News
International property market takes $1.5b-2bn hit in first 50 days of 2008
The international commercial property market has suffered a string of three major losses totalling approximately $1.5-2bn in the first weeks of 2008 Reinsurance Magazine understands.
Platinum 2007 profits up on rebalanced portfolio
Bermudian (re)insurer Platinum Underwriters increased earnings on marginally reduced net writings in 2007 while at the same time moving the portfolio balance away from its traditional casualty core in favour of greater volumes in property and marine.
London & Capital wins CCRIF account
Captive insurance asset manager London & Capital has been appointed to manage the reserves of the World Bank-backed Caribbean Catastrophe Risk Insurance Facility (CCRIF).
Munich Re places first tranche of $1.5bn life cat bond programme
Munich Re has announced the placement of the first $100m tranche of a $1.5bn extreme mortality bond through a Cayman’s based vehicle called Nathan.
Montpelier Re says FY net income rose 4%
Montpelier Re, the Bermudian (re)insurer, said that full year net income rose over 4% to $315.8m, up from $302.9 a year before.
Panmure pans Benfield
A secular squeeze on fees and commissions, falling reinsurance prices and the time taken for Benfield Corporate Risks to achieve profitability are headwinds towards Benfield, says Panmure analyst Barrie Cornes in a note to shareholders.
P&I clubs maintain discipline at renewal
Protection and indemnity renewal premiums have risen by 10-15% in 2008 according to a senior broker at Aon.
London law firm launches free R/I arbitrator training
London law firm Addleshaw Goddard is launching a campaign to develop the skills of existing market professionals and attract new talent to fill a shortfall of reinsurance arbitrators.
Axis in Charman u-turn
Axis Capital today announced that the terms of the employment agreement of John Charman, chief executive and president, have been extended to 31 December 2013.
Munich Re sees combined ratio above average in 2008
Global reinsurer Munich re has said it expects to report a 96.4% combined ratio for its 2007 property-casualty reinsurance business in on with a premium volume of €14.2bn ($20.9bn) for 2007 against 92.6% a year earlier.
MRG: the end of paper processing is nigh
The Market Reform Group today published details of the arrangements which will see the end of paper processing for accounting and settlement submissions
CLA Game Fair protects itself from second cancellation
After being forced to cancel its annual event last year the CLA Game Fair, the world’s largest countryside event, has taken out insurance against disruption, including adverse weather conditions and infectious diseases, with Event Assured through broker…
Flagstone Re FY net income rises over $15m
Flagstone Re, the Bermudian (re)insurer, said that full year net income grew to $167.92m (£86.1m) from $152.34m in 2006, thanks to a low level of catastrophe losses during the year.
Glacier Re to expand into Latin America; opens Buenos Aires office
Glacier Re, the Switzerland-based (re)insurer, said that it is to expand its operations into Latin America by opening an office in Buenos Aires.
Ireland pledges $2.4m to Caribbean Cat fund
The Irish government has donated $2.4m to the World Bank-sponsored Caribbean Catastrophe Risk Insurance Facility.
Homeserve emergency business hit by cash settlements
Homeserve has admitted that its emergency services business has been impacted by a rise in cash settlements in the wake of the summer floods.
Fortis diversify with new UK company
Fortis is set to diversify into the UK life market, according to reports.
RAC strikes deal with Kewill
Kewill has struck a deal to deliver a streamlined electronic communication platform for RAC Auto Windscreens.
Hastings revamps image
Hastings Direct has restyled its brand icon 'Harry' in a bid to maximise its online quote volumes.
Clear appoints European boss
Software provider Clear Technology has appointed Tim Crossley as European managing director.
Close boosts broker training
Close Premium Finance is offering free training aimed at helping brokers understand how its premium finance product can offer protection in the face of credit crunch-induced pressure.
Willis launches cyber risk product
Willis has launched a facility to cover business interruption and recovery costs stemming from malicious and accidental loss of data.
Lloyd’s underwriters back market reform
Over 80% of underwriters say there is a high level of commitment to reforming Lloyd’s market business processes, according to new research published today.
Pool Re chair takes up new board role
Realty Insurances, the broking firm specializing in the property owners sector, has appointed Tony Latham as non-executive director.