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New reinsurers get ready
Many may have reservations about the impact that the unprecedented wave of new capital entering the market in the wake of this year’s hurricanes will have, but the companies appear to have had little trouble in raising the funds and gaining..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Bermuda survey – hurricanes hit home in Q3
Bermuda’s specialist reinsurers, for so long a source of exceptional profitability, felt the full force of the third quarter catastrophic losses and slumped to a collective net loss of over $1.5bn at the nine-month mark.
Our survey takes..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
FSA acts on Chiyoda Europe LPT brokers
Two brokers involved in the placing of a controversial loss portfolio transfer for Chiyoda Europe in 2001 have agreed with the UK’s Financial Services Authority (FSA) that they will not take part in any regulated activity for two years.
The..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Arch and Quanta pay out golden farewells
Bermudian reinsurers are paying some hefty sums as they say goodbye to former senior executives.
Arch Capital has appointed Marc Grandisson as chairman & chief executive of Arch Worldwide Reinsurance Group, replacing Dwight Evans who was one of..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Penn Treaty seals Imagine finite terms
US long-term care (LTC) insurance group Penn Treaty has confirmed the details of its new reinsurance agreement with offshore reinsurance group Imagine Re. The reinsurance provides 75% quota share protection for new LTC policies issued by the..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Western General leads market withdrawal list
Last month we reported that ART provider Cologne Re Dublin had stopped underwriting new business. The latest departure is Bermudian insurance group Western General, a provider of ART capacity. The immediate trigger seemed to be the announcement by..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Results focus
Hannover Re,
one of the largest writers of financial reinsurance in the world, reported reduced profitability and reduced premiums in this segment of its account at the nine-month stage.
The reinsurer said there was less interest in financial..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
IASB looks at cat bonds and reinsurance
The FSA is not the only body looking at ART business. At its November meeting, the International Accounting Standards Board (IASB) received a briefing on reinsurance contracts, including a particular focus on insurance linked securities (ILS).
The..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Investor Vulcan buys control of ICAT
Vulcan Capital, the private equity firm controlled by Microsoft co-founder Paul Allen, has bought a majority stake in broker International Catastrophe Insurance Managers, based in Colorado.
ICAT specialises in commercial earthquake, hurricane and..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Lloyd’s asks for main RDS returns by March
All active Lloyd’s syndicates trading in 2006 must complete Realistic Disaster Scenarios on their exposure to five major natural catastrophes as of the beginning of the year, in line with the inception or renewal date of many syndicates’..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Olympus acts to provide additional collateral
White Mountains Re recorded $705.6m of reinsurance recoverables from Bermudian reinsurance group Olympus Re at September 30, with $457.2m of the total relating to hurricanes Katrina and Rita.
White Mountains Re’s recoverables from..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Heritage wins Curepool account
..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
AIG provides hedge fund protection
As hedge funds take increasingly large positions in the insurance market they might well be interested in a new policy provided by AIG subsidiary National Union Fire of Pittsburgh. The hedge fund protector policy provides directors’ &..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Informa hosts captive conference
Informa Insurance is holding a one-day conference on captives on February 7, 2006 in London, covering the business rationale for forming one. Speakers will include Dominic Wheatley of Willis Management (Guernsey), Claude Breutel of Novartis..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
PwC tracks continued rise of weather trades
The total value of weather derivative trades carried out by a sample of some leading players nearly doubled to $8.4bn for the 12 months to the end of March this year, according to the latest annual survey carried out by PricewaterhouseCoopers on..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
ARPC Australian Reinsurance Pool Corp 2004-2005
The Australian Reinsurance Pool Corp (ARPC) almost doubled its gross written premium income in its second year of operation for the 12 months ended June 30, 2005.
Gross premiums totalled A$102.2m in what was effectively the reinsurer’s..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Bush agrees to rise in NFIP borrowing limit
President Bush has signed legislation increasing the National Flood Insurance Program’s (NFIP’s) borrowing authority to $18.5bn from the current level of $3.5bn. The increase was needed because of the heavy strain on NFIP’s..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
ABI agrees new flood plan with government
UK insurers have pledged themselves to a new commitment to provide domestic policyholders with flood cover in most circumstances, although they are reserving their right not to cover properties where flood defences will not be in place within the..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
NAIC puts collateral row in context
As the seemingly endless debate on the level of collateral imposed by US cedants of reinsurance on unauthorized reinsurers trundles on, the reinsurance task force of the National Association of Insurance Commissioners (NAIC) has issued a draft white..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Hartville delays 10-Q filing on reinsurance
US pet insurance group Hartville delayed the filing of its third quarter 10-Q with the Securities & Exchange Commission following an error at its reinsurance subsidiary Hartville Re.
The parent said the main error concerned a reinsurance..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Liberty Mutual opens in Caymans and Montana
Captive market provider Liberty Mutual Alternative Markets has received authorization to do business in two new domiciles, Montana and the Cayman Islands. In the Caymans, it has set up Liberty Mutual Management (Cayman) through which it will..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
World Bank helps out cat exposed countries
The World Bank has been busy in recent months providing loans to help countries improve their catastrophic risk mitigation capabilities and post-disaster recovery efforts.
In Pakistan, the bank has agreed a $470m aid package to help the..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
PCS reports on record-breaking cat losses
The Property Claim Services (PCS) division of the Insurance Services Office has confirmed 2005 as the most expensive year ever for US insurers and reinsurers as far as catastrophic losses are concerned.
Insurers can expect claims of $40.8bn from..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
EC postpones start of market probe
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:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Regulator asks for views on EU SPV requirement
UK regulator the Financial Services Authority (FSA) is canvassing views on the place of special purpose vehicles (SPVs) as part of its consultation on how to implement the European Union reinsurance directive.
Although the UK reinsurance market and..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Academy provides guidance on risk transfer
The American Academy of Actuaries has provided an advisory note to US non-life insurers on how best to interpret the risk transfer elements of the Reinsurance Attestation Supplement that chief executives and chief financial officers will have to..
Online Published Date:
01 December 2005
Appeared in issue:
0171 - 01 December 2005
Changes
Bermudian reinsurance group IPC
has appointed John Weale as senior vice president of both IPCRe and IPC Holdings. He joined the company in 1996 as vice president and chief financial officer of both companies.
New reinsurer Allied World Assurance
..
Online Published Date:
08 December 2005
Appeared in issue:
0129 - 01 May 2002