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Matthew Shaw has been appointed managing director of Ace Tempest Re Europe
, based in London. He will be responsible for the company’s operations in the UK and Europe, reporting to Gary Schmalzriedt, head of Ace European Group, and David..
Online Published Date:
01 November 2002
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0135 - 01 November 2002
Results in brief
Chubb Financial Solutions (CFS)
, the Chubb group’s main vehicle for convergence activities and particularly credit derivatives, recorded a loss of US$55.9mn for the first nine months of the year compared with a profit of US$5.3mn for the same..
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01 November 2002
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0135 - 01 November 2002
Ace Tempest Re 2001
Ace Tempest Re is the home for Bermudian insurance and reinsurance group’s catastrophe reinsurance underwriting operations, with the core of the unit made up of business acquired from two cat specialists bought by Ace, Tempest Re in 1996 and..
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01 November 2002
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PartnerRe buys back shares from Swiss Re
Bermudian reinsurance group PartnerRe is buying back 6mn shares from one of its founding investors, Swiss Re. PartnerRe said it would offer 8m common shares to the public under its existing shelf registration, using the net proceeds to repurchase..
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01 November 2002
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Munich Re backs exhibition on climate change
German reinsurance group Munich Re is working with the Deutsche Museum in Munich to present an exhibition on climate issues. The exhibition, called “Climate: the experiment with planet earth”, will run for the next six months, and Munich..
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01 November 2002
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Cat market undergoes sea change in 2002
Rate increases for property catastrophe business have not been as extreme as originally thought because of the significant new capacity entering the market. But in a recent note on the cat market, broker Gen Re Intermediaries noted that capacity for..
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01 November 2002
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Allied World opens new subsidiary in Dublin
Bermudian group Allied World has formed a subsidiary in Dublin to target large EU companies looking to add to or replace capacity in the current hard market. The group has formed Allied World Assurance Holdings (Ireland) which will underwrite..
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01 November 2002
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Flood insurance depends on risk partnership
In a separate report, Swiss Re addresses the topical issue of how to provide cover for flooding in high-risk countries, arguing that a risk partnership between insureds, insurers and government is needed. Superficially at least, leaving the state to..
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01 November 2002
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Catastrophe business still isn’t paying enough
Catastrophe reinsurance business may be offering some of the best prices in the whole of the insurance market at the moment, but given the exposure and the risk capital needed to support it, even today’s prices are probably not enough. This is..
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01 November 2002
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London Reinsurance Group 2001
Canadian ART reinsurance group London Re fell to a pretax loss last year, mainly because of the events of 11 September. The group suffered a loss of C$83mn (US$52mn) from the terrorist attacks, mostly through its property catastrophe book written on..
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01 November 2002
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0135 - 01 November 2002
Commercial Risk Reinsurance 2001
Bermudian ART reinsurance group Commercial Risk Re celebrated 2001, its 10th year in operation, by producing an increased pre-tax profit of US$25.8mn, up from US$24.7mn for 2000. The year was marked by another large increase in premium underwritten..
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01 November 2002
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0135 - 01 November 2002
XL backs hedge fund product company
Bermudian group XL Capital is working with PlusFunds Inc to develop investment products based on Standard & Poor’s (S&P’s) new hedge fund index.
The index comprises nine hedge fund investment strategies grouped in three broad..
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01 November 2002
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Ace Specialty forms new unit for captives
Bermudian insurance and reinsurance group Ace has set up Ace Global Solutions as a subsidiary of its Ace Specialty Property & Casualty unit, based in the US. The new operation will focus on servicing global property, marine and international..
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01 November 2002
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Agency downgrades Allianz Risk Transfer
Rating agency Standard & Poor’s (S&P) last month downgraded the financial strength rating of Allianz Risk Transfer to AA- from AA because of a downgrade for the insurer’s parent, Allianz AG. In a statement, S&P said the..
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01 November 2002
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Platinum starts life with capital of US$1bn
US insurance group St Paul Companies completed the divestiture of most of its reinsurance operations last month through the initial public offering (IPO) for Platinum Underwriters Holdings, the Bermudian company formed to take over the bulk of the..
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01 November 2002
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Zurich refocus leads to ZCM restructuring
Financial difficulties at Zurich Financial Services have led to the Swiss insurance group retrenching and cutting back on activities to concentrate on core business. Earlier this month Zurich announced it would restructure the operations of its..
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01 November 2002
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0135 - 01 November 2002
Scor prunes ART after Commercial Risk losses
French reinsurance group SCOR is to cut back significantly on ART business after announcing it faces a net loss of €100mn this year from its Bermudian subsidiary Commercial Risk Partners. Scor announced it expects to suffer a net loss of about..
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01 November 2002
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Weather insurance pays for Washington Gas
Washington Gas Light Co, owned by US utility group WGL Holdings, has received a payment of US$14.8mn under a weather insurance policy designed to guard against the financial implications of warmer than expected weather during the last..
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01 November 2002
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RMS upgrades capabilities of Climetrix
Risk Management Solutions (RMS) has added a mark-to-market capability to its Climetrix weather derivatives trading and risk management system and now publishes weather market price data on a daily basis.
Increased liquidity in the weather trading..
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01 November 2002
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Gensec claims first for South Africa
South African investment bank Gensec Securities has structured what it claims is the first weather derivative for the local market, protecting an agricultural producer during the crucial growing months of early spring.
The purchaser of the..
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01 November 2002
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0135 - 01 November 2002
Centrica buys winter weather protection
UK energy company Centrica has bought a derivative to guard against abnormal weather over the next five winters. The derivative, provided by XL Trading Partners, will provide Centrica’s subsidiary British Gas Trading with aggregate protection..
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01 November 2002
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0135 - 01 November 2002
August floods should be more than one loss
The heavy floods in central and eastern Europe in August have once again brought to the fore the question of aggregating losses for the purpose of collecting under reinsurance programmes. Writing in the latest issue of the Barlow Lyde & Gilbert..
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01 November 2002
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0135 - 01 November 2002
Much of European storm damage is uninsured
Severe winds affecting the UK, the Netherlands and Germany produced estimated total losses of up to €1bn last month, but insurers are unlikely to face claims of more than €300mn, according to US cat modelling firm Risk Management..
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01 November 2002
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0135 - 01 November 2002
Lili’s losses total US$335mn as storm weakens
Hurricane Lili should produce losses of US$335mn for US insurers, according to the preliminary estimate of the Property Claim Services (PCS) unit of the Insurance Services Office. The storm reached Category 4 intensity on the Saffir-Simpson scale..
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01 November 2002
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0135 - 01 November 2002
Australia outlines details of terrorism pool
Australia has become the latest country to introduce state-backed terrorism insurance protection. The Australian scheme, due to come into force on 1 July next year, will provide cover against terrorism damage to commercial property, infrastructure..
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01 November 2002
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0135 - 01 November 2002
UNEP highlights climate impact for insurers
Climate change has huge implications for the entire finance industry and the insurance sector in particular. The United Nations Environment Programme (UNEP) has been working with financial organizations for more than 10 years now in a bid to involve..
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01 November 2002
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Acordia chooses new captive company name
US broking group Acordia has renamed its captive servicing operation and announced a co-operative agreement with BF&M Management in Bermuda. Acordia Management Services, based in Bermuda, is the new name for Acordia International Ltd. It will..
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01 November 2002
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Scottish Annuity gains listing on the BSX
Scottish Annuity & Life Holdings, active as a life and annuity reinsurance group for mainly North American clients, has secured a secondary listing on the Bermuda Stock Exchange. The company has been listed on the New York Stock Exchange since..
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01 November 2002
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0135 - 01 November 2002
Guarantee insurers may review reinsurance
Recent events may lead primary financial guarantee companies to question the worth of buying reinsurance from the monoline financial guarantee reinsurers, according to rating agency Moody’s. In a new note on the sector, Moody’s says it..
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01 November 2002
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ZEMS opens office in Barcelona for Europe
Political risk provider Zurich Emerging Markets Solutions (ZEMS) has opened an office in Barcelona to access the Spanish and continental European market. ZEMS said the new office will target Spanish financial institutions, exporters and..
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01 November 2002
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0135 - 01 November 2002
Liberty Mutual sets up captive services unit
US insurance group Liberty Mutual has formed a capital services operation dedicated to the sale, underwriting and servicing of captive and rent-a-captive accounts. The unit is based in Pennsylvania and will be led by Scott Barry who has been named..
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01 November 2002
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0135 - 01 November 2002
Rated captives enjoy an advantage – Fitch
Hardening conditions in the conventional market post-11 September 2001 are likely to make captives more attractive as a risk management tool, and in a new report rating agency Fitch highlights the various benefits that captives can bring.
These..
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01 November 2002
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Cayman captive premiums top US$4bn so far
The 577 captive companies registered in the Cayman Islands recorded premium income of US$4095.6mn for the first nine months of the year. Pure captives were the most important type of captive, with 340 pure captives, or 59% of the total, producing..
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01 November 2002
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0135 - 01 November 2002
IAIS issues reinsurance supervision principles
Concerns that reinsurance has the potential to provide a major systemic risk for the whole insurance market and even other parts of the financial system have led to various international organizations highlighting reinsurance for scrutiny. Last..
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01 November 2002
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0135 - 01 November 2002
FASB and IASB agree on convergence move
Accounting standards in the US are generally tougher than elsewhere and well-established within the business community. As the International Accounting Standards Board (IASB) works towards creating standards for various industries, including..
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01 November 2002
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0135 - 01 November 2002
IASB moves towards finalizing Phase I rules
Last month’s board meeting in London saw the International Accounting Standards Board (IASB) make further progress in tightening requirements for Phase I of its insurance contracts project. The board is working towards the setting of an..
Online Published Date:
01 November 2002
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0135 - 01 November 2002