Reactions - Global Insurance

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Everest Re estimates Chile, Xynthia loss 11 March 2010

Everest Re has estimated its preliminary loss owing to the earthquake in Chile at about $225m.
PartnerRe unit sells $500m debt 11 March 2010

A unit of PartnerRe has raised $500m through a 10-year note sale. PartnerRe Finance has issued the senior notes, maturing June 1, 2020.
ABIR raises opposition to homeowners bill 09 March 2010

The Association of Bermuda Insurers and Reinsurers today filed its opposition to a house bill which would replace private sector risk bearing capital with government reinsurance and government guarantees of state debt.
Interview: Cash confident of Endurance growth 09 March 2010

Endurance's new CEO will be looking to continue the work done under eight years of Ken LeStrange's leadership but won't be afraid to make big changes if necessary, he tells Reactions in an exclusive interview.

Fortis reports Eu1.2bn 09 profit and new name 10 March 2010

Fortis has announced a group net profit of Eu1.2bn ($1.6bn) compared with a net loss of Eu28.0bn in 2008. .
Moody’s comments on Xynthia’s France impact 10 March 2010

Windstorm Xynthia, which caused serious damage in Western Europe at the end of February, will present a substantial, though manageable, cost for the French insurance industry according to Moody's Investors Service.
Munich Re reports Eu2.56bn profit in 2009 10 March 2010

Munich Re has reported a profit of Eu2.56bn ($3.5bn) in 2009 compared with Eu1.58bn in 2008. Gross premiums written rose by 9.5% to Eu41.4bn, from Eu37.8bn in 2008.

Standard Life reports 2009 profit decline 11 March 2010

Standard Life has recorded a drop in 2009 pre-tax operating profit on a European Embedded Value (EEV) basis.
Aggregate in £305m pension insurance deals 10 March 2010

Aggregate Industries has struck insurance deals to transfer the risk of two of its pension schemes with Pension Insurance Corporation (PIC).
Brit Insurance establishes Australia office 10 March 2010

Brit Insurance, the international insurance and reinsurance group, today announced the establishment of its own Australian office, replacing its previous third party arrangement.
Nephila cat fund raises $340m 10 March 2010

The catastrophe reinsurance fund of Nephila Capital has secured $340m from 11 UK institutions.

AM Best reviews Tenet Insurance ratings 11 March 2010

AM Best is reviewing the financial strength ratings of Tenet Insurance with positive implications. Tenet has A- (Excellent) and issuer credit rating of a-.
AIG’s Nan Shan outcome expected Thursday 10 March 2010

American International Group could find out about the fate of its Taiwan unit, Nan Shan, as early as Thursday, when the Taiwanese parliament will review a report from the top financial regulator, Reuters has reported.
Amana Takaful gets Maldives licence 10 March 2010

Amana Takaful (Maldives) has secured approval from the regulators to carry out general insurance business in the archipelago.
ANALYSIS: Benmosche confident AIG will make it following AIA and Alico deals 10 March 2010

With the news that AIG is selling Alico to MetLife and AIA to Prudential, Reactions assesses how far AIG still has to go to pay off its debts to the US government.

Transamerica Re hires ex-Allstate risk chief 11 March 2010

Transamerica Reinsurance has appointed Larry Moews as senior vice-president, chief actuary and chief risk officer.
AIG’s Nan Shan outcome expected Thursday 10 March 2010

American International Group could find out about the fate of its Taiwan unit, Nan Shan, as early as Thursday, when the Taiwanese parliament will review a report from the top financial regulator, Reuters has reported.
ANALYSIS: Benmosche confident AIG will make it following AIA and Alico deals 10 March 2010

With the news that AIG is selling Alico to MetLife and AIA to Prudential, Reactions assesses how far AIG still has to go to pay off its debts to the US government.
SSIS hires American National executive 10 March 2010

Stewart Specialty Insurance Services (SSIS) has appointed Tom Carpentier as division president.

Santam records rise in 2009 profit 04 March 2010

South African property/casualty insurer, Santam, has booked an increase in profit for 2009, because of better returns on its investment portfolio.
Axa Cooperative Insurance gets Saudi licence 02 March 2010

Axa Cooperative Insurance has secured a licence from the Saudi Arabian Monetary Agency to start its business in the Kingdom of Saudi Arabia, Trading Markets reports.
Allianz Takaful eyes sukuk issue 18 February 2010

Allianz Takaful is negotiating with a regional Islamic institution, to offer a sukuk bond, Reuters reports.
GIC sets up natural disaster pool 18 February 2010

General Insurance Corporation of India (GIC) is setting up a natural catastrophe pool for insurance and reinsurance companies.

Mexico underinsured despite large quakes 11 March 2010

Mexico has little catastrophe insurance coverage, despite a long history of severe earthquakes, The Wall Street Journal reports.
Mapfre aims for Eu20bn of premiums in 2010 09 March 2010

Spanish insurance group Mapfre recorded a net result of Eu937m ($1.3bn) in 2009, a 2.9% increase over 2008.
Reinsurers to take majority of Chile losses 08 March 2010

Rating agency Moody’s believes reinsurers will shoulder the majority of insured losses from the Chilean earthquake because of the large amount of reinsurance protection purchased in Chile and the size of the catastrophe
Up to $320m of Chile claims for PartnerRe 08 March 2010

Bermudian reinsurance company PartnerRe expects between $220m and $320m of pre-tax losses from the magnitude 8.8 earthquake that hit Chile on February 27.