News
Hannover Re says has €23m of exposure to Lehman Brothers
German reinsurer Hannover Re said it has €23m of exposure to collapsed US investment bank Lehman brothers.
Munich Re says has €350m of total exposure to Lehman Brothers
Munich Re, the German reinsurance giant, said that it has €350m of exposure to collapsed US investment bank Lehman Brothers.
Manchester broker expands with acquisition
Manchester-based Stanmore Insurance Brokers, which is part of the Brokerbility Group, has acquired a further business in the North west.
Libero looking for alternative capital after Lehman collapse
The senior directors of Libero Ventures, which is 80% owned by collapsed investment bank Lehman Brothers, has said that it is looking for alternative capital in the wake of the collapse of majority owner Lehman Brothers.
Ike probably the third largest US hurricane loss in history- Fitch
With estimates among the three major catastrophe modeling firms ranging from $6-$18bn, losses from Hurricane Ike will be material to both the primary insurers located in the U.S. and to the global reinsurance industry, according to Fitch Ratings in a new…
Randall & Quilter buys KMS
Randall & Quilter, the run-off management service provider and acquirer of solvent insurance companies in run-off, said it has acquired KMS, the London-based provider of insurance run-off services, through the acquisition of the holding company Continuum…
Fitch joins Best and S&P in downgrading AIG
Fitch Ratings has downgraded the issuer default rating (IDR) and outstanding debt ratings of American International Group. Its long-term IDR has been downgraded to A from AA-; senior unsecured debt to A from AA-. short-term IDR to F1 from F1+; commercial…
AIG hit by further downgrade
Standard & Poor's has lowered its long-term counterparty rating on American International Group to 'A-' from 'AA-' and its short-term counterparty credit rating to 'A-2' from 'A-1+'.
New York governor approves AIG bailout plan
New York governor David A Paterson has announced a multi-billion dollar financing plan to stabilize AIG.
AIG given permission to use $20bn of funds as collateral to borrow funds
AIG has been given permission by the State of New York to use $20bn of its own funds as collateral to maintain its daily operations.
AIG downgraded by AM Best
AM Best has downgraded the financial strength rating to A (Excellent) from A+ (Superior) and issuer credit ratings (ICR) to “a” from “aa” of the domestic life and retirement services subsidiaries of American International Group.
Flagstone Re's exposure to Gustav and Ike exposure around $85m
Bermudian reinsurer Flagstone said that its preliminary estimate of claims relating to its exposure to Hurricane Gustav are currently expected to be approximately $30m, and exposure to Hurricane Ike are currently expected to be approximately $55m.
Flagstone says has 'zero' exposure to Lehman Brothers
Flagstone Re, the Bermuda-based reinsurer, said that it has 'zero' exposure to collapsed US insurer Lehman Brothers.
Groupama's Bruce speaks about broker move
Outgoing Groupama distribution and customewr services director Cathie Bruce has described her move to Choice Quote as "a terrific opportunity".
Catlin names new head of Canadian operation
Catlin, the Lloyd's of London (re)insurer, said that it has promoted Michael Hansen to president of Catlin Canada, its Canadian subsidiary.
Bruce to quit Groupama for broker MD role
Groupama Insurances has confirmed that Cathie Bruce, distribution and customer service director at Groupama Insurances, is to take up a new position as managing director of Choice Quote Insurance Services, the specialist broking subsidiary that was…
AIG plunges 45% in early trading on Federal Reserve reports
Shares in AIG plunged 45% in early trading in New York on worries that the insurance behemoth might turn to the US Federal Reserve Bank for $40bn worth of backing in an effort to stave off the 'double whammy' of a liquidity crisis and a possible credit…
Carole Nash re-launches website with online magazine content
Carole Nash, the UK’s motorcycle insurance intermediary, has re-launched its website to incorporate around 10,000 pages of editorial content written by some of the UK’s best known biking journalists.
Hannover Life Re appoints new head of business development
Hannover Life Re (UK) said it has appointed Paul Casey as its new head of business development.
Countrywide launches new membership package
Countrywide has launched Countrywide Plus, a new proposition to help member brokers generate more income and grow their business with expert support.
Travelers UK launches two new theatre products
Shortly after releasing its new film wordings in May, Travelers UK Media & Entertainment team has launched two further products. The new Stage Door and Stage Show policies will provide specialist insurance solutions tailored to cover theatres and…
Merricks replacement named
The British Insurance Law Association has announced that Lord Justice Rix is taking over as its president from 12 September. He succeeds Walter Merricks, the chief financial ombudsman. Professor Rob Merkin, University of Southampton, has been nominated…
UK Insurers with Lehmans exposure named
There are three UK listed insurance companies with direct exposure to US debt through substantial fixed-annuity books – Aviva, Prudential and Old Mutual – according to Keefe, Bruyette and Woods.
Libero future hangs in balance after Lehman collapse
The future of Libero Ventures hangs in the balance after US bank Lehman Brothers, its principal owner, filed for bankruptcy over the weekend.