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Hurricane losses 2005: latest estimates
Our latest table tracking the market’s losses from hurricanes Katrina, Rita and Wilma is not a complete listing but a highlight of the companies and Lloyd’s operations that have recently reported revised figures or initial estimates for..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Nine-month results 2005: hurricanes slam reinsurers
Hurricanes wrecked the figures of many international insurers and reinsurers at the nine-month stage, and we feature the results of a sample of the major companies in our table. Not everybody slumped to a loss though, with most of the larger US..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Who’s the Daddy now? Depends how you are counting
It looks like the GE Insurance Solutions deal will mean Swiss Re finally overtakes its long-term rival Munich Re to become the largest reinsurer in the world. The GE account should bring Swiss Re extra annual net earned premiums of $6.2bn,..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Corporate round-up
Broking group Aon is in the midst of a series of measures that will streamline its business. It has completed the sale of its wholesale broking operation, Swett & Crawford, to a group of investors, including Hicks, Muse, Tate & Furst and..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Reinsurance people
▪ US insurance group Markel Corp has appointed Steve Cullen
as head of a new operating unit, Markel Global Marine & Energy. He will assume technical oversight of Markel’s existing marine & energy operations at Markel..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Corporate security assessment
Regular analysis of reinsurance corporate security using information based on recent financial and market performance.
AMLIN:
Events in the last few weeks have shown that leading independent London market operation Amlin is living up to the..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Hartford and CNA take charges
While 2005 year losses are enough to keep most insurers and reinsurers busy, companies still have to grapple with old year losses as well.
As an example, US insurance group Hartford took a charge of $85m for the first nine months of the year to..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
AIG faces no criminal charges
New York attorney general Eliot Spitzer has opted not to pursue criminal charges against AIG or ousted head Maurice Greenberg, but is likely to expand the civil-fraud complaint he filed in May against AIG and its former boss, possibly by early..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Commission grants inquiry breather
The European Commission has taken pity on the market and delayed the start of detailed consultation on its investigation into practice in business insurance and reinsurance in the European Union.
Competition commissioner Neelie Kroes agreed it was..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Judge tells Artemis to pay $190m
A federal court in Los Angeles may have penned the final chapter in the financial haggling over the failure and sale of Executive Life Insurance with an order for Artemis, the holding company of French businessman François Pinault, to pay..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
FSA ponders reinsurance directive
The UK has been one of the strongest proponents of a European Union directive for reinsurance companies, but now that the directive has been agreed the UK finds itself in a quandary over how to implement it by the expected deadline of December..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Congress poised for TRIA renewal
The US Congress has moved a step closer to passage of a bill to renew the Terrorism Risk Insurance Act (TRIA), the post-September 11 legislation that established a temporary federal backstop for insured losses arising from terrorist acts.
Two weeks..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
London’s premiums fell last year
Premium income in the London market contracted by 15% last year after five consecutive years of growth, according to the latest survey of the composition and size of the UK’s insurance industry, carried out by International Financial Services,..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
XL maintains value of WI acquisition
The international insurance and reinsurance market has plenty of examples of acquisitions that don’t turn out as well as hoped. Munich Re’s purchase of American Re and Berkshire Hathaway’s acquisition of General Re were splendid..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Swiss Re tries where GE failed
Surprise and uncertainty greeted last month’s news that Swiss Re had agreed to pay up to $7.6bn to relieve General Electric of most of its troublesome insurance and reinsurance operations.
There is no surprise at GE’s divestment,..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Bermuda 12, Cayman 1, London 1
Of the 14 new reinsurers that are in the stages of formation as a result of this year’s hurricanes, only two are expected to be based outside Bermuda.
One should be Greenlight Capital Re, formed by hedge fund guru David Einhorn’s..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
This issue
With 12 new reinsurers to start underwriting soon, Bermuda is unlikely to be worried that the Cayman Islands and London have managed to attract one new start-up each. Hedge funds are the main suppliers of the new money entering the industry and only..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005
Out with the old, in with the new
As Bermuda prepares to welcome at least 12 new reinsurers in the wake of this year’s terrible trio of hurricanes, we must bid farewell to some of the companies and individuals currently involved in the market.
On the corporate front, the..
Online Published Date:
05 December 2005
Appeared in issue:
23-05 - 05 December 2005