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Bermuda

  • Flagstone Re expects $50m quake exposure 12 March 2010

    Flagstone Reinsurance Holdings, the global reinsurance and insurance company, has announced its preliminary estimate of claims relating to its exposure to the earthquake in Chile is $50m net of reinstatement premiums and retrocession.

  • 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.

  • 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.

Europe

  • Insurance buyers worried about Solvency II 12 March 2010

    The Federation of European Risk Management Associations (Ferma) has voiced concerns about the effect Solvency II and capital requirements put forward by the Committee of European Insurance and Occupational Pensions Supervisors will have.

  • 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.

  • Norway’s Gjensidige plans IPO in H2 12 March 2010

    Norway’s Gjensidige is looking to unveil an initial public offering in the second half of 2010.

Lloyd’s & London Market

  • Cold UK winter to cost insurers £650m 12 March 2010

    Insurers paid out £650m ($980m) in dealing with 335,000 claims from customers who suffered damage to their homes, businesses and vehicles in the coldest winter for thirty years, according to the ABI.

  • 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.

  • Overhaul of Omega board approved 12 March 2010

    Lloyd's insurer Omega Insurance Holdings has published the results of the proxy vote on a board revamp at a special general meeting held today.

  • Omega reports full year profit of $43.6m 11 March 2010

    Omega Insurance Holdings, the international insurance and reinsurance group, today announced a full year profit for the year of $43.6m compared with $22.2m in 2008.

Asia & Australasia

  • AIG Nan San resolution pushed back to June 12 March 2010

    The stalled sale of American International Group’s (AIG) Taiwan life unit may not be resolved until June amid concerns over funding, Reuters has reported

  • Allianz Indonesia targets $544m in premiums 12 March 2010

    Allianz Indonesia is aiming to achieve a 16% increase in the total premiums in 2010. The insurer is targeting the premium amount to reach to about $544m.

  • IAG lowers 2010 margin outlook 12 March 2010

    Insurance Australia Group (IAG) has slashed its 2010 insurance margin outlook to between 10.5% and 12% amid a rise in weather claims.

  • 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-.

North America

  • 9/11 captive makes $657m settlement 12 March 2010

    The WTC Captive Insurance Company has announced a settlement with attorneys for more than 10,000 plaintiffs claiming injuries related to the rescue, recovery and debris removal operations following the September 11 2001 terrorist attacks.

  • AIG Nan San resolution pushed back to June 12 March 2010

    The stalled sale of American International Group’s (AIG) Taiwan life unit may not be resolved until June amid concerns over funding, Reuters has reported

  • Fed to bear MetLife’s Alico deal losses 12 March 2010

    The Federal Reserve Bank of New York and AIG have agreed to take on $450m in losses as part of the sale of American Life Insurance Company (Alico) to MetLife.

  • 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.

Middle East & Africa

  • Zurich appoints Asia-Pac and Middle East CFO 11 March 2010

    Zurich Financial Services Group has announced the appointment of Pascal Perritaz to the position of chief financial officer of Asia-Pacific and Middle East (APME), effective April 1 2010.

  • 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.

Latin America

  • Flagstone Re expects $50m quake exposure 12 March 2010

    Flagstone Reinsurance Holdings, the global reinsurance and insurance company, has announced its preliminary estimate of claims relating to its exposure to the earthquake in Chile is $50m net of reinstatement premiums and retrocession.

  • 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.

  • Scor estimates Eu157m QI cat cost 12 March 2010

    French reinsurer Scor expects costs related to the recent earthquakes Chile to amount to about Eu95m ($130.7m) net pre-tax.

  • Chile hit by two large aftershocks 11 March 2010

    On Thursday, March 11 two large aftershocks of the Mw8.8 Chile earthquake have struck the Libertador O’Higgins region of central Chile, reports the RMS Reactions Catastrophe Centre.

  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. Insurance issues from Toyota recall likely small: Hartwig

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
31%
Yes, but it is a bad idea
3%
No, but it is a good idea
44%
No, and it is a bad idea
19%
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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