practice of Araúz de Robles Y Vélez Abogados (ARV), with whom Kennedys has had an association since 2000.
Ex Zurich claims boss joins Willis
Willis has appointed Andy Pearce as head of claims within its global operations UK division.
Acquisitive Giles opens first international office in US
Broker Giles Insurance has opened its first non-UK base in Chicago.
Gen Re’s Brandon served notice from SEC
Berkshire Hathaway has announced that on September 8, 2005, Joseph Brandon, CEO of General Reinsurance, a wholly owned subsidiary of Berkshire Hathaway, received a “Wells notice” from the staff of the Securities and Exchange Commission in connection with…
Huntswood names Clive Williams as new chairman
Huntswood, a provider of professional services to the retail financial services industry, with clients throughout the UK, Europe and USA, today announced the appointment, from September 1, of a new chairman: Clive Williams, the former CEO of Capgemini UK…
Zurich chief concedes Spitzer impact would have happened anyway
Most of the insurance reforms introduced by New York attorney general Elliot Spitzer would eventually have come about anyway, according to Zurich Financial Services’ Global Corporate group chief executive Geoff Riddell.
SVB assumes £25m hurricane loss
Lloyd's managing agent SVB has given its provisional loss estimate from hurricane Katrina. It said its current expectation net of reinsurance and reinstatement premiums will be around £25 million - based on a market insured loss estimate of $40bn
Heritage puts Katrina loss at £28 million
Heritage Underwriting Agency Plc, managing agency of syndicate 1200, this morning said it believes that it is still very early to make a reliable estimate on the syndicate’s hurricane losses.
Willis and Gras Savoye create new subsidiary
Willis Group and Gras Savoye are joining their respective French and Belgian reinsurance businesses in a new Paris-based company, Willis Gras Savoye Re.
Alea may sell up
Insurer/reinsurer Alea said it will consider selling the group after it was downgraded by Standard & Poor's to BBB+ from A-. The outlook on the rating is negative.
Towergate acquires Chase portfolio
The Towergate Partnership has acquired the mixed commercial and personal portfolios of Chase Insurance Brokers, based in Brentwood with a premium income of £1.5m.
Hurricane losses lead to Rosemont ratings review
A.M. Best has placed the financial strength ratings (FSR) of A- (Excellent) and the issuer credit ratings (ICR) of “a-“ of Goshawk-owned Rosemont Reinsurance under review with negative implications.