Reinsurance
AM Best downgrades and withdraws Alea ratings
AM Best has downgraded the financial strength rating to B (Fair) from B++ (Very Good) and the issuer credit rating to “bb” from “bbb” of the insurance and reinsurance operating subsidiaries of Alea Group Holdings (Bermuda).
2005 hurricanes firm US property market, claims RIMS survey
US property insurance rates increased sharply in the fourth quarter of 2005, according to the RIMS Benchmark Survey.
AXIS director resigns
Bermudian (re)insurer AXIS Capital Holdings has announced that Edward J. Kelly, III has resigned from its Board due to guidelines recommending that CEOs of publicly-traded companies serve on no more than two public boards outside their own board.
Lloyd's to up key disaster limits by 42% in 2006
Lloyd's of London is to raise the upper limit on two key Realistic Disaster Scenarios (RDS) from $70bn to $100bn in the light of the record Hurricane losses sustained in 2005.
Montpelier Re poaches ACE execs to fill top finance vacancy
Bermudian (re)insurer Montpelier Re’s parent holding company has today announced that effective February 1, 2006, William Pollett has been appointed treasurer and senior vice president and that Neil Greenspan has been appointed chief accounting officer…
Markel International COR rises to 126%
Insurer Markel has reported the 2005 hurricanes impacted its combined ratio to the tune of 12%. Net income was $14.80 (£8.40) per diluted share for the year ended 31 December 2005 compared to $16.41 per diluted share in 2004.
Arch joins capital raising with $200m offering
Bermudian (re)insurer Arch Capital Group has announced that it is to raise $200m via an underwritten public offering of preferred stock.
Finite risk coverage affirmed by NY Insurance Department
The legitimate utilization of multi-year, catastrophe, excess-of-loss reinsurance contracts that can be classified as finite risk coverage has been reaffirmed by the New York Insurance Department in a letter to US RE Corporation, according to Tal…
Swiss Re may axe up to 150 UK jobs after merger
Reinsurance giant Swiss Re could axe up to 150 jobs from its UK workforce, following the completion ...
Appointment at GAB Robins
GAB Robins has appointed Trevor Cameron, pictured, as managing director, London market. He will repo...
Out in the cold
Climate Change
Blowing in the wind
Climate Change
Heath Lambert releases market report
Broker Heath Lambert has released its annual insurance report, “State of the Market 2006: a view of the insurance landscape”. The report provides an overview of the key markets Heath Lambert operates in, analysing trends from the past year and…
Revios Re has ratings affirmed by AM Best
AM Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Revios Rueckversicherung AG (Revios) (Germany). The outlook for both ratings is stable.
Omega CEO gets 1.5m share incentive
Lloyd’s and Bermuda (re)insurer Omega has granted its CEO Richard Tolliday nil-cost options on 1.5m ordinary shares under a long-term incentive plan.
AM Best affirms Glacier Re
AM Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-”of Glacier Reinsurance AG (Glacier Re) (Switzerland). The outlook for both ratings remains stable.
IPCRe unveils $105m Wilma hit
Bermudian catastrophe reinsurer IPCRe has marginally increased its Hurricane Katrina and Rita loss estimates and unveiled a net reserve of $105m for Hurricane Wilma
Lloyd’s announces election results
Five appointments to the Council of Lloyd's have been made following the Council elections which closed on 20 January, 2006.
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...