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.

Troubled energy mutual Oil Insurance Ltd has had its A- rating placed on CreditWatch with negative implications by rating agency Standard & Poor's (S&P).

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).

The rising price for distribution channels was demonstrated with AXA’s recent acquisition of UK consolidator Smart & Cook Group Ltd.

Australian insurer QBE Insurance Group has confirmed a privately placed $550mn offering of hybrid notes to institutional investors.

Bermudian reinsurer Aspen Insurance Holdings Ltd returned to the capital markets with two securitisation deals last week that will provide it with over $1bn in hurricane and earthquake cover.

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.

It could prove to be a tough year for brokers but Willis Group Holdings Ltd showed last week that it was still able to grow revenues and profits despite falling rates.

A UK High Court has delivered a landmark decision favouring reinsurers in a dispute concerning "follow the settlement" clauses.

Martello Insurance PCC Limited, a protected cell company, has been launched in Gibraltar aiming to provide the "benefits and advantages of captive insurance, but at a lower cost".

Steven Haasz - an influential figure in driving market reform at Lloyd's - resigned from the Corporation last week only days after the Society was upgraded to A+ by Standard & Poor's citing "unstoppable momentum behind improving London market business pro

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.