i-law

The Re Report

Reinsurance people

Lloyd’s and company market company Omega has accelerated its succession plan for the leadership of syndicate 958. Daria Vanous has taken over as active underwriter of the syndicate, succeeding John Robinson, who also stands down as a director..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

APRA is opposed on banning orders

Australian authorities have also taken action against those involved in finite-style covers that failed to transfer real risk, but in several cases individuals have challenged the banning orders that the Australian Prudential Regulation Authority..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

US gets tough with rating agencies

Credit rating firms Standard & Poor’s, Moody’s and Fitch are coming under increasing state and federal scrutiny after being widely perceived as having contributed to the global financial crisis by handing out all-too-generous ratings..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Pope completes Annuity & Life deal

Shareholders of Bermudian life reinsurance group Annuity & Life have approved the company’s amalgamation with Pope Ltd, a subsidiary of Pope Investments II LLC, a limited liability company domiciled in Delaware. The Bermudian group will..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Corporate round-up

The Cayman Islands Monetary Authority has appointed Simon Whicker and Kris Beighton of KPMG as controllers of the local operations of British American Insurance Co (BAICO) in light of its “increasing financial and operational..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Flagstone opens new Lloyd’s book

Lloyd’s businesses remain busy as they take advantage of new opportunities in the current market. In the latest move, Marlborough Underwriting Agency, owned by Bermuda’s Flagstone, has recruited a team to write a worldwide property..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Big 3 look to resume contingents

Global brokers Aon, Marsh and Willis could soon see the restoration of their collection of contingent commissions, as the three top broking groups have been negotiating with various US state regulators to reinstate the fees. The fees were banned in..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

NAIC advances reinsurance reform

The National Association of Insurance Commissioners (NAIC) is ready to submit to Congress its proposal for reinsurance regulatory reform that would introduce new port-of-entry rules for foreign reinsurers and allow US reinsurers to be licensed to..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Premium well up for Lloyd’s in 2009

Lloyd’s had a strong first six months of the year, recording increased pre-tax profit of £1322m on the back of higher premium income and largely favourable claims experience. However, evidence indicates that the international insurance..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Crisis shows capital crunch for cat

Of all the non-life sectors, catastrophe reinsurance probably has most to digest from the events of the past 18 months. Thankfully the industry was spared a true mega-cat, Hurricane Ike notwithstanding, as the financial markets entered freefall and..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Wildfire loss could have been worse

No loss estimate for the Californian Station wildfire as TRR went to press but it is clear the industry has narrowly dodged a loss of catastrophic proportions. Abnormally low windspeeds in the affected areas prevented the fires from becoming a..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Commutations boost Reliance estate

What is probably the largest US insurance liquidation, Reliance Insurance, has secured court backing for settlement and commutation deals with several reinsurers this year, raising at least $128m for the estate of the insolvent company. The most..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Go easy on AIG, urges Greenberg

Former AIG boss Hank Greenberg has proposed a re-working of the US government’s bailout of the troubled insurer, and the House of Representatives Oversight & Government Reform Committee plans to examine the proposal. How far such a..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Last one out, switch off the lights

Radical tax changes are needed if the UK’s wholesale and reinsurance sector is to remain vibrant and perhaps claw back some of the ground it has lost to other domiciles in recent years. This is the view of the Association of British Insurers..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Willis moves group HQ to Ireland

As a timely reminder of what the UK is missing, broker Willis last month announced its intention to redomesticate at a group level from Bermuda. Although Willis has a long and distinguished history as a UK firm, the next port of call will be the..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Napier faces probation on finite row

It all seems a long time ago that regulators started to investigate the market’s use of dubious finite-style reinsurance protection but the legal ramifications are only just drawing to a close. In what is likely to be the final act related to..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Taxman clarifies reinsurance view

Two favourable pieces of tax news from the US to report. Firstly, the federal US tax authority, the Internal Revenue Service (IRS), last month issued a ruling confirming the market’s longstanding view on when a reinsurance contract constitutes..
Online Published Date:  01 October 2009
Appeared in issue:  19-09 - 05 October 2009

Melor weakens on Japanese landfall

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Swiss Re readies Multicat Mexico

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Run-off accounts remain attractive

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Guy Carpenter snaps up Rattner

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Bermudians continue to diversify

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Munich Re reactivates buy-backs

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Reliance’s commutations accelerate

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Japan heads for Big 3 domination

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

New lines and territories beckon

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

EC outlines revised block exemption

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Emerging markets draw reinsurers

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Underwriting ability is now key

Graham Village
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Corporate round-up

Members of the Dublin International Insurance & Management Association (DIMA) wrote gross premiums of €26.2bn and net premiums of €21.7bn last year, according to the trade body. The totals compared with gross and net figures of..
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

Nan Shan sale will be AIG’s biggest

Troubled US insurer AIG has reached an agreement to sell its 97.5% stake in Taiwanese life assurance unit Nan Shan Life Insurance for $2.15bn, marking the group’s largest sale of an asset to date as it seeks to pay off more than $83bn in..
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

US eyes financial regulation changes

Federal Reserve chairman Ben Bernanke has called for a council of US financial regulators, not just the Fed, to oversee AIG and the other so-called “too big to fail” financial services firms. The proposal is one of several that US..
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

US weighs Iran insurance sanctions

In a move to resolve a dispute over Iran’s development of nuclear capabilities, the US is considering sanctions that would target international insurers and reinsurers that underwrite shipments of petrol to the import-dependent Islamic..
Online Published Date:  28 October 2009
Appeared in issue:  20-09 - 19 October 2009

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