Reinsurance
Appointment at Integro
Vincent Caracciolo, previously senior vice-president for Liberty International Underwriters' special...
Heath boss memo tells staff of merger pressure
The boss of Heath Lambert has offered guidance to employees on how to handle the speculation that it...
Appointment at Benfield Corporate Risk
Benfield Corporate Risk has expanded its marine team with the appointment of Keith Jones. Mr Jones h...
Hannover Re expresses 'considerable satisfaction'
Hannover Re has expressed "considerable satisfaction" with its start to the new financial year. Acco...
Arch to raise another $125m
Bermudian (re)insurer Arch is to raise $125m via an underwritten public offering of preferred stock.
Lancashire happy despite missing plan income target
Class of 2005 Bermudian start-up, Lancashire, has reported favourable underwriting conditions in across most of its chosen specialist short-tail business segments, although it said will undershoot on the income projections it produced at the time of its…
Fitch still negative on troubled PXRE
Fitch Ratings has said that its existing ratings of Bermudian reinsurer PXRE will remain on rating watch negative following several recent announcements by the reinsurer.
Validus goes for 75% Q/S with new Petrel Re sidecar
Class of 2005 start-up, Validus Re has announced that it has done a two-year sidecar collateralised quota share retrocession deal with Petrel Re, a new Bermuda reinsurance company set up by the First Reserve Corporation private equity group.
Hannover Re happy with Q1 performance
Hannover Re has expressed what it described as ‘considerable satisfaction’ with its start to the new financial year. "With our quarterly result we have taken a first major step towards achieving our defined profit target for 2006", chief executive…
CastlePoint Re wins A- start-up rating
AM Best has assigned a financial strength rating (FSR) of A- (Excellent) and an issuer credit rating of “a-” to Bermudian start-up reinsurer CastlePoint Re. The outlook for both ratings is stable.
Senior Lloyd's figure launches new venture
A $100m (£53.7m) reinsurance venture, Tiger Re, is set to launch with the backing of former Council ...
PXRE outlook bleak as 65% of business lost
Reporting 1st-quarter results, Jeffrey Radke, president & CEO of troubled Bermudian reinsurer PXRE was unable to report any progress on the company’s search for strategic alternatives after February's dramatic increase in reserves for Katrina, Rita and…
Ace enters US Life reinsurance fray with Hartford deal
Ace has Group of Insurance and Reinsurance Companies announced today its expansion into the US life reinsurance market with the acquisition of Hart Life Insurance Company from the Hartford Financial Services Group.
Investment returns lift Munich Re 1Q to record high
Munich Re has returned a record operating result of €1,234m for the first quarter, beating a high of €945m in the same quarter last year (Last year’s figures in brackets). The reinsurance segment contributed €841m (€604m) to the consolidated result and…
Sidecars becoming more important, claims Moody’s
According to Moody's Investors Service in a new report, reinsurance side-cars represent an innovative capital and risk management development, and are likely to become increasingly important to the business strategy of insurers and reinsurers, whether in…
Lancashire poaches ops director from IAS
New Bermudian (re)insurer Lancashire Holdings has announced that Colin Alexander will be joining the company in Bermuda as operations director.
Axis unveils new CFO
Bermudian (re)insurer Axis has announced that David Greenfield will join the company as Chief Financial Officer during the third quarter.
Axis 1Q confirms turbulent 2006 market
Bermudian (re)insuer Axis has reported net income of $195.2m for the 1st quarter 2006, up from $151.8m for the same quarter in 2005. However gross reinsurance premiums fell 5.4% in the same period as the reinsurer reassessed its Cat book and adverse…
PXRE faces more class actions
The total of class actions being brought against PXRE has reached eight.
Equity promotes itself to mortgage market
Equity Insurance Group and Cardif Pinnacle and have launched a general insurance quotation system which will enable the insurer to reach the mortgage market. The web based system means mortgage salespeople don’t have to re-key data for different products…
PXRE hurricane losses prompt law suits
A class action has been filed against PXRE alleging that the company misrepresented its losses from the 2005 hurricane season.
Bluesure canned after second coming fails
Personal lines specialist Bluesure has been shut down, less than three years after its first resurre...
Arch affirmed by AM Best
AM Best has affirmed the financial strength rating of A- (Excellent) for Bermudian (re)insurer Arch with a stable outlook.
CCR posts solid 2005 results
French State reinsurer CCR's gross premium income was €1,297.9m in 2005 versus €1,307.7m in 2004. Net profit for the year rose by 22% to €125m (€102m in 2004).