Reinsurance
American Re-opened wounds spoil Munich Re 2006 results
Giant reinsurer Munich Re’s bumper 2006 annual results have masked substantial further reserve increases at its US reinsurance business a year after the group said it had drawn a line under a painful reserve-strengthening exercise in its US subsidiary.
Lancashire Dubai office gets licence
Class of 2005 Bermudian start-up (re)insurer Lancashire has announced that its subsidiary Lancashire Marketing Services (Middle East) Limited has received authorisation from the Dubai Financial Services Authority (DFSA) in the Dubai International…
Willis re opens in Seattle with Guy Carp hire
Willis Re, has announced the opening of a new branch office in Seattle .
Beaton, Foreman & Bonnar float $222m Ark at Lloyd’s
Ark, a new Lloyd’s syndicate and managing agency, has been launched with capacity of £114m ($222m) for the 2007 year of account.
PXRE wins back rating as Peleus Re gets an A-
Rating agency AM Best has assigned a financial strength rating of A- to Bermudian start-up reinsurer Peleus Re following the announcement of its foundation through the merger of US Argonaut and PXRE Group.
PXRE move wins Argonaut negative outlook from S&P
Standard & Poor's has revised its outlook on US Specialty insurer, Argonaut Group's rated operating subsidiaries to negative from stable.
Hannover to reinvest €600m in core reinsurance business
Global reinsurer Hannover Re has unveiled bumper results for 2006, posting a net profit of €514.4m on the back of net earned premium of €7bn and a non-life Property Casualty combined ratio of 98.4%. The results produced a return on Equity of 18.7%.
Argonaut reverses into PXRE’s Bermudian shell
Texan specialty insurer Argonaut and troubled Bermudian reinsurer PXRE have announced they are to merge to form the Argo Group in a move that will see the Texan holding company redomicile to Bermuda and capitalise a reinsurer to be called Peleus Re.
What the papers said this week
The Independent Beverley Charman, ex-wife of the insurance magnate John Charman, was threatened a...
Aon: Benfield staff poaching leads to £9.5m settlement
Broking giant Aon Re Global will pay more than £9.5m to rival Benfield over alleged breaking of cont...
Appointment at Barrie and Hibbert
Barrie and Hibbert has hired Elliot Varnell, Stephen Carlin and Hui Ming Ng from Deloitte and Touche...
Lancashire profits rise
Bermuda-based reinsurance group Lancashire reported a profit after tax of $159.3m (£82.4m) on gross ...
Underwriting for the future of the planet
In the week the government announced its Climate Change Bill proposing a 60% reduction in carbon emi...
Flagstone Re reveals bumper year in IPO prospectus
Class of 2005 Bermudian reinsurance start-up Flagstone Re has filed the prospectus for its upcoming New York flotation with the SEC, revealing a planned sale of 15.4% of the company.
Validus gears up with $700m in credit deals
Class of 2005 Bermudian start-up (re)insurer, Validus has unveiled credit agreements aggregating $700m with a syndicate of lenders.
Aon and Benfield reach £9.5m settlement over defecting brokers
Aon Re Global today announced it has reached a global and comprehensive settlement with Benfield Group of all of the litigation relating to former Benfield facultative reinsurance employees who recently resigned from Benfield and will be joining Aon on 1…
Benfield Corporate Risks spoils results party
(Re)insurance broker Benfield has stunned the financial markets by unveiling a dismal performance from its corporate risk division which marred an overall increase in margins and broking revenues for the 2006 year.
Pick of the Week
Anthony Gould editor in chief Post looks at the major news this week including: CII calls time on ann...
Appointment at Benfield Australia
Craig Patterson and Simon Race have been appointed to Benfield Australia's board of directors. Mr Pa...
Appointment at Aegis London
Aegis London has appointed Sarah Davies as operations director. Ms Davies has 20 years' experience i...
Amlin ups commercial ante
Financial Results News
Appointment at Aspen
Aspen has appointed David Whiter as head of aviation and specialty reinsurance. Mr Whiter previously...
Lancashire acclaims first full year of trading a major success
Bermuda-based (re)insurance group Lancashire has reported a profit after tax of $159.3m on gross written premiums of $626.0m in 2006. It said its loss ratio was 16.1% and combined ratio 44.3%.
Hannover Re claims first with $200m Cat bond to protect its retention
Global reinsurer Hannover re has claimed a world first by placing a Cat bond to protect its retention under its existing K5 bond programme.