Scandinavian Reinsurance Co. Ltd, the Bermuda-based finite risk reinsurer, has ceased new and renewal underwriting after contributing to parent company Sirius International Insurance Corp's $138m (£97m) loss for 2001.
After the announcement ratings agencies Standard & Poor's and A.M. Best cut Scandinavian Re's ratings to BBB- and B++ respectively. They also placed Sirius' A+ ratings under review.
They cited deteriorating results and uncertainty about the ultimate parent company's (ABB Limited) long-term commitment to insurers as the reasons.
ABB Ltd, a Switzerland-based energy and manufacturing giant, is reviewing the strategic fit of all its businesses. Last week it announced a $691m (£484m) net loss for 2001.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
