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April 2008/2

  • A slump in underwriting results in the US property/casualty insurance industry dented its profitability last year, according to Insurance Services Office (ISO).
  • Malaysian reinsurer MNRB Holdings Berhad has announced it is to purchase a 9.99 percent stake in British Islamic Insurance Holdings Ltd (BIIH).
  • European reinsurer SCOR has received an admitted Brazilian property and casualty carrier license as other firms continue to flock to the country in anticipation of its formal deregulation later this week.
  • Brit Insurance's exposure to the AMC-14 satellite that failed to reach its planned orbit last month is limited to $12mn before reinsurance, according to Numis Securities analysts.
  • Ratings agency Standard & Poor's (S&P) has downgraded the $135mn Class C notes of Oil Casualty Insurance Company's (OCIL) Avalon Re cat bond following the notification of claims arising from the New York steam pipe explosion in July 2007.
  • Brokers are again cutting back their workforces as the tough trading conditions squeeze their margins.
  • The introduction of new laws in the UK covering corporate manslaughter has prompted one insurer to revamp its existing offering.
  • Sagicor Financial Corporation (SFC) - the Caribbean financial services group which bought Lloyd's insurer Gerling at Lloyd's and its Syndicate 1206 last year - announced an increase in net income to over $100mn in 2007.
  • Rating agency Standard & Poor's has become the latest firm to highlight the inadequacy of airline premium levels for managing the industry's future losses.
  • Beleaguered Bermudian life reinsurer Scottish Re Group has suffered another ratings downgrade as uncertainty over its financial position continues.
  • Berkshire Hathaway has bought one million shares in German giant Munich Re in the last six months, according to reports.
  • Reinsurers faced increased competition and a softening market at the recent 1/4 renewals, according to Willis Re.
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