April 2007/6
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It was at least a year in development, but Paris-based IXIS Corporate and Investment Bank has finally launched its new Bermudian reinsurer and insurance linked securities fund with some $600mn of capital.
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The rising price for distribution channels was demonstrated with AXA’s recent acquisition of UK consolidator Smart & Cook Group Ltd.
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Bermudian IPCRe followed its shock Standard & Poor’s (S&P) downgrade with a strong set of first quarter results and plans for a $200mn share buyback.
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It could prove to be a tough year for brokers but Willis Group Holdings Ltd showed last week that it was still able to grow revenues and profits despite falling rates.
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In a further sign of dramatically changed supply conditions in the retro market, rates for Industry Loss Warranties (ILWs) have slumped 30 percent since 1 January 2007, according to Montpelier Re chairman and CEO Tony Taylor.
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Troubled energy mutual Oil Insurance Ltd has had its A- rating placed on CreditWatch with negative implications by rating agency Standard & Poor's (S&P).
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UK quoted insurer Novae Group plc has issued £100mn of medium-term subordinated notes in a move to restructure its debt.
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Australian insurer QBE Insurance Group has confirmed a privately placed $550mn offering of hybrid notes to institutional investors.
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Steven Haasz - an influential figure in driving market reform at Lloyd's - resigned from the Corporation last week only days after the Society was upgraded to A+ by Standard & Poor's citing "unstoppable momentum behind improving London market business pro
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Bermudian reinsurer Aspen Insurance Holdings Ltd returned to the capital markets with two securitisation deals last week that will provide it with over $1bn in hurricane and earthquake cover.
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As the US insurance industry converges on New Orleans for the annual Risk and Insurance Management Society (RIMS) conference, delegates were told that it would take catastrophe losses of over $105bn to reverse the increasingly-soft market.
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American International Group's (AIG) life insurer, AIG Life, was granted a license to conduct its group insurance operations from the Qatar Financial Centre (QFC).
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Cat modelling specialist Risk Management Solutions (RMS) has launched a new parametric index which it says will help draw more emerging capital markets players into the catastrophe risk arena.
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US-based brokers Arthur J Gallagher & Co (AJG) and Hilb Rogal & Hobbs (HRH) disappointed analysts with first quarter profits down on expectations last week as the top line suffered from the impact of declining insurance rates.
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Swiss Re’s first quarter result will benefit from a capital gain of £250mn following the £600mn sale of its “Gherkin” office building in London, according to analysts.
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US insurers Chubb Corporation and WR Berkley reported profits up and premiums down for the first quarter of 2007.
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Early reporting Bermudians delivered strong first quarter earnings last week but weaker top line figures as signs of premium growth slowdown in a softening market began to show.
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Bermudian giants ACE Ltd and XL Capital reported analyst-beating first quarter profits last week, but the companies’ performances met with a mixed response from analysts.
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AmTrust Financial Services Inc has acquired IGI Group Ltd, a small UK specialty insurer.
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A consortium including ICAP founder Michael Spencer and hedge fund giant Eton Park Capital Management LLC is set to take a controlling interest in electronic trading platform RI3K, Insider Week can reveal.
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Martello Insurance PCC Limited, a protected cell company, has been launched in Gibraltar aiming to provide the "benefits and advantages of captive insurance, but at a lower cost".
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A UK High Court has delivered a landmark decision favouring reinsurers in a dispute concerning "follow the settlement" clauses.
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Keith Rutter, the former Independent Insurance underwriting executive, has left Oxygen Insurance Brokers to return to underwriting.
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Lloyd's insurer Kiln plc revealed last week that it had bolstered its aviation presence with the appointment of underwriter Philippe Daouphars to write a European account.
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