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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.
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Taiwan's Fubon Financial has come forward as a possible buyer of American International Group's Taiwan unit after the collapse of a planned $2.2bn sale to a Chinese-led group, reports Reuters.
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Global health service company, Cigna, has purchased Antwerp-based Vanbreda International.
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European reinsurer Swiss Re is planning to repay investments from Berkshire Hathaway, Bloomberg reports.
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August 2010
Canada-based Manulife Financial is offering a mixed shelf of up to $9.4bn of securities in Canada and the US, Reuters reports.
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Amil Participacoes, a Brazilian health insurance provider, is planning to raise $513.8m in a bond sale, Bloomberg reports
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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.
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Royal Bank of Scotland (RBS) is lining up advisers to review options for its insurance business, including a sale, The Telegraph reports.
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American International Group has scrapped plans to sell a strategic stake in its Asian life insurance business ahead of an initial public offering on the Hong Kong stock exchange, AIA, reports Reuters.
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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.
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Manulife Financial and Switzerland’s Ace are among potential buyers for New York Life Insurance’s Asian assets, Reuters reports.
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A number of private equity firms are reviewing the books of Transamerica Reinsurance, which its Dutch parent Aegon has put up for sale, reports the Wall Street Journal.
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Bermuda insurer White Mountains Insurance Group has announced that it has been authorised by its board of directors to repurchase up to 600,000 common shares, from time to time, subject to market conditions.
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UK insurer Chaucer Holdings has recorded profit before tax in the first six months of 2010 of £7m ($10.9m) compared with £17m in the same period last year.
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European reinsurer Hannover Re is planning to bolster its investments in shares and real estate in order to boost its 3.5% return on investment target, reports Reuters.
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European Union regulators have approved MetLife’s $15.5bn acquisition of American Life Insurance (Alico) and Delaware American Life Insurance.
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US insurer American International Group is expected to decide early next week whether to enter formal negotiations with strategic investors for its Asian life business, AIA, reports Reuters.
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ING is planning to raise about Eu2bn in a sale of covered bonds, Bloomberg reports.
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The Dutch Finance Ministry has given the investment bank Nomura authority to review the options for the sale of the state-owned insurer ASR Nederland, reports the M&A Navigator.
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The Federal Reserve is planning to lower American International Group (AIG)’s credit line by around $3.6bn, Bloomberg reports.
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Despite a challenging capital markets environment, ILS continue to provide value to sponsors and investors, according to Aon Benfield Securities, the investment banking division of Aon Benfield.
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Japan's three largest property/casualty insurance groups are strengthening their risk management processes in order to comply with tougher Solvency II capital regulations, reports the Nikkei English News.
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Reserve releases have helped prop up the US property/casualty industry’s results. But releases are running out and a period of reserve deficiencies lies ahead.
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Gjensidige Forsikring is planning to raise about Eu1bn ($1.3bn) in an initial public offering (IPO), Bloomberg reports
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European insurers would be able to withstand an external shock derived from a hypothetical Greek sovereign default, including an assumption of ancillary stress for other key euro zone nations, according to a Fitch Ratings sovereign stress test of its rated portfolio of European insurers.
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Australian insurance group QBE has revealed that it is reviewing its equity strategy because of an increase in capital charges by the Australian regulator.
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AIG is preparing for its first debt offering since the troubled insurer nearly went under during the financial crisis, reports the Wall Street Journal.
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Aon Benfield Securities has announced the launch of the Aon Benfield ILS Indices, which provide a quantitative view of monthly ILS returns since December 2000.
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The trend of strong returns for the insurance-linked securities market since the financial crisis has continued in the first half of 2010 and could beat last year in terms of issuance, according to a Swiss Re ILS market update.
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Dutch insurer Aegon has reached a deal with the European Commission to repay the remaining Eu2bn ($2.6bn) it received in state aid from the Dutch government during the financial crisis.
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Aviva and analysts alike do not believe the value of the offer adequately recognises the fact that Aviva is a leading general insurance business in the UK and Ireland, and the number two player in Canada.
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Ipac Asset Management, an Australian investment management firm, has bought a $50m stake in a Bermuda insurance-linked securities fund managed by Nephila Capital, according to the Artemis.bm website.
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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.
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A consortium of Chinese companies, including Industrial and Commercial Bank of China and China Life Insurance, plans to bid for a 30% stake in AIG's Asian life insurance business, AIA.
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Endurance Specialty Holdings is buying back ordinary shares of up to seven million in an open market transaction
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The board of RSA Insurance has released a statement saying it remains open to discussions following the rejected offer to buy the general insurance operations of Aviva.
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UK insurer RSA has been turned away in a £5bn ($7.8bn) approach to buy the general insurance business of Aviva, reports the Financial Times.
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The China Insurance Regulatory Commission has permitted insurance companies to invest up to 15% of their total assets in overseas capital markets, Reuters reports.
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The board of Bermudian reinsurance firm RenaissanceRe Holdings announced today a quarterly dividend of $0.25 a common share on its common stock.
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International Lease Finance Corporation (ILFC) is planning to raise about $2.5bn of senior secured notes in three parts.
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AIG's underlying insurance operations show continued signs of stability, which bodes well for the troubled insurer. But analysts remain concerned about the impact of the government’s exit and the company’s recapitalisation efforts.
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Great-West Lifeco has raised $485m in a bond sale.
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Royal Bank of Canada (RBC) is seeking buyers for its US insurance unit, Bloomberg reports.
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Allied World Assurance has bought back $250m of its common shares from its founding shareholders, GS Capital Partners and other investment funds.
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Net income doubled in 2009 over 2008 for a composite of 195 US captive insurers followed by rating agency AM Best, driven by the recovery of the industry’s investments.
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Eight catastrophe bond transactions totalling $2bn in risk capital were completed in the second quarter of 2010, making it the second most active second quarter on record, according to a new report by Guy Carpenter.
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Resolution’s 95.5% shareholders subscribed to its rights issue, Bloomberg reports. The share sale will help in funding the buyout firm’s acquisition of Axa’s UK life insurance unit.
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American International Group fell to a $2.7bn loss for the second quarter as a result of charges associated with the sale of one of its Asian life insurance units.
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CNA Financial is selling $500m of senior notes in a public offering.
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Assicurazioni Generali’s second-quarter net profit has decreased by 16% due to lower returns from its investments, The Wall Street Journal reports.
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Manulife Financial has posted a loss of $2.4bn for the second quarter that ended June 30, 2010.
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According to the US Government Accountability Office, the Treasury team that manages the AIG bailout investment has been investigating a number of possible exit strategies but will not employ one until AIG has repaid its debt to the FRBNY.
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Allstate has reported a $441m operating income increase in the second quarter of 2010 compared to $297m in the same period of 2009.
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Hardy Underwriting Bermuda reported that first half net profit plummeted by 90% after the insurer suffered a number of large catastrophe losses.
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Analysts have praised the ‘stunning’ second quarter performance of Lancashire Holdings after the Bermuda-based insurer reported only modest exposure to the Deepwater Horizon oil rig disaster.
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Novae Group has rebounded to first half profit despite a number of large losses hitting the market.
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Sun Life Financial has received net income of $213m in the second quarter of 2010 as compared to $591m in the second quarter of 2009.
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Swiss Re said it swung to a second quarter profit after a rebound in its asset management division offset a poor underwriting performance.
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Zurich Financial Services reported that first half profit fell by 10% on higher catastrophe claims, reduced investment income and provisions against banking loans.
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Axa Asia Pacific Holdings has posted its financial results, new business and funds flow for the first half of 2010.
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French insurer Axa said that first half net income fell 28% to Eu944m ($1.2bn) as a result of a Eu1.5bn charge related to the sale of part of its UK life operation.
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HCC Insurance Holdings' net earnings for the second quarter of 2010 were $83.4m as compared with $91.6m during the second quarter of 2009.
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Munich Re, the world’s largest reinsurer, reported better-than-expected earnings after strong investment income offset the cost of disasters, including the claims from the Deepwater Horizon explosion.
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Marsh & McLennan Companies (MMC) today reported a second quarter net income of $236m, compared with a loss of $193m in the same period last year.
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MetLife is seeking to sell 75 million shares of common stock to the public. The US insurer is also planning to offer about $3bn in senior debt in several series with varying maturities and interest rates.
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July 2010
The International Accounting Standards Board (IASB) in London has announced proposals for the introduction of standardised book-keeping measures to give investors better data. The news been met with mixed reactions among insurers.
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The property/casualty insurance industry has suffered from sharp declines in asset values resulting from weak investment conditions and other difficulties in the financial markets, but generally to a lesser degree than other sectors, according to Standard & Poor's Ratings Services.
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RSA Insurance group has acquired 123 Money, an Irish personal lines insurance company, making RSA the second largest general insurer in Ireland.
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Lincoln Financial Group has reported $255m net income for the second quarter of 2010. The US insurance group reported a net loss of $161m in the second quarter of 2009.
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WellPoint has received net income of $722.4m in the second quarter 2010 as compared to $693.5m in the second quarter of 2009.
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Aetna received net income of $491m in the second quarter of 2010 as compared to $346.6m in the second quarter of 2009.
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Aflac received total revenues of $5bn in the second quarter of 2010 as compared with $4.3bn in the second quarter of 2009.
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Although it is early in the reporting season for US insurance firms second-quarter results, already it can be seen that catastrophe losses are hurting results. Both Chubb and Travelers have reported second-quarter catastrophe losses.
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Insurance Australia Group said that it expects to report a 50% fall in profits for the year to June 30 and has announced the departure of Neil Utley, the CEO of its ailing UK operation.
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Reinsurance Group of America (RGA) received net income of $127m in the second quarter of 2010 as compared to $153.2m in 2009.
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FBR Capital Markets has reduced the second quarter profit of U.S. home and auto insurer, Allstate, by more than half, Bloomberg reports.
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Citigroup and JPMorgan Chase, along with other banks, sold protection to Goldman Sachs against a failure of AIG, Bloomberg reports.
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QBE Insurance’s first-half insurance profit margin missed the company’s target range. The Australian insurer has warned first half profit would decline 40% because of lower investment income.
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Lloyd’s insurer Beazley said first half pre-tax profit nearly quadrupled, boosted by a one-off foreign exchange gain and higher sales, which helped offset the competitive rate environment.
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Fairfax Financial will sell eight million preferred shares ‘Series G’ worth nearly $200m in Canada to a syndicate of underwriters.
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Axa Asia Pacific has posted results for its second quarter ending on June 30, 2010. The company’s operating earnings from south east Asia are expected to be nearly $33m in 2010 as compared to $17.2m in 2009.
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Fidelity National Financial (FNF) has earned revenues of $1.5bn in the second quarter that ended June 30, 2010, down from $1.56bn in 2009.
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Spanish insurer Mapfre said Thursday that profits for the first half of 2010 fell 5.7% to Eu500.2m ($643.4m), owing to the parent company failing to reproduce the ‘extraordinary’ performance of 2009.
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The Travelers Companies has cut its full-year profit outlook by 10 cents after posting a fall in second quarter income.
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The Asian life arm of AIG could get an outlook upgrade from Moody’s to stable from negative if the company successfully completes its IPO and generates consistent premium growth and profitability, according to Moody’s rating agency.
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Swiss insurance group Baloise has acquired the Belgian insurance business of Avéro, a subsidiary of the Dutch Eureko Group, making Baloise the sixth-largest non-life business in Belgium.
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MGIC Investment’s net income for the quarter ended June 30, 2010 was $24.6m as compared with a net loss of $339.8m for the same quarter in 2009.
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UnitedHealth Group has received revenues of $23.3bn in the second quarter of 2010. The firm reported earnings from operations to be $1.9bn and net earnings to be $1.1bn in the second quarter of 2010.
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American International Group’s Asian life insurance arm has begun talks with investors as it seeks backing for a potential break up from its American parent, reports the Financial Times.
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The Aon/Hewitt transaction announced last week is the latest in a long run of acquisitions in the insurance brokerage market. This trend looks set to continue, according to rating agency Moody’s.
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Action over Solvency II is picking up as the 2012 deadline looms, such as Ceiops last week naming Switzerland, Bermuda and Japan as leading contenders for the first round of EU equivalency testing. In recent weeks a series of papers and letters have also given clarification on capital requirements and supervisor readiness. Reactions asks what it all means.
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Ensco has been added by Greenlight Capital Re as one of its six biggest holdings, Bloomberg reports. On June 30, the offshore oil driller joined the list of Greenlight’s biggest investments.
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US specialty insurance company The Navigators Group has announced that its wholly-owned syndicate, Navigators Syndicate 1221 at Lloyd’s of London, is the latest to co-locate with Lloyd’s in Rio de Janeiro by appointing a local representative.
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The value of insurance-linked securities (ILS) listed on the Bermuda Stock Exchange (BSX) has reached more than $1bn.
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Arthur J Gallagher & Co, an international insurance brokerage and risk management services firm, today announced that it has entered into a $500m unsecured credit facility.
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Essent Guaranty’s parent company, Essent Group, has secured an additional $100m in capital commitments from investors.
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US specialty insurer Markel Corporation and Aspen Holdings have entered into a definitive agreement for the acquisition by Markel of subsidiary Aspen, a privately held insurance group.
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The Australian Prudential Regulation Authority (Apra) has released two further papers detailing its plans to recalibrate insurance industry capital standards for the country’s life and non-life insurance companies, Reactions’ sister website InsuranceCapitalRisk.com reports.
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A $325m reserve financing transaction has closed between two principal life and annuity operating subsidiaries of Aviva USA Corporation and Crédit Agricole Corporate and Investment Bank.
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The investment firm managed by Bruce Berkowitz has increased its share in AIG, Bloomberg reports.
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Berkshire Hathaway may post an $800m writedown related to asset drops in the second quarter, a Stifel Nicolaus & Company analyst told Bloomberg.
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The latest developments on Solvency II have shown regulators are commited to a technical approach. This is good news, says Reactions’ European editor Adrian Ladbury, because the last thing that is needed is a bunch of supervisors playing politics.
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Fireman’s Fund Insurance has decided to increase its reserves for asbestos and environmental risks.
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Taiwan's insurance regulator may issue rules letting local insurers invest in Chinese securities, Bloomberg reports.
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Aegon has raised Eu1bn from a sale of Class A residential mortgage-backed securities, Reuters reports. The Dutch insurer is looking to use the proceeds to finance a part of its existing Dutch mortgage portfolio.
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After receiving approval as an admitted reinsurer in Brazil, Ariel Reinsurance Company, a Bermuda-based insurance and reinsurance company, is planning to open a representative office in Rio de Janeiro, Brazil.
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The news that Catlin is to set up shop in Zurich has been headlined as a Solvency II story. But, wonders Reactions' contributing editor Garry Booth, is this really a Bermuda story?
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The CIRC has granted approval for the China based subsidiary of US insurance group The Chubb Corporation to establish a branch in Nanjing, Jiangsu Province.
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Hiscox, has secured a $750m syndicated three-year revolving credit and letter of credit facility.
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Bermuda-based reinsurer Maiden Holdings is to acquire the majority of the reinsurance-related infrastructure, assets and liabilities of UK-based GMAC International Insurance Services.
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Aviva is expecting to boost its capital to £1.3bn in 2010, the Financial Times reports. The UK insurer's life insurance business may generate £33bn over the next 20 years.
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Equitable Life Assurance Society has signed an outsourcing deal with asset manager BlackRock.
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Fremch mutual insurer Groupama is planning an initial public offfering of its stock in 2011 or 2012, The Wall Street Journal reports.