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Enstar readies Copenhagen Re buy
Bermudian group Enstar has confirmed its position as the most active player in the run-off market with the proposed acquisition of Copenhagen Reinsurance Co, in run-off since 2001 and currently owned by Danish group Alm Brand Forsikring.
Enstar has..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Corporate round-up
Brian O’Hara, formerly chairman of Bermuda’s XL Capital, now receives $800,000 a year for providing advisory services under a three-year consulting agreement with the company. The agreement is subject to restrictive covenants including..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
AIG prepares to divest leading unit
Embattled American International Group (AIG) has made recent strides to sell key assets as it seeks to pay back the US government for its $173.3bn bailout and reduce the government’s current 80% stake in the company.
In what would mark its..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Peak risks draw alternative capacity
Demand for peak zone capacity continues to attract market entrants, despite the fear that more attractive financial opportunities elsewhere would drive private equity and hedge fund players away from reinsurance and into other areas of..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Japanese develop overseas accounts
Japan’s large domestic insurers continue to boost their presence abroad as they look to diversify their group accounts away from a contracting home market.
Busy Mitsui Sumitomo announced last month it has secured regulatory approval to form a..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Ayer joins Liddy on retirement list
While it assesses assets for possible sale, AIG continues with its search for a new chairman & ceo to replace Edward Liddy, who in a surprise move last month said he would leave the company after only eight months in the posts. Dennis Dammerman,..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Reinsurance People
Well-known insurance lawyers Stephen Carter, Bill Perry and Bernadette Bailey have set up their own firm, called Carter Perry Bailey, at 10 Lloyd’s Avenue, London EC3 Mr Carter and Mr Perry were most recently with Charles Russell.
Broking..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
EU exemption change still on cards
This month’s public hearing into proposals to amend the block exemption that the insurance industry enjoys from EU anti-competition rules revealed no sign of a change of heart by the European Commission, currently minded to remove or prune..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Ceiops studies supervisory powers
A prerequisite for a true single financial market that comprises different jurisdictions is the use of similar powers in similar ways at similar times by the different supervisory authorities. How well does the European Union’s insurance and..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Florida’s Universal buys more cover
Universal Property, the third largest writer of homeowners’ insurance in Florida, has decided to reinsure more with the private market as an alternative to buying Temporary Increase in Coverage (TICL) protection from the state’s Cat..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Flagstone details private jet deal
Bermudian reinsurance group Flagstone’s 10-Q filing for the first three months of 2009 includes the disclosure that the company has entered into a share purchase contract to buy an aviation leasing company (IAL 7X Leasing) from chairman Mark..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
New funding plan underpins TWIA
The Texas Windstorm Insurance Association (TWIA) is unlikely to return to the reinsurance market for protection this year after the state legislature approved a radical revision of the claims-paying resource funding for this insurer of last..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Omega moves for extra 958 capacity
No shortage of action in the Lloyd’s market. In the latest move, Omega Underwriting Agents has made an offer to acquire additional capacity on syndicate 958 for 2010 by way of a share offer with a cash alternative. The capacity offer equates..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Amlin eyes Fortis buy for balance
Lloyd’s has been a hotbed of activity this year but the biggest news from the market over the past few weeks is the move by Amlin to diversify its operations further away from Lloyd’s. Amlin has agreed to pay €350m to take over..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
Banks called in for disposal of AIA
In other financial moves, AIG will name at least two investment banks to conduct the group’s planned initial public offering (IPO) of Asian life assurance unit American International Assurance, Dow Jones Newswires has reported. The offering is..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
RenRe brings more sidecar capacity
Sidecar pioneer RenaissanceRe has once again tapped capital market capacity for a new vehicle that will provide the Bermudian reinsurer with retro capacity specifically for Florida risks.
Timicuan Reinsurance II (Tim Re II) starts with about $60m of..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009
US Prudential rejects TARP offer
Prudential Financial Services of the US has become the latest US insurer to reject bailout funding under the TARP programme. Prudential said “after conducting a thorough review, management has determined the company will not participate..
Online Published Date:
11 June 2009
Appeared in issue:
12-09 - 15 June 2009