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The April 2010 issue of Reactions is now online
23 April 2010
The April 2010 issue of Reactions is now online. Click through to read a selection of articles.
The April 2010 issue of Reactions is now online.
The cover story is an in-depth look into industry legend Hank Greenberg’s CV Starr & Co. We interview Greenberg and the presidents of the firm’s divisions to get the inside story on what the firm's strategy is. We also get Greenberg’s views on the latest at AIG.
The issue features a special report on the potential revival of the New York insurance exchange. Many think the state is crazy for trying to revive something that failed so spectacularly in the 1980s but others believe it might just work.
Also in the issue is a report on how the Chile earthquake will affect the market, what the talk of the town was at Reactions’ Brazilian Reinsurance Conference in Rio, interviews with Chaucer’s Robert Stuchbery and Lloyd’s Richard Ward, analysis of European reinsurers’ results, why the workers’ comp market is turning at last and XL’s Michael McGavick on why the situation at AIG should offend all its competitors.
Not done there, we also bring you light relief from RISKbitz.
Click on the headlines below to view an article.
COVER STORY
Profile: Inside Hank Greenberg’s new empire
Hank Greenberg’s CV Starr is growing fast at a time when most insurance firms’ revenues are shrinking – not least those of his former firm AIG. In an exclusive interview, Reactions talks to Greenberg and his divisional presidents to find out what the future holds.
Inside CV Starr & Company (California)
CV Starr & Company (California) may be one of the oldest of the CV Starr agencies but it has the newest president. Michael Garrison has a turnaround job on his hands at the specialty casualty agency.
Inside Starr Marine Agency
Starr Marine Agency managed to keep hold of its relationships after severing ties to AIG and now is looking to increase its ability to cross sell with other Starr agencies, says its president David French.
Inside Starr Aviation Agency
After a high-profile year of losses for airlines, the aviation insurance market is enjoying a hard market, according to Bill Eason, president of Starr Aviation.
Inside Starr Global Accident & Health
Starr Global Accident & Health is one of the newest kids on the block at CV Starr. The agency is growing its life and health book in a very focused way, says Peter McGuire, president of Starr Global Accident & Health.
Inside Starr Technical Risks Agency and Starr Specialty Lines Insurance Agency
Starr Tech has not been afraid to call for changes in the energy insurance market, says its president Richard Shaak.
Inside Starr Indemnity & Liability Company
CV Starr’s insurance companies are targeting aggressive growth despite the soft market conditions, says Charles Dangelo, president of Starr Indemnity & Liability Company.
SPECIAL REPORT
New York Insurance Exchange: Making a brand new start of it
Big hurdles lie in the way of New York achieving its goal of reviving the state’s insurance exchange. Reactions takes an in-depth look at what the state must do to make an exchange a success.
The New York Insurance Exchange's threat to Lloyd's
One market in particular may be willing the New York insurance exchange to fail – Lloyd’s of London. New York is taking Lloyd’s as a model for its exchange.
The brief life of the original New York Insurance Exchange
Reactions charts the rise and fall of the New York Insurance Exchange, which opened for business in 1980 and closed down in 1987.
FEATURES
Reinsurers off to a bad start with Q1 quakes
Reinsurers have been shaken by a succession of earthquakes in the first quarter of the year. The most costly of them could have pricing ramifications for the rest of 2010.
Reinsurers prepared to wait it out in Brazil
Brazil’s state reinsurer IRB has kept a bigger share of the market since it was opened than some were expecting. But international reinsurers are still convinced of Brazil’s merits, they said at Reactions 2nd Brazilian Reinsurance Conference in March.
Robert Stuchbery Interview: The old boy's tale
Robert Stuchbery has made a good start as CEO of Lloyd’s insurer Chaucer. But the firm still has some way to go to regain credibility with investors
Workers’ comp: Slowly coming to their senses
Workers’ compensation rates have been soft in the US for six years. It seems insurers may be starting to turn this around at last.
ANALYSIS: Europe’s Fab Four reinsurers
Europe’s four biggest reinsurance firms - Munich Re, Swiss Re, Hannover Re and Scor - returned to form with their latest results releases. We crunch the numbers to analyse their premium volume, investment returns, net income and combined ratios.
NEWS REPORTS
Events conspiring against Lloyd's: Ward
Lloyd’s of London is unlikely to match last year’s record profits in 2010, concedes Richard Ward, CEO of the market. But Ward believes market conditions are such that pricing must go up, he told Reactions in an interview.
XL’s McGavick slams AIG government ownership
The government ownership of a large part of AIG is an offence to AIG’s competitors, Michael McGavick, CEO of Bermudian insurance and reinsurance group XL Capital, has charged.
REGULARS
Remarks: Whole lot of shaking going on
The beginning of this year has set a worrying tone. An unusually high amount of earthquakes have been occurring, leading to a shocking amount of fatalities
Legal Analysis: Chile’s adjustment challenges
The Chile earthquake will present many challenges for insurers’ and reinsurers’ claims adjusters.
RISKbitz: NYIE hopes new dress code will attract investors
Regulators and industry officials trying to start the New York Insurance Exchange are looking at a raft of incentives to enhance its appeal including cheerleaders and disco garb, according to insiders.
RISKbitz: (Another) risk manager survey about to drop
A wide-ranging, risk management benchmarking survey by the Federation of International Risk Management Associations (FIRMASS) is now in production.
RISKbitz: South Africa is top insurance destination this summer
South Africa is one of the hottest emerging insurance markets, according to a recent poll carried out by RISKbitz. Insurers are rushing to get there this June.