Reinsurance
One man's dogged determination
Richard Brindle
Appointment at Aon
Aon Re Global Fac has promoted Oliver Schofield to head of global strategy. Mr Schofield joined Aon ...
International property market takes $1.5b-2bn hit in first 50 days of 2008
The international commercial property market has suffered a string of three major losses totalling approximately $1.5-2bn in the first weeks of 2008 Reinsurance Magazine understands.
Montpelier Re says FY net income rose 4%
Montpelier Re, the Bermudian (re)insurer, said that full year net income rose over 4% to $315.8m, up from $302.9 a year before.
Panmure pans Benfield
A secular squeeze on fees and commissions, falling reinsurance prices and the time taken for Benfield Corporate Risks to achieve profitability are headwinds towards Benfield, says Panmure analyst Barrie Cornes in a note to shareholders.
Axis in Charman u-turn
Axis Capital today announced that the terms of the employment agreement of John Charman, chief executive and president, have been extended to 31 December 2013.
Flagstone Re FY net income rises over $15m
Flagstone Re, the Bermudian (re)insurer, said that full year net income grew to $167.92m (£86.1m) from $152.34m in 2006, thanks to a low level of catastrophe losses during the year.
IPC 2007 profit cools on higher loss frequency
IPC Holdings, the Bermudian catastrophe reinsurer, said that its 2007 net income fell to $385.4m from $394.5 in 2006, as the effects of the property and catastrophe premium softening and increased catastrophe loss frequency were felt.
Argo reports FY net income rose to $143.8m from $106m
Argo International Group, the speciality insurer and reinsurer reported that full year net income rose to $143.8m from $106m.
Lancashire FY profits nearly double
Lancashire Holdings, the Bermudian insurer and reinsurer, reported that full-year pretax profits nearly doubled over the course of the year, thanks to two straight years of low losses.
Appointment at Carvill
Reinsurance intermediary Carvill has promoted Dr Steve Smith to president of property solutions for ...
Axa combats non-disclosure
Axa Protection is challenging non-disclosure clauses in the protection market with a new non-contest...
Appointment at Lockton
Lockton Re's London team has recruited Adam Sayers as head of US reinsurance and director Mark Trump...
Marsh Q4 profit drop
Marsh and McLennan Group has reported a sharp drop it in profit for the fourth quarter of 2007 to $8...
Omega in takeover talks
Omega Insurance, has confirmed it is "in discussions with a number of parties who have expressed an ...
MDU brings in Hannover Re for 25% share
UK medical defence organisation the Medical Defence Union (MDU) has confirmed that it will be sharing the insurance policy it markets to its members between two providers from April. The cover was previously written 100% by Swiss reinsurer Converium’s UK…
Buffett offers monline bond insurers olive branch
Warren Buffett offered monoline bond insurers an olive branch on Tuesday when he revealed in a TV interview with CNBC that he had offered to insure $800bn of municipal bonds guaranteed by Ambac, MBIA and FGIC.
Validus absorbs Talbot and doubles profit in 2007
Net 2007 premiums written at Bermudian class of 2005 (re)insurer Validus increased by 92.5% to $918.4m from $477.1m, due to the absorption of Lloyd’s specialist insurer Talbot which added $285.2m, as well as growth from Validus Re.
MMC income more than halved in 4th quarter
Marsh and McLennan Groups has reported a sharp drop it in net income - including discontinued opertaions - for the fourth quarter of 2007 to $85m (£43m)(2006: $226m).
Arch reports rock solid full-year results
Bermudian (re)insurer Arch said full-year results for 2007 showed a modest decline in overall net written premiums, but a marginally improving combined ratio, buoyed by an improving loss ratio and stronger investment income for the year. .
AIG writes down $5 bn in credit default swap portfolio
AIG has been told by its auditors Pricewaterhouse Coopers that it has a “material weakness” in its financial reporting related to a fair value valuation of a credit default swap portfolio, prompting a $5bn writedown in its value.
Guy Carpenter reports solid FY results
Guy Carpenter reported solid full-year results for 2007, adding little sunshine to a very cloudy set of results for parent company Marsh & McLennan.
Ark hires new political risk underwriter
Leon Richardson has joined the team of terrorism, war and political risk underwriters at Ark Syndicate Management's Lloyd's syndicate 4020.
Collins to expand in Europe, MD appointed
US-based reinsurance broker Collins has announced it is to expand into Europe.