- Practice Areas
- Publication Type
- Resources
- Practice Areas
- Publication Type
- Resources
- Home/Publications/The Re Report
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
Dutch insurance market 2003-2008
Figures issued by De Nederlandsche Bank show the Dutch non-life insurance market recorded an 8.1% increase in premium income last year, despite a contraction in the amount of inwards reinsurance that companies wrote. Reinsurance premiums were down..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Reinsurers are relaxed on swine flu
The virulence and spread of A(H1N1) - or swine flu in common parlance - has forced the World Health Organization to assign its highest level of pandemic alert to the virus but so far insurers and reinsurers remain confident this will not prove a..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Obama calls for financial monitor
The administration of US President Barack Obama has proposed a sweeping overhaul of federal regulation of US insurance, banking and other financial services, and the plan has drawn praise from insurance groups and state regulators for not including..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
State Farm Florida makes last call
US insurance group State Farm held out a final glimmer of hope this month that it would not carry out its threat to withdraw from the homeowners’ insurance market in Florida, urging the state’s governor to approve a bill that would..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Corporate round-up
The US Supreme Court has ruled that a 1986 global settlement of asbestos-related claims against Johns Manville Corp shields insurer Travelers from newly filed claims against the manufacturer. The 7-to-2 decision reverses an appeal court ruling that..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Assurant raises reinsurance spend
US insurance group Assurant expects to spend more on reinsurance protection this year despite reducing the amount of protection it will buy from the Florida Cat Fund. The group puts its likely reinsurance cost for 2009 under its base programme at..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
AIG slugs it out with Greenberg
Beleaguered US insurer American International Group and its former Starr International Co (SICO) affiliate have squared off in federal court in New York in recent weeks as AIG seeks to recover shares and funds that SICO allegedly yielded in its..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Trading for weather contracts falls
Weather risk management trading caught the same cold as the rest of the financial markets last year, with volume down 39% and notional value falling 53%, according to the annual survey conducted by PricewaterhouseCoopers (PwC) for the Weather Risk..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Bermudian reinsurance market, first quarter 2009
International reinsurers in Bermuda produced the usual range of mixed performances during the first quarter, but overall net profit of just short of $2bn for our survey of 19 players is a reasonably strong result in what is a changing underwriting..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Reinsurance People
QBE European Operations has made several senior changes. John Neal has succeeded Peter Grove as chief underwriting officer. Kathy Lisson has become chief operating officer. Phil Dodridge takes the new position of chief risk officer. Robert Nias..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
GMAC Re buy accelerates Maiden
Bermudian reinsurance group Maiden’s recently released first quarter figures underline the company’s transformation from heavy reliance on one cedant to more broadly based sources of business.
Maiden started life mainly as a sidecar..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Caribbean pool reduces price again
The reinsurance and alternative risk transfer (ART) protection for the Caribbean Catastrophe Risk Insurance Facility (CCRIF) has been renewed for the 2009-2010 policy year, with all 16 governments in the region opting to renew their purchase of..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Mega-brokers, first quarter 2009
Improving reinsurance conditions, currency exchange reversals and integration of acquired businesses were the highlight issues during the first quarter for the three mega-brokers, Aon, Marsh and Willis.
In the reinsurance sector, Aon is now..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
AIG business partners escape suit
Delaware Chancery Court Judge Leo Strine has dismissed a case in which shareholders of American International Group accused executives at reinsurer General Re, insurer Ace Ltd, and broker Marsh & McLennan of conspiring with officials at AIG to..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Government limits Equitable review
Policyholders of Equitable Life should not expect too much ex gratia compensation from the government as a result of the assurer’s use of ineffective finite-style protection and the incorrect acceptance of that cover as reinsurance by the..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Conning disposal refocuses Swiss Re
Swiss Re’s concentration on core reinsurance activities continues into 2009 with the sale of third party asset management and research firm Conning & Co, a member of the Swiss Re group since 2001 and currently part of its revamped asset..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Chaucer’s board won’t back Brit
Another proposed acquisition that has run swiftly into difficulty is Brit’s offer for Lloyd’s company Chaucer. As TRR went to press, Brit withdrew its recent all-paper bid that valued Chaucer at about £220m and would have given..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009
Validus eyes IPC as Max pulls out
The tug-of-war between Validus Holdings and Max Capital to merge with Bermudian reinsurer IPC Holdings took a surprising turn earlier this month when IPC shareholders overwhelmingly rejected their board of directors’ recommendation that the..
Online Published Date:
26 June 2009
Appeared in issue:
13-09 - 29 June 2009