Reinsurance
Brit Insurance says 9-month GWP up 10.5%
Brit Insurance, the UK (re)insurer, said that gross written premiums for the first nine months of the year to end-September rose 10.5% to £1.12bn from just over £1bn a year earlier.
US bond insurers planning Washington bailout plea
(BestWire) — Major financial guaranty insurers will meet Oct. 21 with key regulators in New York to formulate proposals under which the industry could look to tap the federal government's $700bn Troubled Asset Relief Program.
Hannover Re issues FY profit warning
Hannover Re, the German reinsurance giant, has said that the sharp fall in equity prices and the "above-average burden" of catastrophe losses has meant the full year profit estimates for 2008 are now no longer attainable.
Chaucer estimates $55m loss from hurricanes
Lloyd's insurer Chaucer has announced its early assessment of the effect of Hurricanes Gustav and Ike. The preliminary estimate for the cost (net of reinsurance and reinstatement premiums) of these two events is approximately US$55m.
Lloyd's unveils Ike and Gustav loss projections
Lloyd’s, the world’s leading specialist insurance market, announced today its provisional loss estimate for Hurricanes Gustav and Ike.
Endurance to report third quarter operating loss
Bermudian (re)insurer Endurance Specialty Holdings said that it expects to report a third quarter operating loss in the range of $0.96 – $1.15 per share, thanks to difficult investment conditions and losses from Hurricanes Gustav and Ike.
Cousins to head up new Aon Re Global Fac unit
Aon Re Global Fac, the facultative reinsurance arm of Aon Re Global has launched an alternative solutions unit to provide access to non-standard facultative reinsurance products across ARGF's portfolio. It will be headed up by Paul Cousins.
Amlin: Hurricane Ike losses higher than original estimates
Amlin expects the market insured loss for Hurricane Ike will be in excess of $16bn, higher than modelling agents' current estimates. This is due to the far reaching impact of the storm both on offshore energy installations and on the mainland.
Swiss Re set to take on underwriting of RBSI
Swiss Re is reported to have teamed up with venture capital firm CVC to bid for Royal Bank of Scotland Insurance.
Flagstone Re to buy Marlborough Underwriting
Flagstone Re, the Bermudian (re)insurer has confirmed it has entered into an agreement to acquire Marlborough Underwriting Agency, the managing agency for Lloyd's Syndicate 1861 - a Lloyd's syndicate underwriting a specialist portfolio of short tail…
Catlin CEO reflects on market turning events as it reveals hurricane losses
Catlin Group has outlined its initial estimate of the financial impact of Hurricanes Ike and Gustav.
Cat bond activity down so far in 2008
(BestWire) — The first nine months of 2008 have seen a decrease in the issuance of catastrophe bonds to about $2.73bn (£1.56bn) from $5.38bn in the same period last year, according to Emmanuel Modu, managing director and global head of structured finance…
CILA denies kick-back deals
Loss adjusters are receiving payments from contractor networks as a way to balance decreasing insure...
Barton: concentration of power a problem
Smaller brokers are benefiting from consolidation among the largest brokers, because clients are ner...
Appointment at Brit Insurance
Brit Insurance has recruited Eddie Wattenbach as UK and international professional indemnity underwr...
Berkshire Hathaway looking to offload Marlborough Underwriting
Berkshire Hathaway is looking at selling its underwriting agency Marlborough Underwriting, according to a senior source at the company.
Munich Re says not 'fundamentally' affected by stock market collapse
Munich Re, the German (re)insurance giant, has said that it has not been fundamentally affected by the recent collapse of world equity prices.
Benfield shareholders give go-ahead to Aon merger
Shareholders of UK reinsurance broker Benfield have approved the £844m takeover of the company by US broking giant Aon at a special general meeting in Bermuda.
XL former CEO forced to sell shares to meet margin call
XL Capital has said that its chairman, Brian O’Hara, involuntarily sold approximately 80% of his XL common shares on 9 October in order to meet a margin loan call.
Aspen expects investment returns to fall and reveals hurricanes exposure
Bermuda-based (re)insurer Aspen said that it is expects investment returns to fall by $47m if the investment environment continues to be as troubled as it has been over the last year.
Lancashire reveals hurricane hit but upbeat on investment returns
Lancashire Holdings, the specialist Bermudian insurer, said that it estimates that Hurricanes Gustav and Ike will have a combined net negative impact on its financial results of approximately $150m on its books.
Swiss Re claims it can ride out financial storm
(BestWire) Swiss Re said it is well placed to ride out the worst of the financial storm that has gripped the world's economies over the past few weeks, Reinsurance Magazine has reported.
AM Best upgrades Arch
AM Best has upgraded the issuer credit ratings to "a+" from "a" and affirmed the financial strength rating of A (Excellent) of Arch Reinsurance and its reinsured affiliates.
LIC eyes Stock Exchange
Lancashire Insurance Group has said it will aim to be a fully listed company on the London Stock Exc...