Reinsurance
Brit to trade on IFEX
Brit Insurance, the UK-based international general insurance and reinsurance group, today announces that it has commenced trading in insurance-linked derivatives on the Insurance Futures Exchange Services platform (IFEX). Brit Insurance is the first…
Deacon and Arag launch new legal expenses cover
Blocks of flats insurance specialist Deacon has launched a new legal expenses policy in conjunction with niche legal insurance provider Arag.
Flagstone Re to issue $120m Valais Cat bond – sources
Bermudian-headquartered reinsurer Flagstone Re is to place a $120m worldwide retro Cat bond protection through a special purpose vehicle to be known as Valais Re, sources have told Reinsurance .
Randall & Quilter wins major US court case on Cavell run-off
A New York Federal court has dismissed outright claims by two US insurers in run-off, Seaton Insurance Company and Stonewall Insurance Company, against Cavell USA (a subsidiary of Randall & Quilter), and its chairman, Ken Randall.
Whittington Group to sell US insurer in run-off
Whittington Group has signed a conditional agreement to sell Americas Insurance Company in run-off to ISG Acquisition for an undisclosed sum.
Guy Carpenter to develop new global client development unit
Guy Carpenter, the reinsurance broking arm of Marsh and McLennan, has appointed David Priebe to head up its global client development group, which will build new business, manage client relationships and develop viable client-centred solutions.
Appointment at Talbot
Talbot has appointed David Turner to be its dedicated construction underwriter. Mr Turner has more t...
Aspen buys out original investor Candover for $100m
Aspen, the international specialty (re)insurer, has bought out Candover Partners, one of its original investors, for $100m as part of its $300m share buyback program.
AIG downgraded by S&P
AIG has been downgraded by US ratings agency Standard and Poors after posting a $7.8bn loss in the first quarter of the year.
AIG loses $7.81bn in Q1, to raise $12.5bn
Global insurer American International Group has reported a net loss for the first quarter of 2008 of $7.81bn and unveiled plans to raise $12.5bn in additional capital.
Benfield to open office in Puerto Rico; Piccinoni to lead
Benfield, the UK reinsurance broker, said it will open an office in Puerto Rico. Andres Piccinoni has been appointed as the chief executive of Benfield Puerto Rico.
Munich Re Q1 profits down 26%; GWP down 5%
Munich Re said the first quarter profits tumbled 26% to €586m, driven by a high payouts for early-season catastrophes and a heavy drop in investment income.
Arch unveils president
Arch Europe has appointed James Weatherstone, pictured, as president and chief executive. Mr Weather...
Claims Club Rising Star Award 2008: shortlist
The shortlist for the 2008 Post Claims Club Rising Star Award has now been announced. This year's st...
ILG looks for members
Allianz is hoping to raise the profile of the Prince's Trust Insurance Leadership Group by attractin...
What the papers said this week
The Times One of the most prominent players in the Lloyd's insurance market is considering shif...
MMC Q1 net income swings to loss driven by Kroll writedown
Marsh and McLennan Companies, the owners of (re)insurance brokers Marsh and Guy Carpenter, reported a net loss for the first quarter of $210m, down from $268m the year before.
Scor says Q1 net income up over 63%
Scor, the French (re)insurer, said first quarter net income rose over 63% to €124m, up from €85m in the first three months of last year.
Validus launch targets Latin America
Validus is targeting the Latin American and Caribbean markets with the launch of Validus Reaseguros, which will act as an approved Lloyd’s coverholder for Syndicate 1183.
Berkshire Hathaway Q1 profits plunge
Berkshire Hathaway reported a first-quarter profit of $940m, a decrease of 63.8% from the same period a year ago.
Swiss Re in further Q1 $778m credit write-down, shares hammered
Global reinsurer Swiss Re has reported an additional mark-to-market loss of CHF819m ($778m) on its portfolio of structured credit default swaps in the first quarter of 2008 and has penciled in a further charge of CHF200m ($190m) sustained during the…
Flagstone Re Q1 net income drops nearly 8%
Flagstone Re, the Bermudian (re)insurer, said that net income for the first quarter of the year fell to $32.9m from to $35.6m on diminishing investment returns.
Hannover Re Q1 net income soars 23%
Hannover Re said that first quarter net income rose nearly 23% to €151.5m, up from €123.5m this time a year ago.
Arch Europe names Weatherstone as new chairman and CEO
Arch Europe, the European arm of Bermudian (re)insurer Arch, said it has appointed James Weatherstone as its president and chief executive. Current Arch Europe chief executive Robert Van Gieson will become its chairman.