News
Aspen in $156m share buyback, as founders lighten holdings
Bermudian (re)insurer Aspen has announced it will by back $156m-worth of its ordinary shares from two of its founding shareholders, the Blackstone Group and CSFB Private Equity.
Claims management regulation website launched
The new regulatory body for the claims management sector, headed by Mark Boleat, is now live. Go to http://www.claimsregulation.gov.uk/ now to apply for authorisation via the Department for Constitutional Affairs.
Ace: Environmental warning
Ace European Group has warned that UK businesses are exposing themselves to unnecessary environmental liability risks. The insurer said too many companies continued to view specialist insurance products as too expensive and overly complicated; and had a…
Wilbur Ross strikes major Lloyd's deal
Hiscox today announced that in order to take advantage of strong underwriting opportunities, Hiscox Syndicate 33 has entered into a Quota Share reinsurance arrangement with Panther Re Bermuda, the $360m Bermuda reinsurance company newly formed by WL Ross…
Mixed response to Scottish Re rescue
Troubled life reinsurer Scottish Re has announced a $600m equity infusion to stave off its liquidity...
Kiln buys into Asia in Hong Kong move
Lloyd's (re)insurer Kiln has bought the Hong Kong-based underwriting agency, International Reinsuran...
XL subsidiary hit with subpoena in NY investigation
In a regulatory filing, Bermudian (re)insurer XL Capital has admitted that one of its subsidiaries h...
OIL to lose nine shareholders at 1/1
Bermuda-based oil industry mutual group, Oil Insurance Limited (OIL) has announced that nine of its ...
Guy Carpenter and Amlin stake bid for first London paper-less claim
Reinsurance broker Guy Carpenter and Lloyd's (re)insurer Amlin say they have completed the London Ma...
Glacier Re launches new insurance arm from Liechtenstein
Glacier Re, the Swiss-based reinsurer founded in late 2004, has revealed that it has started a direc...
AXA first insurer to securitise life catastrophe covers
Swiss Re announced that it has placed securities worth $442m to cover catastrophe mortality experien...
London Market heralds creation of market repository
In the latest step in its drive to promote business processing efficiency in the London Market, the ...
RenRe risk appetite achieves 'stellar' third-quarter result
Renaissance Re has reported a net income of $251.1m in the third quarter of 2006, compared to a net ...
Don't diversify just for the sake of it!
Mark Geoghegan is inspired by one rating agency's proactive approach to the thorny issue of diversification credits for (re)insurers
PXRE expense ratio tops 200%
Troubled Bermudian reinsurer PXRE has announced results for the third quarter showing net income of ...
Flagstone in $175m New York IPO, Europe expansion
Class of 2005 Bermudian reinsurer Flagstone Re has filed with the Securities and Exchange Commission...
Converium third quarter still stable; upgrade expected
Swiss reinsurer Converium has reported a net income of $54.3m for the third quarter of 2006 on net p...
'Lucky' Buffett posts bumper third-quarter profits
The sparse North Atlantic hurricane season has meant Berkshire Hathaway's reinsurance businesses mad...
Hannover Re receives China licence
Hannover Re has received a licence from the China Insurance Regulatory Commission (CIRC) to transact...
Guy Carpenter claims catastrophe CDO first for Catlin
Reinsurance broker Guy Carpenter and fellow group company MMC Securities have placed a $200m collate...
Max Re CEO quits as old finite wounds reopened
Bermudian reinsurer Max Re's founder, chief executive and chairman Bob Cooney has resigned as the co...
Brit renews satellite contract
Brit Insurance has announced the renewal of an exclusive contract with Telesat Canada to supply the group with technical advice and support for its space underwriting activities.
Insurers must improve risk management frameworks: FSA
The insurance industry’s management of risk has progressed substantially over recent years, but firms still need to further improve the effectiveness of their risk management frameworks.
Wholesale practitioners generally content with FSA performance but retail firms see little sign of improvement
Financial services firms' satisfaction with the work of the Financial Services Authority (FSA) has shown little sign of overall improvement over the past two years, according to the fourth biennial survey of the regulator's performance by the Financial…