Bermuda’s XL Capital Ltd. announced that, based on current analysis, its pre-tax net loss relating to European Windstorm Kyrill is estimated to be in the range of $60 to $75 million. XL noted that the majority of its losses are …
A state hearing officer recommended Friday that Delaware’s insurance commissioner approve the proposed management buyout and eventual dissolution of Royal & Sun Alliance Insurance Group’s U.S. operations. The proposed buyout was the subject of a lengthy hearing last month, and …
Bermuda’s AXIS Capital announced that its expects net losses related to Windstorm Kyrill to be between $40 and $55 million, principally from its reinsurance segment. AXIS noted that Kyrill “produced damaging winds across Europe,” and was the “most significant storm …
Swiss-based reinsurer Converium has estimated that its gross claims for winter storm Kyrill will be around €25 to €35 million ($32.5 to $46.5 million). Converium said its estimates were “based on an assumed industry loss of roughly €5-7 billion [$6.5-$9.1 …
Standard & Poor’s Ratings Services said that its ratings and outlook on U.K.-based insurance holding company Prudential PLC (A+/Stable/A-1) and related operating entities are unaffected by the announced sale of U.K.-based Internet bank Egg Banking PLC (not rated) to U.S. …
Newark Calif.-based Risk Management Solutions has issued a study, which concludes that, a “repeat of the tide and wind-driven storm surge that caused the Bristol Channel floods of 1607 would result in the U.K.’s costliest natural disaster.” The study, which …
Warning that “European businesses face uninsurable environmental impairment risks,” the Federation of European Risk Management Associations (FERMA) called on insurers to be less “risk averse.” It urged members to “develop products that will allow businesses to protect themselves against new …
Lloyd’s of London announced that Julian James, director-worldwide markets, will be leaving at the end of April to join Lockton International. He has been responsible for all Lloyd’s commercial activities outside the United Kingdom, including managing the company’s 72 trading …
The insurance industry needs to improve its customer retention strategies, because a satisfied customer isn’t always a loyal one, according to the World Insurance Report, an international study of more than 10,000 insurance customers, insurers and distributors. The study, released …
Argonaut Group Inc., based in San Antonio, reported that Gregory M. Vezzosi has joined the organization as executive vice president and chief operating officer. Vezzosi will report to Mark E. Watson III, president and chief executive officer, who explained that …
