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April 2007/6

  • As the US insurance industry converges on New Orleans for the annual Risk and Insurance Management Society (RIMS) conference, delegates were told that it would take catastrophe losses of over $105bn to reverse the increasingly-soft market.
  • American International Group's (AIG) life insurer, AIG Life, was granted a license to conduct its group insurance operations from the Qatar Financial Centre (QFC).
  • Cat modelling specialist Risk Management Solutions (RMS) has launched a new parametric index which it says will help draw more emerging capital markets players into the catastrophe risk arena.
  • A UK High Court has delivered a landmark decision favouring reinsurers in a dispute concerning "follow the settlement" clauses.
  • US-based brokers Arthur J Gallagher & Co (AJG) and Hilb Rogal & Hobbs (HRH) disappointed analysts with first quarter profits down on expectations last week as the top line suffered from the impact of declining insurance rates.
  • Swiss Re’s first quarter result will benefit from a capital gain of £250mn following the £600mn sale of its “Gherkin” office building in London, according to analysts.
  • US insurers Chubb Corporation and WR Berkley reported profits up and premiums down for the first quarter of 2007.
  • Early reporting Bermudians delivered strong first quarter earnings last week but weaker top line figures as signs of premium growth slowdown in a softening market began to show.
  • Bermudian giants ACE Ltd and XL Capital reported analyst-beating first quarter profits last week, but the companies’ performances met with a mixed response from analysts.
  • AmTrust Financial Services Inc has acquired IGI Group Ltd, a small UK specialty insurer.
  • It was at least a year in development, but Paris-based IXIS Corporate and Investment Bank has finally launched its new Bermudian reinsurer and insurance linked securities fund with some $600mn of capital.
  • The rising price for distribution channels was demonstrated with AXA’s recent acquisition of UK consolidator Smart & Cook Group Ltd.
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