News
ACE joins rush to recapitalise with $1.25-$1.44bn share issue
ACE Limited has announced that it intends to commence make a public offering of $1.25 billion of its ordinary shares, plus up to an additional $187.5m of ordinary shares which are subject to a 30-day option granted to the underwriters of the deal.
Allianz Cornhill celebrates first batch of engineering management graduates
Allianz Cornhill Engineering's first eight delegates have just graduated from the new Engineer Development Programme; a new one year course which has been created to aid succession planning and management development within Allianz Cornhill Engineering.
Heath Lambert Construction wins McNicholas contract
Heath Lambert Construction has been appointed broker to UK civil engineering contractor McNicholas Construction.
Fusion highlights employers' duty of care
Fusion Insurance is offering on-line health and safety training to all policyholders and their employees.The decision to introduce the service followed a 9% increase in the number of UK work related injury claims faced by employers last year, a Fusion…
Aon: broaden cover or lose premium
Half of all European multinationals want greater cover from their property insurers, particularly in relation to business interruption, and would be prepared to trade premium rate reductions in return according to a survey by Aon.
AM Best downgrades "volatile monoline" PXRE
AM Best has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and issuer credit ratings to "a-" from "a" for the reinsurance subsidiaries of the PXRE Group Ltd.
GE confirms (re)-insurance sell-off plan
General Electric (GE) is reportedly planning to sell off all of its remaining (re)insurance operatio...
BHRC brings out new hazard and risk review
The Benfield Hazard Research Centre has published its latest hazard and risk science review at the a...
Why should Katrina be a market-turning event?
Mark Geoghegan thinks the unthinkable - that Katrina won't change rates in the way reinsurers are hoping
Willis and Gras Savoye create new company
Willis Group and Gras Savoye are joining their respective French and Belgian reinsurance businesses ...
Plumeri calls for action on TRIA
Joe Plumeri, chairman and chief executive of Willis Group, has issued a rallying cry for the extensi...
Global reinsurance sector stable, claims Fitch
Fitch Ratings' latest global report has maintained its 'stable' rating outlook on the global reinsur...
Mawar strikes Japan
A powerful typhoon has struck near Tokyo, Japan, killing one person and injuring at least two. Typh...
Gen Re's Brandon served Wells notice
Berkshire Hathaway has announced that on 8 September 2005, Joseph Brandon, CEO of General Reinsuranc...
Hannover Re hit hard by Katrina
Hurricane Katrina is possibly set to become the most-expensive-ever natural disaster suffered by ins...
Government steps up uninsured driving battle
New proposals to crackdown on the menace of uninsured driving were announced by the government today.
Law team appointed to Specialist Fraud Panel
City law firm Kennedys’ business defence team has been appointed to the Specialist Fraud Panel. The team recently acted for six directors and managers of Network Rail, ensuring the acquittal of all charges against them arising out of the Hatfield train…
MIB backs tough stance on uninsured drivers
There will soon be no escape for persistent uninsured drivers following the government's amendments to the Road Safety Bill, according to the Motor Insurers' Bureau.
Capita expands health division
The UK’s largest corporate occupational health provider will be created from 1 October when the integration of BMI Health Services with Capita Health Solutions is completed, it was claimed.
IT failure hits companies hard
More than half of European companies polled by the Economist Intelligence Unit on global network risk admitted that they have suffered significant financial damage as a result of information technology system failure in the last 12 months.
Fitch: key challenges in Russian insurance sector
Fitch Ratings says the Russian insurance sector continues to be challenged by low market capitalisation, inability to meet solvency requirements, and variable level of consistency in the statutory financial reporting. The sector also suffers from a lack…
ABI responds to government changes
The Association of British Insurers has welcomed today’s government announcement that it plans to clamp down on uninsured drivers. The ABI said the move could significantly reduce the level of uninsured driving and improve road safety.
Endurance takes $85m Rita hit
Bermudian (re)insurer, Endurance Specialty Holdings has announced its initial estimates of losses, net of reinsurance, reinstatement premiums, and tax benefits related to Hurricane Rita to be approximately $85 million. Endurance estimates its gross…
PXRE to tap the markets for $475m
PXRE Group Ltd today announced it would be raising $475m in new capital by way of a $100m common stock offering and a $375m private sale of preference shares. <The NYSE-listed Bermudian reinsurer said it has agreed to sell 375,000 of its series D…