Reinsurance
Swiss Re signs off on first credit reinsurance securitisation
Swiss Re has successfully completed its first credit reinsurance securitisation. The €252m issue benefits Swiss Re by transferring credit insurance risk to the capital markets, thereby increasing Swiss Re’s capital efficiency.
Benfield direct broker opens office in Canada
Benfield Corporate Risk, has announced the opening of an office in Calgary, Canada. Its Canadian operations will be managed by Richard Cutfield, a former managing partner of Jones Brown.
Katrina and Rita cause Louisiana Farm downgrade
AM Best has downgraded the financial strength rating to B+ (Very Good) from A- (Excellent) of Louisiana Farm Bureau Mutual Insurance Company (LFB). The rating has been removed from under review and assigned a negative outlook.
Kanak quits at AIG
American International Group (AIG), has announced that Donald P. Kanak, executive vice chairman and chief operating officer, has resigned from the company, effective January 31st, for personal reasons.
Reinsurers shun knee-jerk price renewal hikes
The reinsurance sector has emerged from the worst hurricane season on record relatively unscathed an...
Appointment at Smart and Cook
Smart and Cook has made two account executive appointments. Don Gunning, formerly of HSBC, joins the...
AM Best affirms Aspen and points to bumper 2006
Bermudian (re)insurer Aspen Insurance Limited (AIL) has been affirmed at a financial strength rating of A- (Excellent) and issuer credit rating of “a-” by AM Best . The agency has removed the ratings from under review with negative implications. The…
Benfield study sees renewal pressures
Last year’s unprecedented catastrophe losses had an uneven impact on pricing and capacity at 2006 reinsurance renewals, according to a new report published by Benfield.
AIG close to settling Spitzer affair, claims WSJ
American International Group (AIG) may pay up to $1.5bn to settle civil investigations by state and federal authorities into an accounting scandal, according to The Wall Street Journal, which has cited unnamed sources close to the affair.
Everest Re ups hurricane losses
Everest Re Group has increased its total pretax loss estimate from Hurricanes Katrina, Rita and Wilma to $1.2bn from $1bn, net of reinstatements.
Aon: non-US reinsurance rates hold steady
Following one of the worst hurricane seasons, broker Aon's reinsurance division has said it expects high rate rises on renewals only for areas affected by US wind exposed risks. At a renewals briefing, Aon Re UK said that after a year of unprecedented…
QBE ratings affirmed
A.M. Best has affirmed the financial strength rating of A (Excellent) and issuer credit rating of “a+” of QBE Insurance International Australia and QBE Reinsurance (Europe).
Despite raft of new entants, Benfield predicts reinsurance capacity constraints in 2006
Reinsurance broker Benfield Group this morning said that depsite significant new capital entering the reinsurance market last year, its impact on year end renewals was muted.
Stress factors must not be overlooked
Hone v Six Continents Retail (Court of Appeal - 26 June 2005)
Eight years ago
Looking back Last week, Post Magazine reported how the Serious Fraud Office has bought charges agains...
RenRe promotes internally for Glencoe CEO
Bermudian (re)insurer, RenaissanceRe has announced that William J. Ashley has been promoted to CEO of Glencoe Group., RenaissanceRe's individual risk business, which includes primary insurance and quota share reinsurance lines.
Aspen PIERS issue well-received
Bermdian (re)insurer Aspen has announced today that it closed the sale of an additional 600,000 perpetual preferred income equity replacement securities ("Perpetual PIERS") following the exercise in full of the over-allotment option held by the…
FSCS declares 39 firms in default
The Financial Services Compensation Scheme has declared 39 firms in default in its latest statement. Please find below a list of the latest firms to be declared in default.
Amlin premiums up 10% during reinsurance renewals
Amlin plc (‘Amlin’) today released the following statement on current trading conditions and comments on the trading period just ended.
Montpelier adds another $100m in capital
Bermudian reinsurer Montpelier Re has announced that it has raised $100m through a private sale of trust preferred securities.
Insurer to double network
Multi-lines insurer Bluesure has told Post Magazine it has plans to increase its network of brokers ...
Appointment at Integro
Integro has appointed Ben Fidlow as principal and head of the company's risk modelling and actuarial...
Wilkins sells shares
Kevin Wilkins, active underwriter of Atrium Syndicate 570, sold 500,000 ordinary shares in the compa...
Climate conundrum
As we go into the new year, our thoughts are often with resolutions and what we are going to do to m...