Reinsurance
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PXRE merger with Argonaut approved
PXRE shareholders have voted to approve the issuance of common shares of PXRE as contemplated by the previously announced plan to merge with Argonaut Group.
Aspen reports rise in net income
Aspen reported second quarter earnings per share up by 18% with net income up 13% for the quarter and half year ended June 30, 2007.
Navigant acquires Troika
Consulting firm Navigant has signed a binding agreement to acquire Troika – a UK financial services consultancy.
L and G general insurance business goes into the red as weather bites
Legal and General today reported that its general insurance business recorded a pre-tax operating loss of £38m in the first half of 2007, compared with a £2m profit in the same period last year.
Former Willis CEO hired in Aspen board shake up
Aspen Insurance has announced that Prakash Melwani and Kamil Salame will be stepping down from the board today.
Ariel: Names buyout not planned in Atrium deal
Bermudian reinsurer Ariel has insisted it will not try to buy out the Names of Syndicates 570 and 60...
How many Bermudians are set for Lloyd's buys?
After months of speculation about the Bermudians swooping on Lloyd's vehicles en masse, Ariel has fo...
Appointment at Harman Wicks and Swayne
Harman Wicks and Swayne has announced the appointment of Gary Reynolds to its retro broking divisio...
Aspen replaces private equity board departures
Bermudian (re)insurer Aspen has announced that Prakash Melwani and Kamil Salame will be stepping down from the Board. Mr. Melwani is a senior managing director of Blackstone's Private Equity Group and Mr. Salame is a partner of DLJ Merchant Banking…
Validus IPO priced at $22 a share
Bermudian reinsurer Validus Holdings has announced the pricing of its initial public offering of 15,244,888 common shares at $22.00 per common share.
Markel receives upgrade
Markel International Insurance Company has been upgraded to an ‘A’ by rating agency A.M. Best – with a positive outlook assessment.
Montpelier Re to open in Switzerland
Montpelier Re has announced that it is forming Montpelier Europa AG, a Swiss company based in Zug, Switzerland, which it expects to start business on September 1st, 2007.
Ariel-Atrium deal sparks negative watches from Best
After Ariel Re and Atrium announced an agreed bid for the Lloyd’s (re)insurer, ratings agency AM Best has put ratings of both parties under review with negative implications.
Dandridge bows out of Atrium-Ariel combo
Following the announcement of its agreed takeover by Ariel Re Christine Dandridge, active underwriter of Lloyd's Syndicate 609 and an executive director of Atrium Underwriting has informed the board of Atrium of her intention to step down from her active…
Ariel Re to buy Atrium for $380m cash
Class of 2005 Bermudian start-up Ariel Re has made a unanimously agreed cash offer for Lloyd's (re)insurer and managing agent Atrium for 365p a share, valuing the group at £193m ($386m).
Alien reinsurers increase share of US market to 53%
The Reinsurance Association of America (RAA) has reported that in 2006 offshore companies’ share of US unaffiliated reinsurance premium increased to 53.1% in 2006 from 51.8% in 2005, albeit on ceded premium volume that declined 11.9% to $54.7bn.
For the greater good
The harsh reality of homelessness appears to have hit the insurance industry between the eyes this w...
Appointment at Aon
Aon has appointed Richard Brough as a senior health and safety consultant. He will be responsible fo...
Marsh loses defection case
Guy Carpenter has failed in its bid to sue three employees who defected from the company under US la...
Phelan exit from Munich Re sparks top team reshuffle
Munich Re has announced that John Phelan will retire as a board member of Munich Re and as chairman and CEO of its subsidiary Munich Re America.
IPC takes up to $100m Cat hit in UK and Australia
Catastrophe reinsurance specialist IPCRe has issued a profits warning that its second quarter 2007 earnings will be negatively impacted by the storms and flooding that affected New South Wales, Australia in early June, and by the flooding in parts of…
Guy Carp hires UK retro specialist
Marsh group reinsurance broker Guy Carpenter has announced the appointment of Simon Welton as senior vice president of the firm’s UK retrocessional practice, effective immediately.
Guy Carp hires Welton for London retro practice
Guy Carpenter has hired Simon Welton as senior vice president of the firm’s UK retrocessional practice, effective immediately. Mr. Welton, 41, will be based in London, reporting to managing director James Boyce.