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The Re Report in the Crucible
All too predictably the Re Report has been drawn into the current wave of investigations into finite reinsurance. In the interests of self-preservation we took the precaution of taping a recent “conversation” we had with the influential..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Corporate round-up
XL Capital said it now expects a decision in the fourth quarter on its dispute with Swiss insurer Winterthur relating to the post-closing seasoning process for the Bermudian company’s acquisition of Winterthur International in 2001.
An..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Reinsurance people
▪ Bob Stuchbery
has been appointed chairman of the Lloyd’s Market Association’s underwriting & claims committee. He succeeds David Foreman
who remains on the committee. Mr Stuchbery is also underwriting director at Chaucer..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Corporate security assessment
Regular analysis of reinsurance corporate security using information based on recent financial and market performance.
CATLIN:
One of the higher profile operations in the London market, Catlin Group, moved into the spotlight in April last year..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
NAIC plans new finite disclosure
As the attorney general of New York and to a lesser extent the Securities & Exchange Commission take the lead, US insurance regulators are now getting down to the practical task of amending disclosure requirements for alternative risk transfer..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Study tallies US asbestos losses
Asbestos-related litigation in the US involved more than 730,000 claimants from the early 1970s though 2002, costing defendant companies and their insurers more than $70bn, according to a new study by US think tank RAND Corp.
The study found..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
New broker raises $300m in capital
Integro Ltd, a new broking group based in New York, has raised more than $300m in start-up capital from investors that include five former executives of Marsh & McLennan’s March Inc broking unit. Integro is led by chairman Robert..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
HIH liquidation hits a legal snag
The proposed schemes of arrangement for the failed HIH companies in Australia suffered a hitch recently when the Supreme Court in New South Wales refused to allow the liquidators to convene creditors’ meetings to discuss the scheme.
The court..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Japanese raise quake cover limit
Japan has increased the amount of earthquake cover available under its state-backed insurance and reinsurance scheme for residential cover to ¥5000bn ($46.6bn), the 13th rise since the creation of the programme in 1996.
The last 10 years..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Split verdict at Executive Life
A federal jury in Los Angeles earlier this month found that French businessman François Pinault’s Artemis holding company conspired to defraud California insurance regulators in the 1993 takeover of failed Executive Life Insurance. The..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
APRA plans new reinsurance regime
Reinsurance in Australia will fall under tighter supervision, including a much tougher standard of documentation, if proposals put forward by the local regulator are approved.
This month the Australian Prudential Regulation Authority (APRA) issued a..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Garamendi tries again with Fremont
California’s Fremont General has reported another development in its legal battle with the state’s insurance department over the failure of the group’s workers’ compensation subsidiary, Fremont Indemnity Co, in controversial..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
AIG and General Re at probe heart
Fallout from various federal and state investigations into possible misuse of finite reinsurance by AIG and other buyers has intensified, with more subpoenas being issued to insurers and various executives finding themselves the subject of fraud..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Florida bill brings modest changes
Changes there will be but not as many as might have been expected as a result of the passage of bill 1486 in Florida, amending the landscape for homeowners’ insurance in the state. The insurance market can be thankful that it achieved some of..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Finite still appeals to Bermuda
Although finite and alternative risk transfer (ART) business are under considerable scrutiny, the recent experience of Bermuda’s reinsurers indicates it may be premature to write off the sector completely just yet.
PartnerRe announced a while..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Highfields blasts Scor over IRP
The long-running row between France’s Scor and investment group Highfields Capital has escalated, with Highfields disputing Scor’s planned 100% acquisition of Irish Reinsurance Partners (IRP) and threatening to continue litigation..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Let me put that another way…
Reserve development is not the only reason these days for regarding insurers’ and reinsurers’ financial statements as something of a work-in-progress rather than a definitive document. And AIG is not the only company to have a look at..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Giving a little back to investors
Bermudian companies are under extreme pressure to return money to their initial investors after several years of strong performance, but timing is everything, and they will be praying that their generosity does not coincide with a further downturn..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
This issue
Now the market is softening, Bermuda’s reinsurers no longer look like a single entity recording consistently high profits. The first quarter figures show some big differences in approach and performance, although Bermuda is still making plenty..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005
Bermudians view market differently
Unfair but tempting to view Bermuda’s reinsurance market as a homogeneous unit over the last few, golden years, but conditions have turned and with that companies are now adopting a variety of stances to the softening environment.
Our..
Online Published Date:
23 May 2005
Appeared in issue:
10-05 - 23 May 2005