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Reinsurance people
Lloyd’s and company market company Omega has accelerated its succession plan for the leadership of syndicate 958. Daria Vanous has taken over as active underwriter of the syndicate, succeeding John Robinson, who also stands down as a director..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
APRA is opposed on banning orders
Australian authorities have also taken action against those involved in finite-style covers that failed to transfer real risk, but in several cases individuals have challenged the banning orders that the Australian Prudential Regulation Authority..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
US gets tough with rating agencies
Credit rating firms Standard & Poor’s, Moody’s and Fitch are coming under increasing state and federal scrutiny after being widely perceived as having contributed to the global financial crisis by handing out all-too-generous ratings..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Pope completes Annuity & Life deal
Shareholders of Bermudian life reinsurance group Annuity & Life have approved the company’s amalgamation with Pope Ltd, a subsidiary of Pope Investments II LLC, a limited liability company domiciled in Delaware. The Bermudian group will..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Corporate round-up
The Cayman Islands Monetary Authority has appointed Simon Whicker and Kris Beighton of KPMG as controllers of the local operations of British American Insurance Co (BAICO) in light of its “increasing financial and operational..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Flagstone opens new Lloyd’s book
Lloyd’s businesses remain busy as they take advantage of new opportunities in the current market.
In the latest move, Marlborough Underwriting Agency, owned by Bermuda’s Flagstone, has recruited a team to write a worldwide property..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Big 3 look to resume contingents
Global brokers Aon, Marsh and Willis could soon see the restoration of their collection of contingent commissions, as the three top broking groups have been negotiating with various US state regulators to reinstate the fees.
The fees were banned in..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
NAIC advances reinsurance reform
The National Association of Insurance Commissioners (NAIC) is ready to submit to Congress its proposal for reinsurance regulatory reform that would introduce new port-of-entry rules for foreign reinsurers and allow US reinsurers to be licensed to..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Premium well up for Lloyd’s in 2009
Lloyd’s had a strong first six months of the year, recording increased pre-tax profit of £1322m on the back of higher premium income and largely favourable claims experience. However, evidence indicates that the international insurance..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Crisis shows capital crunch for cat
Of all the non-life sectors, catastrophe reinsurance probably has most to digest from the events of the past 18 months. Thankfully the industry was spared a true mega-cat, Hurricane Ike notwithstanding, as the financial markets entered freefall and..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Wildfire loss could have been worse
No loss estimate for the Californian Station wildfire as TRR went to press but it is clear the industry has narrowly dodged a loss of catastrophic proportions. Abnormally low windspeeds in the affected areas prevented the fires from becoming a..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Commutations boost Reliance estate
What is probably the largest US insurance liquidation, Reliance Insurance, has secured court backing for settlement and commutation deals with several reinsurers this year, raising at least $128m for the estate of the insolvent company.
The most..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Go easy on AIG, urges Greenberg
Former AIG boss Hank Greenberg has proposed a re-working of the US government’s bailout of the troubled insurer, and the House of Representatives Oversight & Government Reform Committee plans to examine the proposal. How far such a..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Last one out, switch off the lights
Radical tax changes are needed if the UK’s wholesale and reinsurance sector is to remain vibrant and perhaps claw back some of the ground it has lost to other domiciles in recent years. This is the view of the Association of British Insurers..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Willis moves group HQ to Ireland
As a timely reminder of what the UK is missing, broker Willis last month announced its intention to redomesticate at a group level from Bermuda. Although Willis has a long and distinguished history as a UK firm, the next port of call will be the..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Napier faces probation on finite row
It all seems a long time ago that regulators started to investigate the market’s use of dubious finite-style reinsurance protection but the legal ramifications are only just drawing to a close.
In what is likely to be the final act related to..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009
Taxman clarifies reinsurance view
Two favourable pieces of tax news from the US to report.
Firstly, the federal US tax authority, the Internal Revenue Service (IRS), last month issued a ruling confirming the market’s longstanding view on when a reinsurance contract constitutes..
Online Published Date:
01 October 2009
Appeared in issue:
19-09 - 05 October 2009