April 2008/1

The Insurance Services Office (ISO) has estimated that US property & casualty insurers will pay out an estimated $3.35bn in first quarter catastrophe claims in 2008.

Florida’s state insurer Citizens Property Insurance Corporation is to buy reinsurance in the private market for the first time in its history.

Shares in Highway Insurance Holdings plc have dipped after the UK motor specialist offered a bleak update on the sector.

Allianz Group's first quarter results are expected to be hit by a EUR0.9bn writedown at subsidiary Dresdner bank "due to the ongoing financial market crisis", the company has revealed.

Lloyd’s (re)insurer Advent Capital Holdings plc fell to a first quarter pre-tax loss of £5.5mn as it was hit by the succession of heavy industrial catastrophe losses this year, together with deterioration on the 2005-07 underwriting years.

Peter Harmer, CEO of Aon UK, is to become chairman of the London Market Reform Group (MRG), Lloyd’s has announced. Harmer succeeds Stephen Matanle, managing director of Libero Ventures Ltd who left global broker Marsh in February.

Lloyd's (re)insurer Amlin plc has seen a 10 percent fall in gross written premium (GWP) for the first quarter of the year compared to the same 2007 period driven by renewal rate reductions, the company has announced.

Hilb Rogal & Hobbs (HRH) said it has seen a “significant improvement” in the performance of its London market broker Glencairn.

Independent UK broker Price Forbes & Partners is planning to launch in Bermuda in the second quarter of this year.

Liberty Mutual Group is to acquire rival Safeco Corporation in a sale worth $6.2bn after the boards of both companies reached a sale agreement.

Troubled Bermudian (re)insurer XL Capital Ltd reported a 49 percent drop in net income for the first quarter 2008 on the prior year period, at $276.9mn or $1.57 per ordinary share.

Insurance Australia Group (IAG) has rebuffed another approach from QBE Insurance after it extended its merger offer until 5 May.