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).

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.

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.

Reinsurers faced increased competition and a softening market at the recent 1/4 renewals, according to Willis Re.

Analysts have welcomed reports that Russia's largest bank Sberbank is considering buying Allianz unit Dresdner Bank's investment banking business.

US insurer Allstate Corp is likely to fall short of profit expectations when it reports its first quarter result later this month.

A US federal appeal judge has upheld the decision by Florida's insurance regulators to bar Allstate Corp from writing new business in the state.

Guy Carpenter global Fac chief Mark Newman has resigned his post to head (re)insurer Catlin's Asia Pacific rim operations.