News
O’Hara puts brave face on WI setback and reveals “significant” equity funding plans
President and CEO of Bermudian (re)insurer XL Brian O'Hara, has described the draft Actuary’s report in connection with the Company's acquisition of Winterthur International (WI) 2001 as “disappointing” whilst outlining and XL's planned capital…
XL names new Bermudian start-up Cyrus Re
XL has revealed the identity of its new start-up property catastrophe reinsurance retrocessionaire as Cyrus Re, domiciled on Bermuda, with initial capital of $500m.
Fitch affirms XL Capital ratings
Fitch Ratings has affirmed the ratings of XL Capital (XL) and its property/casualty (re)insurance subsidiaries, including the 'A-(A minus)' Long-term issuer rating for XL, and the 'AA-(AA Minus)' Insurer Financial Strength ("IFS") rating of lead (re…
Advent ups Katrina loss by 46%, to raise £30m in equity
Lloyd's property catastrophe reinsurer Advent Capital has today announced sharply increased loss estimates for losses arising from the 2005 Hurricane season and an £30m ($53m)equity issue.
Chubb promotes two for new regional push
Chubb Insurance has created two new roles as it aims to strengthen the Chubb Speciality Insurance division in the regions.
CII acts on mis-selling fears
The Chartered Insurance Institute today announced it is to re-launch an enhanced learning package for practitioners offering Payment Protection Insurance at the beginning of next year in light of public concerns.
New Foil president prepares to take up Comp Bill challenge
The Forum of Insurance Lawyers has appointed Neil McLaughlin, partner in law firm Morgan Cole, as its new President.
Spitzer drops criminal charges against Hank Greenberg
New York Attorney General Eliot Spitzer has decided not to pursue possible criminal charges against former AIG chairman and chief executive Maurice "Hank" Greenberg in connection with the insurer's accounting scandal, according to the Wall Street Journal…
AIG in new personal lines Lloyd's move
In order to service the High Net Worth sector "more effectively" AIG Europe has decided to start underwriting HNW business through AIG Private Client Group from its Lloyd’s box from 1 December 2005.
Beazley Group funds insurance growth
Beazley Group has announced that it has signed a £150m letter of credit and revolving credit facility.
Chaucer upbeat for 2006
Lloyd's insurer Chaucer has published syndicate forecasts commenting that 2004 remains on course to produce a third consecutive year of healthy underwriting profits despite hurricane losses and that it expects underwriting capacity for 2006 to increase…
The Chairman's view on Lloyd's year
Chairman of Lloyd’s, Lord Levene gave his assessment of Lloyd’s year in front of a full house in the Old Library at Lloyd’s today. He commended the London market for dealing admirably with the losses from three of the worst hurricanes on record…
QBE director departs
International liability drector, Jeremy Fage, has left D A Constable Syndicate 386 and Limit, part of the QBE Group, by mutual agreement.
NU reveals new fraud figures
New calculations reveal that fraud now costs the UK £16bn a year but Britons are still in the dark about the real cost of fraud and its true impact on society.
FSA Dear CEO letter - conflicts of interest
To read the Financial Services Authority's letter sent out earlier this week addressing the issue of conflicts of interest simply click on this link: http://www.fsa.gov.uk/pubs/ceo/conflicts_18nov05.pdf
JLT offers security travel advice
Jardine Lloyd Thompson has launched an insurance package with up to the minute bespoke travel and safety advice. It has been produced after research by travel advice specialist red24 showed an 80% increase in requests for more detailed information about…
Businesses 'failing in flu pandemic preparations'
A new survey from broker Aon reveals businesses see an influenza pandemic as a very real threat to their futures but are doing little to prepare for it. The survey, which follows the recent launch of Aon’s White Paper (Pandemic Influenza: Managing the…
Fairfax takes $112m Wilma hit
Fairfax Financial Holdings Limited, group parent company of OdysseyRe, Crum & Forster, Group Re and Northbridge, has announced that its estimate of aggregate potential net losses relating to Hurricane Wilma is $200m before tax and minority interests, or…
Fortis sees drop in UK motor premium
Fortis Insurance has reported overall gross written premiums for the third quarter 2005 of GBP453m in the UK, an increase of 3 per cent over the same period in 2004 (Q3 GBP442m).
XL to take $830m Q4 loss from Winterthur dispute
XL Capital Ltd has announced that it could receive only $575m net from Winterthur as compensation for adverse developments occurring after its 2001 purchase of the Swiss firm’s International business units.
Omega announces unchanged syndicate forecast
Omega Underwriting has announced an unchanged forecasts for Syndicate 958 for the 2003 and 2004 years of account. The Syndicate’s 2005 account is expected to be profitable
Wellington hammered by hurricane losses
Wellington Underwriting, whose wholly owned subsidiary Wellington Underwriting Agencies manages Syndicate 2020 at Lloyd’s, has released a further update about the extent of losses sustained from hurricanes Katrina, Rita and Wilma in 2005.
Managers frustrated by lack of support
Senior insurance managers are confident in their own abilities but frustrated by hurdles that stop d...
FSSC and FSA unite to develop standards
The Financial Services Skills Council has revealed that it plans to work with the Financial Services...