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December 12 – Bermuda Reinsurance
December 12, 2008
Goldman Sachs Asset Management’s (GSAM) 5th Annual Conference for Bermuda Reinsurers was a resounding success, with record numbers of attendees hearing GSAM’s views on the effect of the economic climate on the reinsurance industry, and from whence future investment opportunities may arise.
Almost 90 senior executives, representatives from the Bermuda Monetary Authority, board members of 30 Bermudian reinsurers and others attended the event in November, where they heard presentations spanning: trends in the industry; the future of the US economy; investment possibilities in mortgages, structured credit and alternative investments; and asset allocation strategies over various time horizons.
Eric Kirsch, GSAM’s head of global insurance asset management, commented: “This conference was very well received. With the volatility in the financial markets and the bleak global economic outlook, insurance companies are seeking both strategic and investment guidance. Our role is not only to manage insurance assets, but also to partner with our clients to help them improve the management of their balance sheets. With this holistic approach in mind, we structured this year’s conference to address questions and concerns that we have heard from our clients regarding strategy, asset allocation and risk management.”
December 12, 2008
Aon Corporation has finalised its acquisition of Benfield Group Limited. The result of the transaction is Aon Benfield, formed in conjunction with Aon’s prior reinsurance operations.
The new company will be comprised of a staff of more than 4,000, working across an integrated set of risk management products and services.
Aon Benfield executive chairman Michael O’Halleran commented: “By combining the talent and capabilities of Aon Re Global and Benfield Group, we are creating a powerful global franchise capable of expanding and redefining reinsurance and capital market solutions, as well as a compelling opportunity for current and prospective clients.”
December 12, 2008
XL Capital Ltd. responded to rumours that it is considering a sale. XL said in a statement: “The company remains focused on operating its business and meeting the needs of its customers and is committed to taking actions as necessary to maximise value for its shareholders. In that regard, as can be expected in the current environment, the company is continuing to explore value-enhancing opportunities available to it and is being assisted in that effort by one of its long-standing financial advisors, Goldman, Sachs & Co.”
XL also said that its estimated mark-to-market decline on its investment portfolio from the end of the third quarter 2008 to date (December 10, 2008) would be primarily in line with its report for the third quarter of 2008. Nevertheless, it recognised that market movements between now and the close of the fourth quarter would of course affect its results for the fourth quarter of 2008.
In the same statement, the company estimated that its net investment fund affiliate losses from its alternative investment portfolio would be $200 to $220 million (approximately) over the period of September, October and November 2008.
December 12, 2008
Lancashire Holdings Ltd. has appointed Steven Sumner to the role of chief risk officer, replacing Neil McConachie. McConachie will remain with Lancashire as a director and the group chief financial officer.
Sumner brings 30 years’ experience to Lancashire Group, including a directorial role with PricewaterhouseCoopers, as well as other significant positions at Crum & Forster, American International Group and Continental Insurance Companies.
Commenting on Sumner’s appointment, McConachie said: “We are delighted to welcome Steve to the Lancashire Group as chief risk officer. Steve’s appointment is another strong statement of our commitment to excellence in risk management. Steve’s broad experience and insight into risk management practices across a wide variety of insurance organisations gives him a unique ability to act as a critical link between our underwriting, actuarial and modelling, IT, operations and finance teams.” |
