April 2009/3

Catlin Group is launching a new Lloyd’s Syndicate and has opened a Guernsey branch office to write term life (re)insurance business.

The value of fraudulent UK insurance claims rose 30 percent to £730mn in 2008, while the number of fraudulent claims rose 17 percent against 2007 to 107,000, according to figures released by the Association of British Insurers (ABI).

German regulator BaFin is set to give its verdict on German hedge fund Augur Capital's EUR20mn acquisition of Deutsche Versicherungs- und Rückversicherungs-AG (DARAG) later this week, The Insurance Insider understands.

Last year's apparently freakish total of 1,700 US tornadoes - which cost the industry more than $10.5bn in insured losses - may not be so unusual after all.

Talbot Underwriting has become the latest Lloyd's (re)insurer to reveal a hike in 2009 stamp capacity, confirming a 23 percent rise to £400mn on its Syndicate 1183, as it looks to take advantage of what it claims are rising rates across its portfolio.

The Florida Hurricane Catastrophe Fund (FCHF) has decided not to buy private reinsurance in 2009 or renew the put option it bought from Berkshire Hathaway, The Insurance Insider understands.

Lloyd's insurers may be poised to benefit from a change in the UK government's tax treatment of their equalisation reserves, as the UK budget fast approaches (22 April).

The leveraged UK broker consolidator Towergate Partnership has refinanced its long-term banking facilities – a move that it says will enable its strategy of growth through acquisition to continue.

Lloyd’s opens Brazil office; Mitsui Sumitomo branches out to Eastern Europe; Beazley completes acquisition of First State...

Ratings agency Moody's has revised its outlook for the US commercial lines insurance sector to negative from stable.

Bermuda-headquartered insurer Hiscox has re-jigged its group reporting structure as it continues its US expansion.

Ironshore continues AIG harvest with new property executive; QBE finally appoints US CEO; Chubb promotes London; EQECAT appoints new senior VP manager; Willis appoints Sweden CEO; Colemont hires new aviation CEO...