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August 2007/3

  • Insurance stocks remain volatile as a result of erratic trading on global financial markets, which saw most major indices plummet.
  • Forecaster Tropical Storm Risk (TSR) has lowered its latest North Atlantic hurricane season prediction from 40 percent above normal activity to 35 percent.
  • Giant US insurer American International Group (AIG) has entered into an agreement to acquire Wurttembergische und Badische Versicherungs-AG (Wuba), its subsidiaries including DARAG Deutsche Versicherungs- und Ruckversicherungs-AG (DARAG) from associates o
  • Broker Aon Corp has confirmed that Geoff Bromley, the former chairman of Guy Carpenter’s European and Asian operations, will join Aon Re Global as vice chairman, as first revealed by The Insurance Insider.
  • Broking giant Marsh is set to resume taking fees from insurers for some of the services it provides customers.
  • Andrew Carrier, the former active underwriter of Kiln’s Lloyd’s Syndicate 557 and the reinsurance division of its Syndicate 510, will join Bermudian firm Peleus Re later this year.
  • Newly-listed Bermudian (re)insurer Validus Holdings’ reported a strong set of inaugural results as a public company last week.
  • The UK’s largest privately-owned insurance group, Towergate Partnership (Towergate) announced a 31 percent increase in gross written premium despite softening market conditions.
  • Bermudian firm White Mountains Re has appointed Dwight Evans, the former head of Arch Worldwide, as executive vice president.
  • Reinsurance broker Guy Carpenter has appointed Rupert Bedford as head of broking for the UK operations of GCFac, the firm's dedicated facultative reinsurance unit
  • The average premium per airline renewal this year has dropped $1mn in comparison with last year, according to a report by Aon Aviation.
  • Berkley Insurance Co, a subsidiary of US (re)insurer WR Berkley, is opening an Australian operation to write casualty facultative and treaty reinsurance.