April 2008/3

Bermudian (re)insurer Ironshore Insurance Ltd's fledgling subsidiaries Ironshore Indemnity Inc (III) and Ironshore Specialty Insurance Company (ISIC) have been assigned A- financial strength ratings and issuer credit ratings of a- by AM Best.

Profits for the US property & casualty industry fell by almost $5bn to $66.5bn last year compared to the prior year period, according to rating agency AM Best.

On the 18 April anniversary of the 1906 San Francisco "big one", a magnitude 5.4 earthquake shook southern Illinois last week issuing a warning to (re)insurers, some of whom are already reducing quake coverage.

There is almost a 100 percent chance of a major earthquake in California within the next 30 years according to the latest findings from the US Geological Survey (USGS).

Former Wells Fargo executive LoriAnn Lowery has been appointed by Lloyd's as its new president of North America.

Munich Re warned its first quarter 2008 profits are likely to be down on last year's, following "major losses" in the first three months of the year.

Bermudian (re)insurers wrote $115.8bn in gross premiums in 2007 up from $100.7bn in 2006 despite falling rates, according to The Bermuda Monetary Authority (BMA).

Lloyd's insurer Omega Insurance Holdings Ltd announced last week that it had terminated talks with potential suitors interested in acquiring the company.

The European Commission has launched a public consultation on whether the (re)insurance industry should remain exempt from the European Union's anti-trust rules.

Insurance Australia Group's (IAG) share price rocketed last week as the Australian insurer rebuffed a series of merger approaches from rival QBE Insurance with shareholders speculating that the firm is a prime candidate for takeover.

Lloyd's became the first admitted reinsurer in Brazil on 17 April despite doubts over whether the long-awaited deregulation would go ahead.

Analysts and investors will scour XL Capital's first quarter financials tomorrow for further guidance on the Bermudian's exposure to the sub-prime fallout, as well as the potential impact from the spate of large risk losses hitting the sector in the perio