News
AWAC files $400m New York IPO
Ending months of rumours, Bermudian specialty (re)insurer Allied World Assurance Holdings (AWAC) has...
Run-off market continues to grow, reports ARC
At least 23% of the reserves held in non-life business in the UK are now related to the run-off mark...
AIG cuts links to Starr
American International Group (AIG) has announced the termination of the agency relationship between ...
Munich Re claims record profit
Munich Re Group has achieved a record profit of over EUR2.7bn (roughly $3.3bn) in 2005. The company...
Tropical Cyclone Larry hits NE Australia
Northeast Australia has been hit by Tropical Cyclone Larry, which has caused widespread devastation....
Life on the A- precipice
Mark Geoghegan examines life perched on the perilous edge of de facto ratings oblivion, and wonders what is so wrong with a 'B' rating for short-tail business
St Paul Travelers deny Zurich takeover
St Paul Travelers has rebuffed suggestions that it is in takeover talks with Zurich. The company is...
Odyssey under review after 10-K delay
AM Best has placed the financial strength rating and the issuer credit and debt ratings of the opera...
Run-off ruling hits CIGNA
CIGNA Corporation has reported that it has received an adverse ruling from a London arbitration pane...
Quanta receives further downgrades
AM Best has downgraded Quanta's financial strength ratings (FSR) to B++ (Very Good) from A- (Excelle...
Hannover Re announces 'break even' 2005 results
Hannover Re has said that it achieved a 'break even' result for 2005, despite what it described as "...
Lancashire 'A' rating in review after key underwriter departure
Bermudian start-up (re)insurer Lancashire has had its financial strength rating of A- (excellent) an...
FSA lets industry off the hook on contract certainty regulation
The Financial Services Authority (FSA) will not increase its regulatory powers over the insurance in...
Wellington reports £26m loss
Wellington Underwriting has produced a pre-tax loss for the last financial year, after massive hurri...
Stormy 2006 ahead, claims hurricane chief
The 2006 Atlantic hurricane season may be worse than 2005, according to Max Mayfield, director of th...
Validus opens $300m credit facilities
Bermudian start-up reinsurer Validus has entered into syndicated credit agreements amounting to $300...
Allstate drops New York coverage
Allstate has said that it isn't renewing some of its homeowners' policies in the New York City area ...
Converium announces 2005 profit
Converium has announced it made a profit of $68.7m in 2005. The company said the results reflected a...
GEIS paper warns of increased US coastal risks
The enormous growth in US coastal population and development is dramatically increasing the potentia...
Benfield completes first G6 electronic transfers
Benfield has announced the successful completion of its first electronic transfers of reinsurance submissions using peer to peer standard messaging with some of the Group of Six (G6), the alliance of six large Lloyd’s insurers.
Aon merges Birmingham offices
Aon UK is merging its two Birmingham offices this week to bring together 180 employees in its existing location in Edmund Street.
Advent confident of trading through crisis
Advent, the specialist Lloyd’s insurer, has reported a pre tax loss of £74.8 million for the year ending 31 December 2005, translating to a loss, post tax of £52.5 million (30.6p per share).
Hiscox warns recruitment agencies may be overpaying on EL
Hiscox has warned that recruitment agencies may be paying too much for employers' liability insurance, after a recent Court of Appeal test case ruling.
Brit promotes execs as capital changes approved
UK and Lloyd’s (re)insurer, Brit has promoted key London executives and unveiled formal approval of its capital restructuring.