And also this week ...
XL Insurance appointment
XL Insurance, the global insurance operations of XL Capital, has appointed Peter Bitterlin as regional underwriting manager for energy. He will head XL Insurance’s onshore energy team for Europe and Asia Pacific and will be based in London.
Swiss Re repayment
In a meeting with analysts last week, Swiss Re chief finance officer George Quinn said an early repayment of the Warren Buffett convertible would be low. According to Citi analysts, the company said early redemption could be possible but only in limited circumstances, and that the cost would be 40% premium to the CHF3bn (£1.72bn) Buffett injected into the business earlier this year. This month, Swiss Re reported a net loss of CHF381m for the first half of 2009.
Chaucer has formed a strategic partnership with Global Special Risks (GSR), a US-based insurance broker, to provide a new underwriting platform for land-based oil and gas operators in North America. The company says
that the partnership will enhance the energy services of both companies, combining the underwriting expertise of Chaucer Syndicate 1084 with the distribution network and front-end services provided by GSR, which has offices in New Orleans, Dallas and Houston. It will be led by Helen Tarr, who joins from GSR.