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DAVOS-Marsh & McLennan seeking deals this year-CEO: "DAVOS, Switzerland, Jan 30 (Reuters) - Marsh & McLennan Companies Inc (MMC.N: Quote, Profile, Research) is seeking to make acquisitions in both the insurance broking and consulting sectors this year, Chief Executive Brian Duperreault said on Friday.
'We haven't been making many acquisitions on the insurance broking side over the years, and we would now expect to start doing that,' Duperreault said in an interview at the annual meeting of the World Economic Forum in Davos, Switzerland.
'There are going to be many more opportunities than we've seen in the past,' he said, adding that given companies' depressed valuations, it was a 'terrific time' for dealmaking.
The New York-based company has been active in making acquisitions on the consulting side of its business, a trend Duperreault said he expected will continue."
Source: Reuters
30 January 2009
Argo Group Establishes New Casualty Re Division
Argo Group Establishes New Division: "Argo Group International Holdings Ltd., an international underwriter of specialty insurance and reinsurance products in the property and casualty market, has established a Casualty and Professional Risks division within Argo Re, the Company’s Bermuda-based reinsurance operation.
The newly formed division will write general and product liability, product recall, excess directors’ and officers’ liability, A-side primary, lead DIC (difference in conditions) and follow form, excess errors and omissions liability, primary and excess employment practices liability, and excess crime & fidelity risks, with capacity limits of up to $25 million.
The Casualty and Professional Risks business will be headed by Nigel Mortimer, who has been appointed chief underwriting officer for Casualty and Professional Risks at Argo Re. Reporting to Argo Re President Andrew Carrier, Mortimer will lead a team of underwriters that includes Mark Peeters, Glenn Burles, Timothy Hadler and Deirdre Lohan."
Source Daily Insurer
The newly formed division will write general and product liability, product recall, excess directors’ and officers’ liability, A-side primary, lead DIC (difference in conditions) and follow form, excess errors and omissions liability, primary and excess employment practices liability, and excess crime & fidelity risks, with capacity limits of up to $25 million.
The Casualty and Professional Risks business will be headed by Nigel Mortimer, who has been appointed chief underwriting officer for Casualty and Professional Risks at Argo Re. Reporting to Argo Re President Andrew Carrier, Mortimer will lead a team of underwriters that includes Mark Peeters, Glenn Burles, Timothy Hadler and Deirdre Lohan."
Source Daily Insurer
French market expected to harden
French market expected to harden: "STRASBOURG, France—The French insurance market did not harden at the Jan. 1 renewals, but a market turn is likely in the coming months, according to experts gathered at l'Association pour le Management des Risques et des Assurances de l'Entreprise's annual conference in Strasbourg.
Buyers generally did not see rate increases at the start of the year, said Gérard Lancner, president of AMRAE and corporate risk officer for Paris-based Yves Rocher S.A. He noted that the French insurance market has been competitive, with several new entrants keen to penetrate the market.
But buyers are conscious that the soft phase of the cycle is likely over, he said, adding that the protection offered by the insurance purchased—rather than price—is the fundamental concern for buyers.
Rates were, on average, flat at Jan. 1 renewals, according to Jean-Paul Rignault, chief executive officer of AXA Corporate Solutions in Paris. Rates for property business, though, were still relatively soft, he noted.
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But over the course of 2009, rates will rise, he said, though the hardening will not be as severe as in the last hard market that began in 2001."
Source: Business Insurance
Buyers generally did not see rate increases at the start of the year, said Gérard Lancner, president of AMRAE and corporate risk officer for Paris-based Yves Rocher S.A. He noted that the French insurance market has been competitive, with several new entrants keen to penetrate the market.
But buyers are conscious that the soft phase of the cycle is likely over, he said, adding that the protection offered by the insurance purchased—rather than price—is the fundamental concern for buyers.
Rates were, on average, flat at Jan. 1 renewals, according to Jean-Paul Rignault, chief executive officer of AXA Corporate Solutions in Paris. Rates for property business, though, were still relatively soft, he noted.
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But over the course of 2009, rates will rise, he said, though the hardening will not be as severe as in the last hard market that began in 2001."
Source: Business Insurance
Former RenRe CEO Stanard fined USD 100,000 for 'sham transaction'
The Royal Gazette: "Former RenaissanceRe chief executive officer James Stanard has been fined $100,000 by a New York civil court for his part in an alleged 'sham transaction' to smooth company earnings.
Judge Gerard Lynch, of the United States District Court for the Southern District of New York found Mr. Stanard liable for fraud violations, books and records violations, for making false or misleading statements to auditors and for providing false officer certifications under US securities law.
But the attempt by plaintiff the US Securities and Exchange Commission to bar Mr. Stanard from serving as an officer or director of a public company was denied by the judge.
The SEC brought the case against Mr. Stanard, along with RenRe's former controller Martin Merritt, and a former senior vice-president of RenRe's principal reinsurance subsidiary, Bermudian Michael Cash, in September 2006.
The three executives were accused of abusing reinsurance accounting to defer more than $26 million of earnings from 2001 to later years.
Mr. Merritt agreed to co-operate with the SEC in a partial settlement, while Mr. Cash settled with the SEC in November 2007 and was fined $130,000. Mr. Stanard, who founded RenRe in 1993 and resigned as CEO in 2005, has always denied wrongdoing.
The SEC alleges that under the 'sham' transaction - allegedly known internally at RenaissanceRe as 'Project Christmas Present' - RenaissanceRe negotiated a financial insurance contract with Bermuda reinsurer Inter-Ocean Re in which it placed income from a strong financial period to be used later to boost earnings or to cover larger than expected claims.
The SEC also claimed that the executives misled the company's auditors about the nature of the contract, which should have been treated as a loan, and not an expense.
RenRe paid the SEC $15 million to settle the investigation into the case in February 2007. The company neither admitted, nor denied wrongdoing."
Source: The Royal Gazette
Judge Gerard Lynch, of the United States District Court for the Southern District of New York found Mr. Stanard liable for fraud violations, books and records violations, for making false or misleading statements to auditors and for providing false officer certifications under US securities law.
But the attempt by plaintiff the US Securities and Exchange Commission to bar Mr. Stanard from serving as an officer or director of a public company was denied by the judge.
The SEC brought the case against Mr. Stanard, along with RenRe's former controller Martin Merritt, and a former senior vice-president of RenRe's principal reinsurance subsidiary, Bermudian Michael Cash, in September 2006.
The three executives were accused of abusing reinsurance accounting to defer more than $26 million of earnings from 2001 to later years.
Mr. Merritt agreed to co-operate with the SEC in a partial settlement, while Mr. Cash settled with the SEC in November 2007 and was fined $130,000. Mr. Stanard, who founded RenRe in 1993 and resigned as CEO in 2005, has always denied wrongdoing.
The SEC alleges that under the 'sham' transaction - allegedly known internally at RenaissanceRe as 'Project Christmas Present' - RenaissanceRe negotiated a financial insurance contract with Bermuda reinsurer Inter-Ocean Re in which it placed income from a strong financial period to be used later to boost earnings or to cover larger than expected claims.
The SEC also claimed that the executives misled the company's auditors about the nature of the contract, which should have been treated as a loan, and not an expense.
RenRe paid the SEC $15 million to settle the investigation into the case in February 2007. The company neither admitted, nor denied wrongdoing."
Source: The Royal Gazette
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