News
€40bn Euro winter storm warning from AIR
A new analysis of European extratropical cyclones by AIR Worldwide (AIR) has projected that Europe could experience a winter storm resulting in insured losses in excess of €40 billion.
Open GI makes first acquisition
Open International, the group holding company for broker software house, Open G I, and the Countrywide network, has today announced its first acquisition.
IPC in golden 3Q, sees more US price rises at 1/1
Bermudian catastrophe reinsurer IPC Holdings has reported net income for the third quarter of $115m compared to a net loss of $657m, for the third quarter of 2005.
Swinton acquires Merseyside specialist Insurance Broker
Swinton Group has purchased Graysons Insurance Consultants Ltd, an Merseyside based broker specialising in insurance for taxis and private hire vehicles with branches in Liverpool, Widnes and Wirral.
XL posts solid third quarter
Global (re)insurer XL Capital has reported net third quarter income of $415.8m set against a net loss of $1,049.2 million for the Katrina and Rita affected third quarter in 2005.
Close appointment to lead Irish charge
Close Premium Finance has appointed Stuart Reid to spearhead the continued growth of its Irish business.
Canopius acquires Creechurch
Canopius, the specialist Lloyd’s underwriting group, announces today that it has agreed to acquire the entire operations of fellow Lloyd’s business Creechurch.
Ace bounces back with 3Q gains
Ace has reported net income for the third quarter ended September 30, 2006 of $578m after payment of preferred dividends, compared with a net loss of $112m for the same quarter last year.
Flagstone Re in $175m New York IPO, European expansion
Class of 2005 Bermudian reinsurer, Flagstone Re has filed with the Securities and Exchange Commission for an initial public offering of shares to raise approximately $175m. Flagstone said it will apply to list the shares on the New York Stock Exchange…
Catlin in Wellington buy talks
Wellington Underwriting has confirmed it is in discussions with Catlin over a possible takeover. In a statement to the stock exchange today, the Board of Wellington said it noted the recent increase in its share price, which has risen over 6% today. The…
Western Re launches new US terrorism product
US specialty managing agency Western Re/Managers Insurance Services has launched a new terrorism facility.
RGA ahead at 3Q
Specialist life reinsurer, Reinsurance group of America (RGA) has reported net income for the third quarter of $74.0m compared to $67.6m in the prior-year quarter.
Partner Re records massive 3Q profit on 81.4% combined ratio
Bermudian reinsurer Partner Re has reported net income of $235.8m for the third quarter of 2006. Operating earnings for the third quarter of 2006 were $205.1m set against an operating loss of $345.2m for the same quarter of 2005.
Platinum releases 3Q results
Platinum Underwriters Holdings has reported net income of $84.9m for the quarter ended September 30, 2006.
Everest Re reports record third quarter results
Everest Re Group has reported third quarter 2006 after-tax operating income, which excludes realized capital gains and losses, of $240.2m, as compared to an after-tax operating loss of $438.9m, in the third quarter of 2005.
Ace D&O goes live on Acturis
ACE European Group has launched a directors' and officers' product on the Acturis broker platform.
Lucas Fettes opens for business in Glasgow
Broker Lucas Fettes has opened its first office North of the border.
Endurance Worldwide in internal treaty promotions
Endurance Worldwide Insurance (EWIL), the UK subsidiary of Bermudian (re)insurer Endurance Specialty, has created two new senior positions in its treaty department.
Hiscox announces details of Bermuda move
Hiscox has today sent shareholders a circular setting out full details of the corporate reorganisation together with a prospectus in relation to the admission of Hiscox Ltd to listing and trading on the London Stock Exchange’s main market for listed…
Novae in syndicate merger
Novae Syndicates the Lloyd's platform for Novae Group Plc, today announced it is to merge its syndicates 1007 and 2147 with effect from the 2007 year of account.
Leisure and hospitality sector 'worst' for health and safety training
New research from Axa has revealed poor levels of health and safety in the leisure and hospitality sector.
L&G seals union deal
Legal & General’s general insurance business has been appointed by GMB Financial Services to provide exclusive household and buy-to-let insurance cover for GMB members.
Andrews appointed in Groupama partnerships role
Groupama Insurances has announced the senior management appointment of Allison Andrews as head of partnership solutions.
Budget to expand South African operation by 250%
Budget has announced plans to expand its offshore centre in Cape Town, growing the business from 200 to 700 employees by 2008.