A recent article in Lloyd’s “Market” magazine noted that Sean McGovern, General Counsel and, since February 2010, the Director of Lloyd’s North America, “loves to mess about in boats in his spare time.” As he’s now responsible for two posts, …
Bermuda-based Allied World Assurance Company Holdings, Ltd announced that its Board of Directors has unanimously approved a plan for the group holding company to redomesticate its place of incorporation from Bermuda to Switzerland. The bulletin said that “holders of Allied …
An ultralight, gas-powered car that can get 102 miles per gallon is among the winners of the $10 million Automotive X Prize, a contest to develop highly efficient, production-ready vehicles. While it’s not likely to go on sale in its …
A special report from A.M. Best concludes that “robust earnings reports mask challenges ahead for the global reinsurance industry: a convergence of market pressures, low interest rates and tightening financial and market regulations that could impact the industry’s capital. “These …
Global reinsurance companies are reconsidering their choices of corporate domicile, according to a new report from Standard & Poor’s Ratings Services, titled “Choosing A Domicile Remains A Hot Topic For Global Reinsurers.” S&P notes that the “choice of domicile–which can …
A.M. Best Co. has affirmed the financial strength rating of ‘A++’ (Superior) and issuer credit rating of “aa+” of French government backed reinsurer Caisse Centrale de Réassurance (CCR), both with stable outlooks. The ratings reflect CCR’s “superior risk-adjusted capitalization, good …
Canadian insurer Manulife Financial Corp and Switzerland’s Ace Ltd are among bidders for New York Life Insurance Co’s Hong Kong, Taiwan and South Korean assets, sources said, in a deal valued between $800 million and $1 billion. Unlisted NY Life …
Specialty insurer Catlin Group Limited reported a US$86 million profit before tax for the six months ending June 30, 2010. That compares to US$240 million for the half year 2009. The results include a US$227 million underwriting gain for the …
Specialty insurer and reinsurer Catlin Group Limited has appointed Peter Schmidt as chief executive officer for European Reinsurance. He will also serve as CEO of Catlin Re Switzerland, which subject to regulatory approval will begin writing specialty classes of reinsurance …
China is set to overtake Japan as the world’s second-largest economy in a resurgence that is changing everything from the global balance of military and financial power to how cars are designed. By some measures it has already moved to …
