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Source: Reinsurance Magazine - Senior Canopius underwriter resigns
Senior Canopius underwriter resigns
A senior underwriter has resigned from Canopius, Reinsurance has learned.
Industry sources said that Alex Shepherd, a deputy underwriter at Canopius' global property business at Lloyd's, resigned very recently.
Other market sources told Reinsurance that Shepherd would be moving to Bermudian (re)insurer Renaissance Re, where he will help to lead the group's new syndicate at Lloyd's.
It is not known when the new syndicate will start operations. Shepherd is thought to be coming aboard in six months time. after completing his 'gardening' period."
27 January 2009
Milton Gets 4 Years In AIG-Gen Re Finite Insurance Scheme
Source: National Underwriter Property & Casualty
Milton Gets 4 Years In AIG-Gen Re Finite Insurance Scheme
Christian Milton, a former vice president of American International Group convicted last year in connection with a scheme to manipulate the company’s financial statement through a finite reinsurance deal with General Re Corp., was sentenced today to four years in prison.
Mr. Milton, who was found guilty of conspiracy, securities fraud, false statements to the Securities and Exchange Commission, and mail fraud, was sentenced to serve four years on each count by Federal District Court Judge Christopher F. Droney sitting in Hartford, Conn. The sentence is to run concurrently, according to a spokesman for the U.S. Attorney’s Office.
In addition to the four years in prison, Mr. Milton was sentenced to serve two years of supervised release and pay a fine of $200,000."
Milton Gets 4 Years In AIG-Gen Re Finite Insurance Scheme
Christian Milton, a former vice president of American International Group convicted last year in connection with a scheme to manipulate the company’s financial statement through a finite reinsurance deal with General Re Corp., was sentenced today to four years in prison.
Mr. Milton, who was found guilty of conspiracy, securities fraud, false statements to the Securities and Exchange Commission, and mail fraud, was sentenced to serve four years on each count by Federal District Court Judge Christopher F. Droney sitting in Hartford, Conn. The sentence is to run concurrently, according to a spokesman for the U.S. Attorney’s Office.
In addition to the four years in prison, Mr. Milton was sentenced to serve two years of supervised release and pay a fine of $200,000."
Chaucer receives takeover offer from No
Source: FT.com - Chaucer receives takeover offer
Chaucer, the Lloyd’s of London insurer, has received a takeover approach from Novae, a rival insurer.
In a statement issued on Tuesday afternoon, the company confirmed details of the approach, an all-share offer, after the news was revealed by the Financial Times. “Following the announcement by Chaucer Holdings PLC on 23 January 2009 that it was exploring options for raising capital, the company received an unsolicited indicative proposal from a third party regarding a potential merger offer for the company on an all-share, nil premium basis,” the statement said.
“Whilst the board of Chaucer intends to explore whether the indicative proposal is likely to result in an offer for the company which the board believes to be in the interests of shareholders, the indicative proposal is subject to a number of conditions, and there can be no certainty that the approach will result in an offer being made for the company.”
“In light of this uncertainty, the board continues to explore capital raising options as stated in its previous announcement of 23 January 2009.”
The bidder was flushed out by the news that Chaucer was considering raising up to £100m from investors. The approach is likely to reignite speculation about consolidation in the Lloyd’s market, which some observers believe is overdue.
Novae, formed from the underwriting group known as SVB, was always designed to be a consolidation vehicle for the Lloyd’s market. Chaucer, weakened by high claims and a poor investment performance, recently began sounding out shareholders on a capital raising."
Chaucer, the Lloyd’s of London insurer, has received a takeover approach from Novae, a rival insurer.
In a statement issued on Tuesday afternoon, the company confirmed details of the approach, an all-share offer, after the news was revealed by the Financial Times. “Following the announcement by Chaucer Holdings PLC on 23 January 2009 that it was exploring options for raising capital, the company received an unsolicited indicative proposal from a third party regarding a potential merger offer for the company on an all-share, nil premium basis,” the statement said.
“Whilst the board of Chaucer intends to explore whether the indicative proposal is likely to result in an offer for the company which the board believes to be in the interests of shareholders, the indicative proposal is subject to a number of conditions, and there can be no certainty that the approach will result in an offer being made for the company.”
“In light of this uncertainty, the board continues to explore capital raising options as stated in its previous announcement of 23 January 2009.”
The bidder was flushed out by the news that Chaucer was considering raising up to £100m from investors. The approach is likely to reignite speculation about consolidation in the Lloyd’s market, which some observers believe is overdue.
Novae, formed from the underwriting group known as SVB, was always designed to be a consolidation vehicle for the Lloyd’s market. Chaucer, weakened by high claims and a poor investment performance, recently began sounding out shareholders on a capital raising."
AIR Analyzes France/Spain Storm - 'Worst in Ten Years'
Source: Insurance Journal - AIR Analyzes France/Spain Storm - 'Worst in Ten Years'
AIR Analyzes France/Spain Storm - 'Worst in Ten Years'
Catastrophe risk modeling firm AIR Worldwide has begun analyzing the damages wrought by winter storm Klaus, which, AIR notes, 'swept out of the Atlantic and across southern France and northern Spain Saturday, tearing off roofs, toppling electrical and telephone towers, and downing hundreds of thousands of trees (See also IJ web site - http://www.insurancejournal.com/news/international/2009/01/26/97255.htm].
AIR also noted that in the storm's aftermath 'rivers had burst their banks across the southwest of France, leaving many fields and roads submerged and impassable. Weather officials warn that floods are likely throughout the area and forecast new storms for the region. Klaus is the worst winter storm to hit France since Martin, which followed a similar, but more northerly path in late December of 1999.'"
AIR Analyzes France/Spain Storm - 'Worst in Ten Years'
Catastrophe risk modeling firm AIR Worldwide has begun analyzing the damages wrought by winter storm Klaus, which, AIR notes, 'swept out of the Atlantic and across southern France and northern Spain Saturday, tearing off roofs, toppling electrical and telephone towers, and downing hundreds of thousands of trees (See also IJ web site - http://www.insurancejournal.com/news/international/2009/01/26/97255.htm].
AIR also noted that in the storm's aftermath 'rivers had burst their banks across the southwest of France, leaving many fields and roads submerged and impassable. Weather officials warn that floods are likely throughout the area and forecast new storms for the region. Klaus is the worst winter storm to hit France since Martin, which followed a similar, but more northerly path in late December of 1999.'"
THB pre-tax profits fall to £0.9m in 18 month results
Source: Insurance Times THB pre-tax profits fall
THB pre-tax profits fall
Profit before tax falls to £0.9m in 18 month results
THB Group has reported turnover of £51.9m (30 April 2007: £28.7m) and an underlying trading profit of £4.6m (30 April 2007: £4.3m) for the 18 month period ended 31 October 2007.
However the Lloyd's broker's profits before tax dropped to £0.9m compared to £2.43m for the year ended 30 April 2007. In a statement THB said it incurred exceptional costs of £1.2m associated with the acquisition of PWS.
'The underlying trading profit before exceptional items, amortisation and impairment of intangibles was £4.55m (2007: £4.32m), but the underlying trading margin fell to 8.8% from 15.0%, reflecting the time required to integrate a major acquisition like PWS and the market and currency pressures affecting the business in the period,' he said."
THB pre-tax profits fall
Profit before tax falls to £0.9m in 18 month results
THB Group has reported turnover of £51.9m (30 April 2007: £28.7m) and an underlying trading profit of £4.6m (30 April 2007: £4.3m) for the 18 month period ended 31 October 2007.
However the Lloyd's broker's profits before tax dropped to £0.9m compared to £2.43m for the year ended 30 April 2007. In a statement THB said it incurred exceptional costs of £1.2m associated with the acquisition of PWS.
'The underlying trading profit before exceptional items, amortisation and impairment of intangibles was £4.55m (2007: £4.32m), but the underlying trading margin fell to 8.8% from 15.0%, reflecting the time required to integrate a major acquisition like PWS and the market and currency pressures affecting the business in the period,' he said."
AIG executive to be sentenced in conspiracy case
Source: Newsday AIG executive to be sentenced in conspiracy case
AIG executive to be sentenced in conspiracy case
HARTFORD, Conn. (AP) _ A former executive of American International Group Inc. faces sentencing on conspiracy and fraud charges in a scheme authorities say cost company shareholders more than $500 million.
Christian Milton of Winnewood, Pa., is set to appear in Hartford federal court on Tuesday. He was convicted last year of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission.
Milton, 58, was AIG's vice president of reinsurance from about April 1982 until March 2005.
Four executives of General Re Corp. were also convicted in the scheme. Prosecutors say AIG paid Gen Re in a secret side agreement to take out reinsurance policies with AIG in 2000 and 2001, propping up AIG's stock price and inflating reserves by $500 million."
AIG executive to be sentenced in conspiracy case
HARTFORD, Conn. (AP) _ A former executive of American International Group Inc. faces sentencing on conspiracy and fraud charges in a scheme authorities say cost company shareholders more than $500 million.
Christian Milton of Winnewood, Pa., is set to appear in Hartford federal court on Tuesday. He was convicted last year of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission.
Milton, 58, was AIG's vice president of reinsurance from about April 1982 until March 2005.
Four executives of General Re Corp. were also convicted in the scheme. Prosecutors say AIG paid Gen Re in a secret side agreement to take out reinsurance policies with AIG in 2000 and 2001, propping up AIG's stock price and inflating reserves by $500 million."
Former Swiss Re Boss Carroll Given Lloyd's Role
Source AJC - Former Swiss Re Boss Given Lloyd's Role
Canopius Managing Agents has appointed Tim Carroll as underwriting director of the agency with effect from 16 February 2009.
In the new role, Canopius said Mr Carroll will take responsibility for directing the underwriting of Syndicate 4444, the core operating business of Canopius. It is also envisaged that he will succeed Jim Giordano as active underwriter of Syndicate 4444, enabling him to concentrate on his roles as chief underwriting officer of Canopius Group, and head of international operations.
He joins Canopius from Swiss Re GB plc, where as chief executive officer he was responsible for both life and non-life business in the UK, Ireland and Africa.
Prior to this role, he was chief executive officer of GE Insurance Solutions London, where he led the European non-life underwriting operations."
Canopius Managing Agents has appointed Tim Carroll as underwriting director of the agency with effect from 16 February 2009.
In the new role, Canopius said Mr Carroll will take responsibility for directing the underwriting of Syndicate 4444, the core operating business of Canopius. It is also envisaged that he will succeed Jim Giordano as active underwriter of Syndicate 4444, enabling him to concentrate on his roles as chief underwriting officer of Canopius Group, and head of international operations.
He joins Canopius from Swiss Re GB plc, where as chief executive officer he was responsible for both life and non-life business in the UK, Ireland and Africa.
Prior to this role, he was chief executive officer of GE Insurance Solutions London, where he led the European non-life underwriting operations."
Global Reinsurance - QBE completes acquisition of Burnett & Co
Source: Global Reinsurance - QBE completes acquisition of Burnett & Co
QBE completes acquisition of Burnett & Co
Purchase was one of five announced in 2008
QBE Holdings Inc has completed the acquisition of US-based underwriting agency Burnett & Co. The purchase of Burnett was included in QBE’s market announcement on 26 November of last year and was one of five acquisitions announced at the time, including that of ZC Sterling Corporation.
Burnett is a managing general agent, which specialises in underwriting marine and energy liabilities and has operated in the London market for over 30 years. With two offices in the US, in New Orleans and Houston, Burnett comprises over 20 people and achieves an annual premium in excess of $70m.
The acquisition has been made by QBE’s Americas division, the Burnett operation will be managed from London by QBE Marine & Energy Syndicate 1036 under the leadership of Colin O’Farrell, managing director."
QBE completes acquisition of Burnett & Co
Purchase was one of five announced in 2008
QBE Holdings Inc has completed the acquisition of US-based underwriting agency Burnett & Co. The purchase of Burnett was included in QBE’s market announcement on 26 November of last year and was one of five acquisitions announced at the time, including that of ZC Sterling Corporation.
Burnett is a managing general agent, which specialises in underwriting marine and energy liabilities and has operated in the London market for over 30 years. With two offices in the US, in New Orleans and Houston, Burnett comprises over 20 people and achieves an annual premium in excess of $70m.
The acquisition has been made by QBE’s Americas division, the Burnett operation will be managed from London by QBE Marine & Energy Syndicate 1036 under the leadership of Colin O’Farrell, managing director."
European windstorm could threaten catastrophe bonds | www.Artemis.bm
Source: Artemis
European windstorm could threaten catastrophe bonds | www.Artemis.bm:
It’s often overlooked that there is catastrophe bond exposure in Europe, most of the coverage is related to hurricanes in the U.S. or earthquakes. Only when an event occurs of the magnitude of this past weekends windstorm does it suddenly become a talking point in the insurance-linked securities market.
A deadly storm (Klaus) blew in off the Atlantic and made it’s way across southern France and northern Spain on Saturday, causing widespread damage and leaving 20 people dead (at the latest count). Winds from the storm broke records for France with the strongest recorded gust hitting 184kph according to Meteo France. No estimates for damage totals have been released by either the French or Spanish governments but it looks likely that this could top the 1999 winter storm Martin as windstorm Klaus has affected a wider area of land.
AIR Worldwide is said to be collecting and observing data on the storm, so we expect a report to come out within days which should detail more of the losses expected."
European windstorm could threaten catastrophe bonds | www.Artemis.bm:
It’s often overlooked that there is catastrophe bond exposure in Europe, most of the coverage is related to hurricanes in the U.S. or earthquakes. Only when an event occurs of the magnitude of this past weekends windstorm does it suddenly become a talking point in the insurance-linked securities market.
A deadly storm (Klaus) blew in off the Atlantic and made it’s way across southern France and northern Spain on Saturday, causing widespread damage and leaving 20 people dead (at the latest count). Winds from the storm broke records for France with the strongest recorded gust hitting 184kph according to Meteo France. No estimates for damage totals have been released by either the French or Spanish governments but it looks likely that this could top the 1999 winter storm Martin as windstorm Klaus has affected a wider area of land.
AIR Worldwide is said to be collecting and observing data on the storm, so we expect a report to come out within days which should detail more of the losses expected."
Glencairn bolsters team with Axis hire for property push
Source: Post Online - Glencairn bolsters team with Axis hire for property push
Glencairn bolsters team with Axis hire for property push
Glencairn, a division of broker Faber & Dumas, has recruited John Andrews as an account executive to help spearhead the company's push towards increasing its US and international property binding authority business.
Based in London, he will report to Nick Cook, director and senior partner, Glencairn and joins from Axis Specialty Europe Limited where he was deputy property manager responsible for co-managing a predominantly US-based managing general agent business.
“John’s appointment reflects Glencairn’s commitment to invest in getting the industry’s best talent on board,” said Steve Hearn, chairman and CEO, Glencairn. “John’s experience in developing property binder solutions for the US and international markets will enhance our offering by achieving economies of scale to place competitive cover for a wide-ranging client base from the real estate, leisure and construction industries.”"
Glencairn bolsters team with Axis hire for property push
Glencairn, a division of broker Faber & Dumas, has recruited John Andrews as an account executive to help spearhead the company's push towards increasing its US and international property binding authority business.
Based in London, he will report to Nick Cook, director and senior partner, Glencairn and joins from Axis Specialty Europe Limited where he was deputy property manager responsible for co-managing a predominantly US-based managing general agent business.
“John’s appointment reflects Glencairn’s commitment to invest in getting the industry’s best talent on board,” said Steve Hearn, chairman and CEO, Glencairn. “John’s experience in developing property binder solutions for the US and international markets will enhance our offering by achieving economies of scale to place competitive cover for a wide-ranging client base from the real estate, leisure and construction industries.”"
SCOR sets up Zurich Hub
CNN: SCOR sets up Zurich Hub: "SCOR sets up Zurich Hub
SCOR has launched the implementation of the planned hub structure in Zurich for its Life and Non-Life operations in Switzerland and on various other markets, notably Non-Life Treaty business in Austria and Central Eastern Europe and certain P&C Speciality underwriting throughout the world. In Life, underwriting conducted from the Hub concerns the Swiss and Liechtenstein markets, as well as the Eastern Mediterranean markets (i.e. Greece, Turkey and Israel). The legal structure and implementation of the hub structure will be subject to approval by the Swiss Financial Market Supervisory Authority FINMA."
SCOR has launched the implementation of the planned hub structure in Zurich for its Life and Non-Life operations in Switzerland and on various other markets, notably Non-Life Treaty business in Austria and Central Eastern Europe and certain P&C Speciality underwriting throughout the world. In Life, underwriting conducted from the Hub concerns the Swiss and Liechtenstein markets, as well as the Eastern Mediterranean markets (i.e. Greece, Turkey and Israel). The legal structure and implementation of the hub structure will be subject to approval by the Swiss Financial Market Supervisory Authority FINMA."
Post Online - Senior Fac property underwriter moves from Beazley to Brit - sources
Source: Post Online - Senior Fac property underwriter moves from Beazley to Brit - sources "Senior Fac property underwriter moves from Beazley to Brit - sources
Brit Insurance has brought in senior property underwriter John King, Reinsurance has learned.
According to his profile on Beazley's website, Mr King joined Beazley in 2003, where he manages the small property business team in London and underwrites its facultative portfolio.Brit would not confirm or deny the story. Beazley could not be reached."
Brit Insurance has brought in senior property underwriter John King, Reinsurance has learned.
According to his profile on Beazley's website, Mr King joined Beazley in 2003, where he manages the small property business team in London and underwrites its facultative portfolio.Brit would not confirm or deny the story. Beazley could not be reached."
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