August 2006/5

Two subsidiaries of Canadian combine Fairfax Financial Holdings, Crum & Forster and Odyssey Re Holdings, filed delayed 10-Q results forms with the Securities and Exchange Commission.

Rating agency AM Best has affirmed its ratings on Swiss Re and removed the company from review with negative implications it announced last week.

Wellington Underwriting Inc, the US platform of Lloyd's insurer Wellington Underwriting plc, announced today (29 August) that it is expanding with the launch of a marine reinsurance arm.

The blanket ban on contingent commissions or Placement Service Agreements (PSAs) imposed by New York attorney general Eliot Spitzer following his 2004-2005 investigations into the major US brokers have been moderated.

Concord Re, the latest sidecar to roll off the industry’s production line, means almost $4bn of capital has been raised for these non-life reinsurance vehicles in the aftermath of Hurricane Katrina.

The growing trend for (re)insurance securitisations was demonstrated last week with a $200mn Cat bond launched by Japanese (re)insurer, Tokio Marine & Nichido Fire Insurance Co Ltd.

Cayman Island-based Greenlight Re received an A- financial strength rating from agency AM Best on 25 August. Best also assigned the "Class of 2005" reinsurer an issuer credit rating of a- and the outlook on the company's ratings is stable.

US mutual insurer FM Global has launched a second $300mn catastrophe bond to protect against earthquake losses in the Pacific Northwest region of North America.

ACE Ltd is believed to one of the insurers of the Comair jet plane Flight 5191 which crashed on Sunday (27 August) with the loss of 49 lives, according to market sources.