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Lancashire profit falls as eyes maiden dividend: "Lancashire Holdings blamed hefty hurricane damage claims for a 75 percent drop in 2008 profit, but those earnings beat forecasts and the non-life insurer said it planned to start paying dividends within a year.
London-listed Lancashire also said on Monday it expected insurance prices to rise strongly this year as a result of the 2008 hurricane season, one of the most destructive on record.
Bermuda-based Lancashire said it had enough capital to take advantage of the firmer market, and did not plan to tap investors for cash.
The company made a 2008 pretax profit of $97.6 million (68.6 million pounds). Analysts had expected a profit of $58.9 million, according to the average of eight forecasts collected by the company.
The drop in profit largely reflected a $150 million hit from hurricanes Ike and Gustav last year. Those losses were partly offset by a robust performance from Lancashire's investment portfolio, which returned 3.1 percent over the year despite tumbling financial markets.
Lancashire shares were 2.0 percent higher at 471 pence at 9 a.m. British time.
Last week, rivals Catlin and Beazley announced plans to raise 200 million pounds and 150 million pounds respectively via rights issues, saying they wanted funds to exploit an anticipated rise in insurance prices.
'As we head into a hardening market, we are in the fortunate position of doing so with a strong balance sheet,' Lancashire finance director Neil McConachie said in a statement.
'As things stand right now we believe we are carrying the appropriate level of capital and consequently do not plan to raise or return capital at this time.'"
Source: Yahoo! Finance
16 February 2009
Tobin sets his sights on a bright future for Bermuda start-up Torus
Tobin sets his sights on a bright future for Bermuda start-up Torus: "Tobin sets his sights on a bright future for Bermuda start-up Torus
Now is an opportune time to be building up a new global insurance company, according to Clive Tobin, chief executive officer of Bermuda start-up Torus Insurance Holdings Ltd.
With upward pressure on rates and industry capacity shrinking in the midst of global economic turmoil, opportunities abound for newcomers unburdened by legacy issues. In addition, an unusually large number of highly qualified and experienced staff are seeking new jobs.
Mr. Tobin, who took over as Torus CEO on January 1, has already managed to attract at least two high-ranking executives from his former company XL Capital Ltd. and another two from American International Group (AIG) two companies that have been badly impacted by the credit crisis
Now focused on getting the operating machinery in place to set Torus on the path to worldwide growth, Mr. Tobin is well qualified for the job. For 12 years he worked at XL, playing a leading role in the Bermuda company's rapid expansion from a niche player into a global giant. He was CEO of its global insurance operations before leaving last year.
After the Briton's stellar career at XL where his globe-trotting duties required him to fly an estimated total of 2.5 million miles he decided to take some time out to spend with his family. He soon found his skills, knowledge and experience were in demand and he was lured into the hotseat by Torus chairman Mark McComiskey.
Torus was launched last June with $720 million in capital from First Reserve Corporation, a private-equity firm specialising in energy investments. Its operating entities Torus Insurance (Bermuda) Ltd. and London-based Torus Insurance (UK) Ltd. have been assigned an A- financial strength rating by AM Best.
Torus is a technical lines insurer specialising in large, complex risks, with a focus on the energy sector. Torus started writing business last July and had something of a testing start as hurricanes Gustav and Ike rampaged through the Gulf of Mexico. Its losses from Ike totalled around $20 million, Mr. Tobin said.
Mr. Tobin said some were intrigued as to why Torus was set up during a soft market to compete in an over-capitalised industry but things changed dramatically in the second half of 2008, as catastrophe claims and investment losses ripped through surplus industry capital.
'We wanted to build a technical insurer that would differentiate itself over time,' Mr. Tobin said. 'We expected the market to change, but we never anticipated it would change so quickly. The last six months have brought a huge change in the market.'
Mr. Tobin is thinking big. By the end of this year, he wants to see all of Torus' operating platforms in place. Within five years, the goal is to employ at least 500 people in offices around the world and to become a public company in five to seven years.
Already Torus employs 50 people in London, 20 in Bermuda, and six in the US, a number that is set to rise soon following the opening of a new office in Jersey City. Next month, Torus will open a Chicago office and later in the year, it will look to open others in the southern US."
Source: The Royal Gazette
Now is an opportune time to be building up a new global insurance company, according to Clive Tobin, chief executive officer of Bermuda start-up Torus Insurance Holdings Ltd.
With upward pressure on rates and industry capacity shrinking in the midst of global economic turmoil, opportunities abound for newcomers unburdened by legacy issues. In addition, an unusually large number of highly qualified and experienced staff are seeking new jobs.
Mr. Tobin, who took over as Torus CEO on January 1, has already managed to attract at least two high-ranking executives from his former company XL Capital Ltd. and another two from American International Group (AIG) two companies that have been badly impacted by the credit crisis
Now focused on getting the operating machinery in place to set Torus on the path to worldwide growth, Mr. Tobin is well qualified for the job. For 12 years he worked at XL, playing a leading role in the Bermuda company's rapid expansion from a niche player into a global giant. He was CEO of its global insurance operations before leaving last year.
After the Briton's stellar career at XL where his globe-trotting duties required him to fly an estimated total of 2.5 million miles he decided to take some time out to spend with his family. He soon found his skills, knowledge and experience were in demand and he was lured into the hotseat by Torus chairman Mark McComiskey.
Torus was launched last June with $720 million in capital from First Reserve Corporation, a private-equity firm specialising in energy investments. Its operating entities Torus Insurance (Bermuda) Ltd. and London-based Torus Insurance (UK) Ltd. have been assigned an A- financial strength rating by AM Best.
Torus is a technical lines insurer specialising in large, complex risks, with a focus on the energy sector. Torus started writing business last July and had something of a testing start as hurricanes Gustav and Ike rampaged through the Gulf of Mexico. Its losses from Ike totalled around $20 million, Mr. Tobin said.
Mr. Tobin said some were intrigued as to why Torus was set up during a soft market to compete in an over-capitalised industry but things changed dramatically in the second half of 2008, as catastrophe claims and investment losses ripped through surplus industry capital.
'We wanted to build a technical insurer that would differentiate itself over time,' Mr. Tobin said. 'We expected the market to change, but we never anticipated it would change so quickly. The last six months have brought a huge change in the market.'
Mr. Tobin is thinking big. By the end of this year, he wants to see all of Torus' operating platforms in place. Within five years, the goal is to employ at least 500 people in offices around the world and to become a public company in five to seven years.
Already Torus employs 50 people in London, 20 in Bermuda, and six in the US, a number that is set to rise soon following the opening of a new office in Jersey City. Next month, Torus will open a Chicago office and later in the year, it will look to open others in the southern US."
Source: The Royal Gazette
Aon appoints non-executive chairman
Aon appoints non-executive chairman: "Aon has appointed Paul Manduca as non-executive chairman. Manduca has been an independent non-executive director of Aon for three years and brings over 35 years of multi-sector business experience, along with a track record of achieving results in the organisations he has worked with.
Manduca was chairman of Bridgewell the UK stockbroker, and sold the business in 2007 before the current financial crisis took hold. He is currently senior independent at WM Morrison Supermarket Plc and Development Securities and a director of a number of other corporates including Kazmunaigaz Plc. He was previously CEO of Deutsche Asset Management Europe, Rothschild Asset Management and Threadneedle Asset Management.
He takes over the role from Steve McGill, CEO of Aon Risk Services, who, further to his appointment as non-executive chairman of Aon Limited in January 2007, was also appointed chairman and CEO in 2008 of ARS, the world’s largest risk management and insurance brokerage firm. McGill, who is based at Aon Corporation’s head office in Chicago, will focus the majority of his time on this role as he grows the global business whilst providing support to Manduca and the UK leadership team as required."
Source: Insurance Times
Manduca was chairman of Bridgewell the UK stockbroker, and sold the business in 2007 before the current financial crisis took hold. He is currently senior independent at WM Morrison Supermarket Plc and Development Securities and a director of a number of other corporates including Kazmunaigaz Plc. He was previously CEO of Deutsche Asset Management Europe, Rothschild Asset Management and Threadneedle Asset Management.
He takes over the role from Steve McGill, CEO of Aon Risk Services, who, further to his appointment as non-executive chairman of Aon Limited in January 2007, was also appointed chairman and CEO in 2008 of ARS, the world’s largest risk management and insurance brokerage firm. McGill, who is based at Aon Corporation’s head office in Chicago, will focus the majority of his time on this role as he grows the global business whilst providing support to Manduca and the UK leadership team as required."
Source: Insurance Times
Lloyd's takes Swiss Re exec for Beijing post
Lloyd's takes Swiss Re exec for Beijing post: "Lloyd’s said it has appointed Ms Bin Yang as the Chief Representative for its Beijing representative office.
Ms Yang possesses over 15 years experience in the insurance and reinsurance industry and has extensive contacts in the Chinese market.
Before joining Lloyd's, Ms Yang worked for Swiss Re Beijing as a Vice President of Client Markets, which serviced all key clients."
Source: Reinsurance
Ms Yang possesses over 15 years experience in the insurance and reinsurance industry and has extensive contacts in the Chinese market.
Before joining Lloyd's, Ms Yang worked for Swiss Re Beijing as a Vice President of Client Markets, which serviced all key clients."
Source: Reinsurance
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