August 2006/5

Reinsurance broker Benfield has opened a branch office in Taipei, Taiwan as it continues to enhance its presence in China.

UK-listed Lloyd's insurer Chaucer Holdings plc has increased the forecasts for its Lloyd's syndicates, it announced last week. Chaucer raised its forecasts on both of its syndicates for both last year and 2004.

ACE Ltd has acquired Munich Re's 15 percent stake in Russian Re, the Moscow-based independent reinsurer.

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.

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.

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.

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.

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.

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.