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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..

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..

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..

Corporate round-up

Online Published Date : 28 October 2009 | Appeared in issue: 20-09 - 19 October 2009

Members of the Dublin International Insurance & Management Association (DIMA) wrote gross premiums of €26.2bn and net premiums of €21.7bn last year, according to the trade body. The totals compared with gross and net figures of..

US weighs Iran insurance sanctions

Online Published Date : 28 October 2009 | Appeared in issue: 20-09 - 19 October 2009

In a move to resolve a dispute over Iran’s development of nuclear capabilities, the US is considering sanctions that would target international insurers and reinsurers that underwrite shipments of petrol to the import-dependent Islamic..