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The Re Report

: Reinsurance people; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: APRA is opposed on banning orders; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: US gets tough with rating agencies; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Pope completes Annuity & Life deal; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Corporate round-up; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Flagstone opens new Lloyd’s book; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Big 3 look to resume contingents; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: NAIC advances reinsurance reform; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Premium well up for Lloyd’s in 2009; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 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..

: Crisis shows capital crunch for cat; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Wildfire loss could have been worse; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Commutations boost Reliance estate; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Go easy on AIG, urges Greenberg; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Last one out, switch off the lights; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Willis moves group HQ to Ireland; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Napier faces probation on finite row; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..

: Taxman clarifies reinsurance view; Online Published Date : 01 October 2009 | Appeared in issue: 19-09 - 05 October 2009; 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..