Reactions - Global Insurance

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FEATURE: Thiele earns right to be irresponsible 01 September 2010

Patrick Thiele is leaving PartnerRe after 10 years. He leaves his successor, Costas Miranthis, a much different firm to the one he inherited.
Earl to intensify and pass by US east coast 30 August 2010

Tropical Storm Earl became a hurricane over the weekend and is likely to become a category three hurricane later today, before heading north towards the US East Coast, reports the RMS/Reactions catastrophe centre.
Convergence Quarterly: Q2 ILS activity 27 August 2010

The insurance-linked securities market had an impressive second quarter. It was so good some believe full year cat bond issuance could now beat last year’s total.
Danielle now a hurricane, Earl to become one 27 August 2010

Hurricane Danielle has reached major hurricane status, becoming the most intense storm of the 2010 season, while Tropical Storm Earl is likely to intensify to a hurricane in the next few days, according catastrophe modelling firm Risk Management Solutions.

Standard Life to axe 500 jobs 02 September 2010

Standard Life will lay off 500 employees as part of its CEO, David Nish’s efforts to cut costs, Bloomberg reports.
Cigna acquires Belgian insurer 01 September 2010

Global health service company, Cigna, has purchased Antwerp-based Vanbreda International.
European insurers' outlook still negative 01 September 2010

European insurers' first half reporting data, which represented a continuation of sales and profitability levels witnessed during 2009, combined with the challenges faced by these insurers for the remainder of 2010, reinforce the negative outlook on the wider European insurance industry, according to Moody's Investors Service.

Omega Insurance posts H1 loss 01 September 2010

Lloyd's of London insurer Omega Insurance has recorded a pre-tax loss of $34.2m in the six months to June 30, a decline from a profit of $22.9m a year earlier, The Financial Times reports.
AM Best affirms Chaucer syndicate ratings 31 August 2010

AM Best has affirmed the Best’s Syndicate Rating of A (Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 1084 and affirmed the ICR of “bbb” of Chaucer Holdings in the UK.
Debate over Stanford legal fees heats up 30 August 2010

The lawyers of Allen Stanford and two accounting executives who worked for him want to distance their clients from the alleged financial wrongdoing insurer Lloyd's of London cites as a reason to void a policy covering their defence fees, reports Reuters.
PROFILE: Kiln turns up temperature on growth 30 August 2010

Now firmly established in the Tokio Marine fold, Kiln is expanding in Asia and elsewhere, according to its CEO Charles Franks.

AIG applies for AIA IPO 02 September 2010

American International Group (AIG) has filed an application with the Hong Kong Stock Exchange to list its Asian life insurance unit, AIA, reports Reuters.
Ping An boosts Shenzhen bank stake 02 September 2010

China’s second largest insurer, Ping An Insurance, will combine its bank unit into Shenzhen Development Bank (SDB) in a deal valued at about $4.3bn.
QBE subsidiary acquires US specialty firm 02 September 2010

Sterling National Corporation, a subsidiary of Australian insurance firm QBE, has acquired Seattle Specialty Insurance Services.
Typhoon Kompasu hits South Korea 02 September 2010

Typhoon Kompasu hit South Korea on Thursday morning, killing three people, reports CNN,

AIG applies for AIA IPO 02 September 2010

American International Group (AIG) has filed an application with the Hong Kong Stock Exchange to list its Asian life insurance unit, AIA, reports Reuters.
Evacuations as weakened Earl nears North Carolina 02 September 2010

Hurricane Earl weakened slightly to a Category 3 storm on Thursday as it approached the North Carolina Coast, reports Reuters.
Low premiums to expose reinsurers: Fitch 02 September 2010

The reinsurance sector will be exposed to insured loss from the Atlantic storm season as their reserve capital was used to offset low premiums, according to Fitch Ratings, Reuters reports.
QBE subsidiary acquires US specialty firm 02 September 2010

Sterling National Corporation, a subsidiary of Australian insurance firm QBE, has acquired Seattle Specialty Insurance Services.

Metropolitan posts H1 results 02 September 2010

South African insurer, Metropolitan, has posted results for the first half of 2010, Reuters reports. The firm’s profit has increased by 13% in the first six months of this year.
Japan, Qatar firms eye AIG's Nan Shan 30 August 2010

Japanese and Qatari investment firms may place their bid for AIG’s Taiwan unit if the present bid gets cancelled, Reuters reports, citing Taiwan’s Commercial Times.
FEATURE: IASB proposes accounting overhaul 17 August 2010

The overhaul of accounting standard proposed in the IASB’s recent exposure draft would be a pain for insurers to comply with. But the benefits outweigh the inconvenience.
Guy Carpenter boosts global specialties 13 August 2010

Guy Carpenter & Company has added Erik Manning to the firm’s Global Specialties, which is comprised of marine, energy, aviation, retrocession and Bermuda business.

Brazil health insurer to raise $514m in bond sale 30 August 2010

Amil Participacoes, a Brazilian health insurance provider, is planning to raise $513.8m in a bond sale, Bloomberg reports
PROFILE: Kiln turns up temperature on growth 30 August 2010

Now firmly established in the Tokio Marine fold, Kiln is expanding in Asia and elsewhere, according to its CEO Charles Franks.
Endurance hires LatAm head from Odyssey Re 26 August 2010

Endurance Specialty Holdings has announced a new hire to lead the expansion of Endurance's global reinsurance portfolio in the Latin American market.
Nat cats could cost Caribbean 9% of GDP 19 August 2010

Climate change could increase the risk of hurricanes and storms in the Caribbean and threaten future development in the region, according to a new study released by the Caribbean Catastrophe Risk Insurance Facility