August 2007/2

Three months into the 2007 hurricane season, the first Re-Ex Index catastrophe derivative has gone through on the New York Mercantile Exchange (NYMEX).

Insured losses from Hurricane Dean will be in a range of $0.75-1.5bn, substantially less than first feared due to the storm’s “extraordinarily fortunate track”, according to modelling firm Risk Management Solutions (RMS).

French reinsurer SCOR Group has revealed a 55 percent increase in its gross written premium during the first half of this year, primarily driven by its acquisition of the life reinsurer Revios.

Shares in Hiscox Ltd increased over 5 percent this morning after the company was propelled to a record half-year profit before tax of £105.6mn, up 72.1 percent, by the stellar performance of its Global Markets division.

The European Commission (EC) is set to launch a probe into the role of rating agencies over their response to the US sub-prime mortgage crisis, according to reports.

Newly-listed Bermudian (re)insurer Validus Holdings’ reported strong inaugural results as a public company yesterday.

“Class of 2005” start-up Flagstone Reinsurance Holdings Ltd unveiled a second sidecar as it reported Q2 profits hit by $31mn losses from the UK floods in June and $23.5mn from the Australian storm and flooding.

Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is planning an August float on the London Stock Exchange’s Alternative Investment Market (AIM) in a bid to raise £15mn.

QBE frustrated by Names’ exit expectations; Bedford to head up GCFac UK; Cost cutting continues at R&SA; Goldsmith retires from Towers Perrin; Re-Ex sees first cat option transaction...

Newly listed run-off firm Tawa plc could earn shareholders a 30 percent return on equity (ROE), according to research into the IPO by stockbrokers KBC Peel Hunt.

UK regulator the Financial Services Authority (FSA) has recommended the appointment of policyholder advocates for non-life schemes of arrangement.

Marsh & McLennan Companies Inc (MMC) shares continued to slide as its broking division reported second quarter revenue growth that lagged behind rivals Aon Corp and Willis Group Holdings.