Reinsurance
Court of Appeal to hear Charman's ‘huge money’ offshore trusts divorce case
The divorce of former Lloyd’s king pin and chief executive and chairman of Bermudian reinsurer Axis John Charman will reach the Court of appeal on 7 March.
Davies appointed ops director at Aegis London
Aegis London, the UK-based subsidiary of Aegis (Associated Electric & Gas Insurance Services Limited), has appointed Sarah Davies as operations director.
Hannover Re completes Merlin €1bn R/I recoverables securitisation
Hannover Re has claimed a first in transferring the risks deriving from so-called reinsurance recoverables to the capital market.
What the papers said this week
Norwich Evening News The boss of Norwich Union has pledged not to transfer any more call centre job...
IPC results beat expectations
Bermiudian reinsurer IPC Re has announced net income for 2006 of $394.6m, beating analysts’ expectations.
Financial Services Compensation Scheme
The latest firms to be declared in default by the Financial Services Compensation Scheme:
CME and Carvill launch rival to Nymex-Gallagher Re US Cat options
Derivatives giant, the Chicago Mercantile Exchange CME and has announced that it is to launch CME-Carvill Hurricane Index futures and options on futures contracts March 12th.
Lloyd's insurer silent on £200m sale
Lloyd's insurer Talbot has hired investement bank Lexicon Partners to carry out a stratecic review of the company which could lead to a sale, according to reports.
Crofton case: insurers get fair crack of the whip
Last week's judgment in the landmark Court of Appeal case Crofton v NHSLA (see p3) shows that, despi...
Appointment at Arthur J Gallagher
Des O'Connor, Pat Mckay, Philip Richardson, and Ashley Perkins have joined Arthur J Gallagher from M...
Arch cedes 17% of reinsurance business to sidecar in 4Q
Bermudian (re)insurer Arch has revealed that it ceded 16.9% of the gross written premiums of its reinsurance arm in the 2006 fourth quarter, compared to 4.5% a year earlier as it passed $35.3m ($61.8m on an earned basis) to its Flatiron Re sidecar.
Ironshore gets A- start-up rating from AM Best
AM Best has assigned a financial strength rating of A- to Bob Clements’ latest Bermudian start-up insurance company Ironshore Insurance Ltd.. The outlook for the rating is stable.
Safeguard moves into caravan cover
Safeguard - the motorhome insurance division of the Swinton Group - is to move into the caravan insurance market with a comprehensive caravan cover policy.
Fitch gets in on ILS action
International ratings agency Fitch Ratings has set up an analytical team dedicated to ranking insurance-linked securities (ILS).
PXRE default cost on dead A&W Cat bond could hit $53m
In an SEC announcement troubled Bermudian Cat specialist PXRE has revealed that it could be on the hook for up tp $53.4m in termination charges for failing to pay the premiums due under retro deals with Atlantic and Western Re Limited, the Cayman vehicle…
Aspen forges ahead in bumper 06
Bermudian (re)insurer Aspen has unveiled a vintage year, with net income of $378.1m for 2006 on a combined ratio of 82.4% for the group.
Hannover Re submits claim under Eurus Cat bond
Hannover Re's Eurus Cat bond has become the third insurance securitisation to be potentially affected by windstorm Kyrill.
Hannover Re happy with renewals despite market peak
Global reinsurer Hannover Re has announced that it is happy with its showing in the 1/1 renewal season, growing its P&C top line modestly over the period.
Willis ups underlying net income 37.8% in 2006
World number 3 broker Willis has reported net income for the 2006 year of $449m, compared with $281m a year earlier.
Appointment at Benfield
Jeremy Goodman has joined Benfield as executive vice president. He will assume a leadership role in ...
RenRe posts record results, but 2007 prospects dwindle
Bermudian reinsurer RenaissanceRe reported record income and returns for 2006, but has tempered the good news with caution for growth prospects in 2007, citing a softening market and the impact of the Florida Government’s decision to increase its State…
AXIS results beat expectations
AXIS Capital has smashed expectations with its latest results, announcing profits of $281m in the final quarter of 2006.
Class action filed against Quanta over 2005 loss estimates
Quanta is the latest (re)insurer to face a shareholder class action relating to alleged losses arising from increases in 2005 loss reserves.
Benfield Fac appoints head of Australasia and SA
Reinsurance broker Benfield has announced the appointment of Michael Lazarus as head of its Facultative Solutions team for Australia, New Zealand and South Africa.