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Reactions - Financial Intelligence for the Global Insurance Market
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Casualty/liability

  • US reinsurers' profits up in 2009 16 March 2010

    Net income for US property/casualty reinsurers was $4.3bn in 2009, which was up from $2.9bn in 2008, according to a survey of reinsurers’ statutory underwriting results conducted by the RAA.

  • Kramer stands down as CEO of Ariel Holdings 12 March 2010

    Don Kramer has stood down as CEO of Ariel Holdings.

  • Max Capital and Harbor Point CEOs on merger 12 March 2010

    The merger of Bermudian firms Max Capital Group and Harbor Point has been termed a merger of equals. Reactions spoke to the CEO’s of the two companies and an analyst to get the perspective from all sides on what the future holds for the combined company Alterra Capital Holdings.

  • 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.

Property-catastrophe

  • Catastrophes cost insurers $26bn in 2009 16 March 2010

    Natural catastrophes and man-made disasters cost insurers $26bn in 2009, according to Swiss Re’s latest sigma study. The overall cost to society was $62bn.

  • Chile loss over $7bn would push up prices: Lippe 16 March 2010

    Industry losses of more than $7bn from last month’s earthquake in Chile would increase reinsurance pricing, believes Stefan Lippe, CEO of reinsurance firm Swiss Re.

  • Citizens Property plans $2bn bond sale 16 March 2010

    Florida’s government-owned Citizens Property Insurance may raise $2bn through the sale of 10-year tax-exempt bonds.

  • Hiscox expects £100m nat cat loss 16 March 2010

    Lloyd’s of London insurer Hiscox said it expects a combined loss of around £100m ($150.8m) from the Chilean earthquake and winter storm Xynthia.

Specialty & other lines

  • CNA hires ocean marine veteran 17 March 2010

    CNA has appointed Stephen Clark as vice-president of ocean marine. He will oversee the global insurer’s complete ocean marine line of business including hull, marine liabilities, protection & indemnity and cargo.

  • Grappling with energy’s shifting exposure base 16 March 2010

    The international oil and gas industry is perhaps the most valuable of all and provides premium-hungry insurers and reinsurers with a seemingly endless supply of demand at a time when profitable premium growth is tough to find. But the risk-reward ratio is increasingly difficult to master.

  • US reinsurers' profits up in 2009 16 March 2010

    Net income for US property/casualty reinsurers was $4.3bn in 2009, which was up from $2.9bn in 2008, according to a survey of reinsurers’ statutory underwriting results conducted by the RAA.

  • Ace adds to professional lines department 15 March 2010

    Ace Bermuda has announced two senior appointments to its professional lines department.

Emerging risks

Financial Management

  • Hartford to repay $3.4bn bailout funds 17 March 2010

    The Hartford Financial Services Group is planning a public offering. The equity and debt issue is part of the insurer’s efforts to fully repay the $3.4bn it received from the US Treasury.

  • ILFC plans benchmark bond sale 17 March 2010

    AIG subsidiary, International Lease Finance Corporation (ILFC), is planning to offer benchmark senior notes due September 2015.

  • AIG sells $452m Transatlantic shares 16 March 2010

    American International Group (AIG) has raised $452m by selling 8.5 million shares of Transatlantic Holdings.

  • Citizens Property plans $2bn bond sale 16 March 2010

    Florida’s government-owned Citizens Property Insurance may raise $2bn through the sale of 10-year tax-exempt bonds.

Legal & regulation

  • Ceiops expected to ease Solvency II requirements 17 March 2010

    The result of stress tests by the Committee of European Insurance and Occupational Pensions Supervisors’ (Ceiops) hints that the Solvency II framework could prove much more balanced than initially feared, analysts have said.

  • Legal Analysis: Solvent schemes survive 17 March 2010

    A ruling in Scotland has put schemes of arrangement under scrutiny.

  • AIA objects to Dodd’s latest bill 16 March 2010

    US Senator Chris Dodd has unveiled a new bill that would allow the Federal Reserve to gain powers over non-bank financial firms and keep much of its authority over new banks.

  • Aon unit sues Marsh in New York: report 16 March 2010

    A unit of brokerage firm Aon Corporation is suing rival Marsh & McLennan Companies for stealing trade secrets, clients and employees, reports Bloomberg.

Claims & Run-Off

  • Legal Analysis: Solvent schemes survive 17 March 2010

    A ruling in Scotland has put schemes of arrangement under scrutiny.

  • Montpelier Re estimates Chile quake losses 16 March 2010

    Montpelier Re Holdings has announced a preliminary estimate of losses from the recent Chilean earthquake, European windstorm Xynthia and the Australian hailstorms.

  • Axa to appeal Air France compensation 15 March 2010

    Axa, France’s largest insurer, said Friday that it will appeal a Brazilian court's ruling that it must pay $1.16m in compensation to the family of a victim of last year’s Air France disaster, Reuters reports.

  • Quake and windstorm could cost Validus $300m 12 March 2010

    Validus Holdings, the Bermuda based provider of reinsurance and insurance, today provided an initial estimate of losses from the recent Chilean earthquake and European windstorm Xynthia.

People

  • Allied World revamps senior management 17 March 2010

    Allied World Assurance has re-shuffled its senior level management in Bermuda, Europe and the US.

  • Brit Insurance names UK distribution head 17 March 2010

    Brit Insurance has appointed Vivek Banga as head of UK distribution. In the new role, Banga will focus on further development of the insurer’s distribution strategy, working alongside its broker partners.

  • Chaucer appoints production head 17 March 2010

    Chaucer Holdings has appointed Andrew Voke to the newly created role of head of production for Syndicate 1084 with immediate effect.

  • CNA hires ocean marine veteran 17 March 2010

    CNA has appointed Stephen Clark as vice-president of ocean marine. He will oversee the global insurer’s complete ocean marine line of business including hull, marine liabilities, protection & indemnity and cargo.

  1. Second part of Reactions' CRO Risk Forum now online

  2. Third part of Reactions' CRO Risk Forum now online

  3. AIG’s $9bn Q4 loss not as bad as it seems

  4. The February 2010 issue of Reactions

  5. CEOs reveal secrets of merger success

Poll

Do you believe efforts to set up a New York Insurance Exchange by the state's insurance department will succeed?

Yes, and it is a good idea
32%
Yes, but it is a bad idea
3%
No, but it is a good idea
41%
No, and it is a bad idea
21%
Not sure
3%

Quote

Rule number one is that I don’t get to underwrite. That’s probably why we have done so well.

Tony Markel, vice-chairman of US insurer Markel


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