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

  • 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.

  • Navigators adds architects & engineers team 09 March 2010

    Navigators Management has expanded its professional liability division by appointing a new architects and engineers team.

Property-catastrophe

  • 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.

  • 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.

  • 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.

  • 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.

Specialty & other lines

  • 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.

  • 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.

  • Kinsale launches US E&S lines company 09 March 2010

    The Bermudian holding company Kinsale Capital Group, has announced the formation of Kinsale Insurance Company (KIC), a specialty insurance operation based in Richmond, Virginia.

Emerging risks

Financial Management

  • 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.

  • 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.

  • 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.

Legal & regulation

  • 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.

  • Russia to toughen insurance rules 12 March 2010

    Russia will tighten its licensing and merger regulations for the insurance industry, Reuters reports. Companies will be required to inform the regulator while buying up to 1% of an insurer.

  • Fortis fined by Dutch regulator 11 March 2010

    Fortis has been fined Eu576,000 ($787,543) by Dutch regulator, AFM, for downplaying its solvency problems and withholding share price information.

  • ABIR raises opposition to homeowners bill 09 March 2010

    The Association of Bermuda Insurers and Reinsurers today filed its opposition to a house bill which would replace private sector risk bearing capital with government reinsurance and government guarantees of state debt.

Claims & Run-Off

  • 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.

  • Moody’s comments on Xynthia’s France impact 10 March 2010

    Windstorm Xynthia, which caused serious damage in Western Europe at the end of February, will present a substantial, though manageable, cost for the French insurance industry according to Moody's Investors Service.

  • Economy pushing up claims in US: survey 19 February 2010

    The unsettled economy is having a big effect on claim operations in the US, according to a survey conducted by global professional services company Towers Watson.

People

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

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

  3. The February 2010 issue of Reactions

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

  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
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

We want CEOs talking directly to policymakers with the ability to take strong positions on issues as they arise. The reinsurance industry is perceived as being not well known by the main policymakers.

Denis Kessler, CEO of Scor


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