Reactions - Global Insurance

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Max Capital estimates up to $20m Q1 cat loss 15 March 2010

Max Capital Group’s preliminary estimates of combined claims for the Chilean earthquake and the European winter storm Xynthia range from $10m to $20m, net of reinstatement provisions and retrocessions.
RenaissanceRe unit to sell $250m notes 15 March 2010

RenRe North America Holdings will issue $250m of senior notes in an underwritten public offering. The notes, maturing in 2020, will offer a coupon of 5.750% and are backed by parent, RenaissanceRe Holdings.
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.

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.
Swiss Re nominates SNB chairman to board 15 March 2010

Swiss Re has nominated Jean-Pierre Roth as non-executive member of the board of directors. Previously, he was working as chairman of the governing board of the Swiss National Bank (SNB).
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.

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.

Japan’s NKSJ eyes local, overseas takeovers 15 March 2010

Tokyo-based NKSJ Holdings is seeking to boost its profits through domestic and overseas acquisitions.
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.

AIG to pay out $46m in bonuses 15 March 2010

American International Group will offer about $46m in bonuses to the former employees of its derivatives trading unit.
Lincoln National hikes CEO pay by 50% 15 March 2010

Philadelphia-based Lincoln National has more than doubled the salary of CEO, Dennis Glass.
Starr and Chubb in workers’ comp deal 15 March 2010

Starr Indemnity & Liability Company, an subsidiary of Starr International, has entered into an underwriting agreement with a subsidiary of Chubb.
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.

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.

Chile quake costliest to hit Latin America 15 March 2010

If the insured losses from the magnitude 8.8 earthquake that struck Chile last month come in at between $3bn and $5bn, it will be the most expensive insured event to ever hit Latin America, Cooper Gay has said.
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.