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AIG Names Anastasia D. Kelly Vice Chairman
NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (AIG) has announced that Anastasia D. Kelly, AIG Executive Vice President, General Counsel and Senior Regulatory and Compliance Officer, has been named Vice Chairman, reporting to AIG Chairman and Chief Executive Officer Edward J. Liddy. In this new position, Ms. Kelly assumes responsibility for the Communications, Corporate Affairs and Human Resources functions, in addition to her present responsibilities for Global Legal, Compliance and Regulatory matters.
Commenting on Ms. Kelly’s new position, Mr. Liddy said, “With the alignment of policy functions under Stasia’s leadership and the recent organization of administrative functions under Vice Chairman Richard Booth and asset disposition functions under Vice Chairman Paula Reynolds, AIG’s corporate activities are better positioned to achieve our goals of repaying American taxpayers and restoring AIG’s financial health. ”
Ms. Kelly joined AIG in September 2006. She was previously Executive Vice President and General Counsel of MCI/WorldCom, where she served as the chief legal officer from 2003 until MCI/WorldCom's merger with Verizon early in 2006. Before that, Stasia served as General Counsel of Sears, Roebuck and Fannie Mae, and was a partner at Wilmer Hale in Washington, D.C."
Source: Yahoo! Finance
29 January 2009
Tyser nabs Cargo head from Benfield
Lloyd's broker nabs Cargo head from Benfield: "Lloyd's broker Tysers has appointed Edward Page-Turner as a director of the marine division.
Tysers said Page-Turner has been appointed to add focus to Tysers’ Marine Cargo account in order to expand the book of business.
Page-Turner brings 27 years of industry experience to Tysers. He was previously head of cargo for Benfield Corporate Risk and, before this, with Marsh. Earlier, he worked for Guy Carpenter Chile as senior vice president."
Source: Insurance Times
Tysers said Page-Turner has been appointed to add focus to Tysers’ Marine Cargo account in order to expand the book of business.
Page-Turner brings 27 years of industry experience to Tysers. He was previously head of cargo for Benfield Corporate Risk and, before this, with Marsh. Earlier, he worked for Guy Carpenter Chile as senior vice president."
Source: Insurance Times
Arch increases Hurricane Ike loss estimate
Arch Capital increases hurricane loss estimate
"Arch Capital said Thursday that it expects to report after-tax operating income available for common shareholders in the range of $75 million to $90 million for the 2008 fourth quarter. The forecast reflects an increase of approximately $160 million in its net loss estimate for Hurricane Ike. Arch Capital also said that it expects that the aggregate pre-tax net unrealized and realized losses on its investment portfolio and equity in net losses of investment funds accounted for using the equity method will be in the range of $150 million to $160 million, excluding the effects of net foreign exchange losses. "
Source: MarketWatch
"Arch Capital said Thursday that it expects to report after-tax operating income available for common shareholders in the range of $75 million to $90 million for the 2008 fourth quarter. The forecast reflects an increase of approximately $160 million in its net loss estimate for Hurricane Ike. Arch Capital also said that it expects that the aggregate pre-tax net unrealized and realized losses on its investment portfolio and equity in net losses of investment funds accounted for using the equity method will be in the range of $150 million to $160 million, excluding the effects of net foreign exchange losses. "
Source: MarketWatch
CastlePoint OK buyout by Tower
CastlePoint Holdings owners OK buyout by Tower
"Reinsurance company CastlePoint Holdings Ltd. said Tuesday its shareholders approved its buyout by property and casualty insurance company Tower Group Inc.
Hamilton, Bermuda-based CastlePoint, which did not disclose the updated value of the deal, said shareholders approved the buyout by a 90.8 percent margin.
Article Controls
When the deal was announced last August, the two companies said the deal was worth about $490 million.
Once the acquisition is complete, Tower will continue trading on the Nasdaq and CastlePoint will be delisted."
Source: Forbes.com
"Reinsurance company CastlePoint Holdings Ltd. said Tuesday its shareholders approved its buyout by property and casualty insurance company Tower Group Inc.
Hamilton, Bermuda-based CastlePoint, which did not disclose the updated value of the deal, said shareholders approved the buyout by a 90.8 percent margin.
Article Controls
When the deal was announced last August, the two companies said the deal was worth about $490 million.
Once the acquisition is complete, Tower will continue trading on the Nasdaq and CastlePoint will be delisted."
Source: Forbes.com
Transatlantic Holdings Q4 profit plunges
Transatlantic Holdings Q4 profit plunges
(RTTNews) - Transatlantic Holdings Inc. (TRH: News ) reported that its fourth quarter net income totaled $4.4 million or $0.07 per common share, compared to $112.5 million or $1.68 per common share in the fourth quarter of 2007.
Revenues for the quarter declined to $900 million from $1.13 billion in the prior year quarter.
Analysts polled by First Call/Thomson Financial expected the company to report earnings of $1.51 per share on revenues of $1.03 billion for the quarter. Analysts' estimates typically exclude special items.
Source: RTTNews
(RTTNews) - Transatlantic Holdings Inc. (TRH: News ) reported that its fourth quarter net income totaled $4.4 million or $0.07 per common share, compared to $112.5 million or $1.68 per common share in the fourth quarter of 2007.
Revenues for the quarter declined to $900 million from $1.13 billion in the prior year quarter.
Analysts polled by First Call/Thomson Financial expected the company to report earnings of $1.51 per share on revenues of $1.03 billion for the quarter. Analysts' estimates typically exclude special items.
Source: RTTNews
Atlas Re V catastrophe bond details and preliminary ratings emerge
Atlas Re V catastrophe bond details and preliminary ratings emerge
"More details have come to light today about the (nearly closed) Atlas Re V catastrophe bond deal (our previous post on the deal here) from French reinsurer Scor. The deal will run for 3 years, be valued at $200m and be structured in three series. It will cover Scor against certain U.S. hurricane and earthquake risks. Standard & Poor’s have given the notes preliminary ratings of B+ for the $50m Series 1, B+ for the $100m Series 2 and B for the $50m Series 3.
The trigger is essentially an industry loss warranty at county level and is based on PCS losses per state, those losses must also be registered by AIR Worldwide in a covered state for a payout to be triggered.
The deal is due to close on February 5, we expect it to close successfully since it is the first new catastrophe bond issue in six months."
Source: Artemis.bm
"More details have come to light today about the (nearly closed) Atlas Re V catastrophe bond deal (our previous post on the deal here) from French reinsurer Scor. The deal will run for 3 years, be valued at $200m and be structured in three series. It will cover Scor against certain U.S. hurricane and earthquake risks. Standard & Poor’s have given the notes preliminary ratings of B+ for the $50m Series 1, B+ for the $100m Series 2 and B for the $50m Series 3.
The trigger is essentially an industry loss warranty at county level and is based on PCS losses per state, those losses must also be registered by AIR Worldwide in a covered state for a payout to be triggered.
The deal is due to close on February 5, we expect it to close successfully since it is the first new catastrophe bond issue in six months."
Source: Artemis.bm
Lord Levene at the World Economic Forum in Davos
Lloyds's: Interview with Lord Levene at the World Economic Forum in Davos: "Interviews with Lord Levene at the World Economic Forum in Davos
Lloyd’s Chairman, Lord Levene, is speaking with media at the World Economic Forum's 2009 Annual Meeting in Davos.
In the following video from CNBC (see link below), Lord Levene comments on a variety of subjects, including current global economic conditions, recession, and the performance of the insurance industry.
CNBC interview (15MB, wmv) - 28 January
Lloyd’s Chairman, Lord Levene, is speaking with media at the World Economic Forum's 2009 Annual Meeting in Davos.
In the following video from CNBC (see link below), Lord Levene comments on a variety of subjects, including current global economic conditions, recession, and the performance of the insurance industry.
CNBC interview (15MB, wmv) - 28 January
GC: Clash Renewal Stable, Interest Renewed
Clash Renewal Stable, Interest Renewed
Casualty clash reinsurance rates increased by 1.1 percent on average at the January 1, 2009 renewal. Specific layers renewed at rates of -12.3 percent to 17.5 percent, based on program-specific factors such as loss history and changes to limits and retentions. Casualty clash remains a relatively small market, but many larger carriers are showing a renewed interest in this product, especially those with larger net lines of business.
The vast majority of programs (70 percent) either renewed at expiring terms or were able to secure rate decreases relative to 2008. Forty-five percent of programs were able to secure rate decreases year-over-year, with another 25 percent renewing at expiring terms. Only 30 percent of programs sustained price increases at the January 1, 2009 renewal.
Most renewing programs made no changes to their retentions or limits. Only 6 percent increased retentions, and 23 percent lowered them. Some carriers increased clash retentions as part of a broader trend involving other lines of business, while others did so because of loss activity. Fifteen percent of renewing programs moved for higher limits, while only 8 percent went in the opposite direction.
Changes to Retentions
No change: 72 percent
Increase: 6 percent
Decrease: 23 percent
Changes to Limits
No change: 77 percent
Increase: 15 percent
Decrease: 8 percent
Overall, the casualty clash reinsurance market remained stable year-over-year-in terms of retentions, limits, and reinsurance rates. Since few large carriers purchase this form of coverage, capacity was sufficient and relatively insulated from the effects of the global financial catastrophe. The availability of capital was increased by the participation of property-catastrophe markets interested in diversifying into non-accumulating lines of business."
Source: GCCapitalIdeas
Casualty clash reinsurance rates increased by 1.1 percent on average at the January 1, 2009 renewal. Specific layers renewed at rates of -12.3 percent to 17.5 percent, based on program-specific factors such as loss history and changes to limits and retentions. Casualty clash remains a relatively small market, but many larger carriers are showing a renewed interest in this product, especially those with larger net lines of business.
The vast majority of programs (70 percent) either renewed at expiring terms or were able to secure rate decreases relative to 2008. Forty-five percent of programs were able to secure rate decreases year-over-year, with another 25 percent renewing at expiring terms. Only 30 percent of programs sustained price increases at the January 1, 2009 renewal.
Most renewing programs made no changes to their retentions or limits. Only 6 percent increased retentions, and 23 percent lowered them. Some carriers increased clash retentions as part of a broader trend involving other lines of business, while others did so because of loss activity. Fifteen percent of renewing programs moved for higher limits, while only 8 percent went in the opposite direction.
Changes to Retentions
No change: 72 percent
Increase: 6 percent
Decrease: 23 percent
Changes to Limits
No change: 77 percent
Increase: 15 percent
Decrease: 8 percent
Overall, the casualty clash reinsurance market remained stable year-over-year-in terms of retentions, limits, and reinsurance rates. Since few large carriers purchase this form of coverage, capacity was sufficient and relatively insulated from the effects of the global financial catastrophe. The availability of capital was increased by the participation of property-catastrophe markets interested in diversifying into non-accumulating lines of business."
Source: GCCapitalIdeas
Aon: Political Risk Rising
The impact of the global credit crunch will shift from an economic problem to a political problem in 2009 and Iceland and Greece serve as early warnings, according to the 16th annual Political Risk Map produced by Aon. In its ranking of the political risk of 209 countries and territories, Aon said the past year has seen a number of High Risk countries (Afghanistan, Congo DRC, Iran, Iraq, North Korea, Somalia and Zimbabwe) continue to deteriorate to the point that the creation of a Very High Risk category was warranted. Overall some 18 countries were downgraded to a higher risk level, reflecting the general rise in the risk level globally. On the other hand, four High Risk countries (Malawi, Moldova, Syria and Turkmenistan) saw an improvement in their status to Medium-High Risk. A total of 13 countries were upgraded to a lower risk level. The map measures the risk of: currency inconvertibility and transfer; strikes, riots and civil commotion; war; terrorism; sovereign non-payment; political interference; supply chain interruption; legal and regulatory risk. Included in this year’s map is a Commodity Crunch Exposure Matrix, which identifies the countries most vulnerable to political instability in 2009 if commodity prices (including oils, metals and minerals) continue to fall, as suggested by some forecasters
Source: Insurance Industry Blog
Source: Insurance Industry Blog
Boug is Named Chief Pricing Actuary for Transamerica Re
Boug is Named Chief Pricing Actuary for Transamerica Re
Transamerica Reinsurance, a major worldwide reinsurance supplier, announced today that Scott A. Boug has been named Vice President and Chief Pricing Actuary of its U.S. life reinsurance business. In this role Scott will lead a team of actuaries in pricing new business, which involves risk analysis, projection modeling and the development of customized reinsurance solutions. He will also be responsible for maintaining pricing and risk knowledge to provide the best offers and service to clients.
Boug brings proven experience in product design and valuation with a particularly detailed knowledge of risk and capital management structures. For the past seven years he has worked within the AEGON group establishing and executing risk and capital management strategies. Before joining AEGON, Scott held positions in individual product pricing and investment management at Prudential UK and Sun Life.
Source
Transamerica Reinsurance, a major worldwide reinsurance supplier, announced today that Scott A. Boug has been named Vice President and Chief Pricing Actuary of its U.S. life reinsurance business. In this role Scott will lead a team of actuaries in pricing new business, which involves risk analysis, projection modeling and the development of customized reinsurance solutions. He will also be responsible for maintaining pricing and risk knowledge to provide the best offers and service to clients.
Boug brings proven experience in product design and valuation with a particularly detailed knowledge of risk and capital management structures. For the past seven years he has worked within the AEGON group establishing and executing risk and capital management strategies. Before joining AEGON, Scott held positions in individual product pricing and investment management at Prudential UK and Sun Life.
Source
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