Fitch Advocates Global Rating Agencies Regulator: "At the Australian Securities and Investments Commission (ASIC) Summer School conference, held in the week of 2 March 2009, Ben McCarthy, the managing director of Fitch Ratings Australia, said that rating agencies would support moves to create a global regulatory framework for the credit ratings sector.
McCarthy explained that 'to a significant extent, the rating agencies are looking at the most onerous of any of the international regulations and implementing them worldwide'. An internationally accepted standard would make it easier for S&P or Fitch to run their businesses in this way as currently they need to comply with all the regulations around the world at once.
Furthermore, the agencies would support a plan to create a single global regulatory agency for their sector. McCarthy stated that this would simplify the process of developing, communicating and enforcing a set of international standards. He anticipated that the principal drivers for this process would be the US, Europe and the International Organisation of Securities Commissions."
Source: Insurance & Reinsurance Blog
Tuesday, March 10, 2009
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Fitch Advocates Global Rating Agencies Regulator | Blog Detail | InsureReinsure.Com | The Insurance & Reinsurance Blog
Omega's active underwriter to stand down
Omega's active underwriter to stand down: "John Robinson, the active underwriter of Omega's Lloyd's Syndicate 958, has said that he will stand down from the position at the end of the year to focus on 'group responsibilities'.
Robinson will be replaced by Daria Vanous.
Richard Tolliday, Omega's chief executive said: 'We have also recognised that the expansion of the Group has reached a point which requires our chief underwriting officer, John Robinson, to be able to dedicate himself full-time to supporting the development of all of the Group's underwriting activities and ensuring that the philosophy, approach and underwriting discipline that have driven the success of Syndicate 958 since its formation in 1980 are maintained across the Group. With that in mind, John will be relinquishing the post of Active Underwriter of Syndicate 958 with effect from the end of 2009.'
The announcement came as part of Omega's 2008 full-year results, when the Bermuda-domiciled Lloyd's insurer saw pretax profits drop to $28.2m from $59.5m on investment and hurricane losses."
Source: Reinsurance
Robinson will be replaced by Daria Vanous.
Richard Tolliday, Omega's chief executive said: 'We have also recognised that the expansion of the Group has reached a point which requires our chief underwriting officer, John Robinson, to be able to dedicate himself full-time to supporting the development of all of the Group's underwriting activities and ensuring that the philosophy, approach and underwriting discipline that have driven the success of Syndicate 958 since its formation in 1980 are maintained across the Group. With that in mind, John will be relinquishing the post of Active Underwriter of Syndicate 958 with effect from the end of 2009.'
The announcement came as part of Omega's 2008 full-year results, when the Bermuda-domiciled Lloyd's insurer saw pretax profits drop to $28.2m from $59.5m on investment and hurricane losses."
Source: Reinsurance
Aon Benfield execs leave for Towers Perrin
Aon Benfield execs leave for Towers Perrin: "Aon Benfield execs leave for Towers Perrin
Global professional services firm Towers Perrin has expanded its London-based reinsurance broker team with the appointment of former Aon Benfield executives.
Rolf Horst has been appointed as managing director of the Benelux region while Steve Martin and Richard Denniston, have both been given directors' jobs.
Both Mr. Horst and Mr. Martin will work with clients primarily located in Belgium, the Netherlands and Luxembourg, accessing those firms from London. Mr. Denniston will be supporting the firm’s reinsurance business expansion throughout Continental Europe."
Source: Reinsurance
Global professional services firm Towers Perrin has expanded its London-based reinsurance broker team with the appointment of former Aon Benfield executives.
Rolf Horst has been appointed as managing director of the Benelux region while Steve Martin and Richard Denniston, have both been given directors' jobs.
Both Mr. Horst and Mr. Martin will work with clients primarily located in Belgium, the Netherlands and Luxembourg, accessing those firms from London. Mr. Denniston will be supporting the firm’s reinsurance business expansion throughout Continental Europe."
Source: Reinsurance
Oxygen swoops for Craven's broking pair
Oxygen swoops for broking pair and business: "Oxygen Insurance Brokers has created a facilities broking team. Headed up by new hires Donald Alcorn and Jonathan Woods, the team will place bespoke binding authorities for UK/European cover-holders into the Lloyd’s and company markets.
Nigel Barton, chief executive officer, Oxygen Insurance Brokers, said, “We are delighted to welcome Donald and Jonathan to Oxygen. They have a proven track record of placing and servicing some very effective underwriting programmes for specialist UK coverholders. This skill-set adds another very important string to Oxygen’s bow.”
The team joins from Craven & Partners, and their portfolio of facilities for various specialist sectors will transfer across to Oxygen with immediate effect."
Source: Post Online
Nigel Barton, chief executive officer, Oxygen Insurance Brokers, said, “We are delighted to welcome Donald and Jonathan to Oxygen. They have a proven track record of placing and servicing some very effective underwriting programmes for specialist UK coverholders. This skill-set adds another very important string to Oxygen’s bow.”
The team joins from Craven & Partners, and their portfolio of facilities for various specialist sectors will transfer across to Oxygen with immediate effect."
Source: Post Online
Andrew Rippert Joins Karen Clark & Co
Andrew Rippert Joins Karen Clark & Company as Senior Vice President : "aren Clark & Company, independent experts in catastrophe risk, catastrophe models, and catastrophe risk management, today announced that Andrew Rippert has joined the firm as Senior Vice President. Mr. Rippert will lead the team responsible for executing the company's strategy across property and insurance services and data technology.
'Andrew has the perfect background for heading our new initiatives in data collection, risk analysis, and the distribution of property insurance products,' said Karen Clark, President and CEO of Karen Clark & Company. 'We are extremely pleased he has accepted the challenge to help transform the way the industry collects, manages, and utilizes property and risk information for decision-making.'
Mr. Rippert has more than twenty years of insurance, capital markets and consulting experience and a track record for developing and delivering value-added, innovative solutions in U.S. and international markets. Prior to joining Karen Clark & Company, Mr. Rippert served as the President of Bunker Hill Insurance Company and Chief Underwriting Officer of Plymouth Rock Assurance Company. Earlier, Mr. Rippert was Senior Vice President and Managing Director of Radian Guaranty, where he started and developed the firm's international mortgage based insurance and structured transaction business, creating successful and profitable operations in Europe, Asia, and Australia. At American Re-Insurance, Mr. Rippert led the dynamic financial modeling team, developed their first dynamic financial analysis models, and contributed to efforts to integrate the reinsurance and capital markets. His consulting experience includes work at Tillinghast/Towers Perrin and Deloitte."
Source: MarketWatch
'Andrew has the perfect background for heading our new initiatives in data collection, risk analysis, and the distribution of property insurance products,' said Karen Clark, President and CEO of Karen Clark & Company. 'We are extremely pleased he has accepted the challenge to help transform the way the industry collects, manages, and utilizes property and risk information for decision-making.'
Mr. Rippert has more than twenty years of insurance, capital markets and consulting experience and a track record for developing and delivering value-added, innovative solutions in U.S. and international markets. Prior to joining Karen Clark & Company, Mr. Rippert served as the President of Bunker Hill Insurance Company and Chief Underwriting Officer of Plymouth Rock Assurance Company. Earlier, Mr. Rippert was Senior Vice President and Managing Director of Radian Guaranty, where he started and developed the firm's international mortgage based insurance and structured transaction business, creating successful and profitable operations in Europe, Asia, and Australia. At American Re-Insurance, Mr. Rippert led the dynamic financial modeling team, developed their first dynamic financial analysis models, and contributed to efforts to integrate the reinsurance and capital markets. His consulting experience includes work at Tillinghast/Towers Perrin and Deloitte."
Source: MarketWatch
Monday, March 9, 2009
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Buffett Will Sell Less Catastrophe Reinsurance This Year -CNBC
Buffett:Will Sell Less Catastrophe Reinsurance This Year -CNBC: "In order to keep a comfortable cushion of capital on hand, Berkshire Hathaway Inc. (BRKA) will sell less catastrophe reinsurance this year, said Warren Buffett, the company's chairman.
Buffett said he aims to keep an 'absolute minimum' of $10 billion in available capital on hand in the company, he said during a Monday interview on CNBC's Squawk Box.
'I like to have quite a bit more than that to be sure we don't go below that,' he said. 'We could have a hurricane,' which would deplete reserves. 'What has changed is that we will do less catastrophe reinsurance this year,' he said.
Buffett also hedged on whether he would be interested in buying more shares of American Express Co. (AXP) or General Electric Corp. (GE), now that shares of both companies are below the price he has paid in the past.
In the case of American Express, a long-time Berkshire Hathaway holding, Buffett said that because of the company's new status as a bank holding company, he would need the Federal Reserve's approval to go above his current stake."
Source: CNN
Buffett said he aims to keep an 'absolute minimum' of $10 billion in available capital on hand in the company, he said during a Monday interview on CNBC's Squawk Box.
'I like to have quite a bit more than that to be sure we don't go below that,' he said. 'We could have a hurricane,' which would deplete reserves. 'What has changed is that we will do less catastrophe reinsurance this year,' he said.
Buffett also hedged on whether he would be interested in buying more shares of American Express Co. (AXP) or General Electric Corp. (GE), now that shares of both companies are below the price he has paid in the past.
In the case of American Express, a long-time Berkshire Hathaway holding, Buffett said that because of the company's new status as a bank holding company, he would need the Federal Reserve's approval to go above his current stake."
Source: CNN
Buffett:Will Sell Less Catastrophe Reinsurance This Year -CNBC
Buffett:Will Sell Less Catastrophe Reinsurance This Year -CNBC: "n order to keep a comfortable cushion of capital on hand, Berkshire Hathaway Inc. (BRKA) will sell less catastrophe reinsurance this year, said Warren Buffett, the company's chairman.
Buffett said he aims to keep an 'absolute minimum' of $10 billion in available capital on hand in the company, he said during a Monday interview on CNBC's Squawk Box.
'I like to have quite a bit more than that to be sure we don't go below that,' he said. 'We could have a hurricane,' which would deplete reserves. 'What has changed is that we will do less catastrophe reinsurance this year,' he said.
Buffett also hedged on whether he would be interested in buying more shares of American Express Co. (AXP) or General Electric Corp. (GE), now that shares of both companies are below the price he has paid in the past."
Source: CNN
Buffett said he aims to keep an 'absolute minimum' of $10 billion in available capital on hand in the company, he said during a Monday interview on CNBC's Squawk Box.
'I like to have quite a bit more than that to be sure we don't go below that,' he said. 'We could have a hurricane,' which would deplete reserves. 'What has changed is that we will do less catastrophe reinsurance this year,' he said.
Buffett also hedged on whether he would be interested in buying more shares of American Express Co. (AXP) or General Electric Corp. (GE), now that shares of both companies are below the price he has paid in the past."
Source: CNN