August 2007/4
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Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is pushing ahead with its £15mn floatation on the London Stock Exchange’s Alternative Investment Market (AIM) and trading is expected to commence on 4 September.
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First half earnings at insurance giant Zurich Financial Services (ZFS) rose by a third to $2.7bn despite the firm suffering a 3.9 percent deterioration in its combined ratio in the second quarter due to UK flood losses.
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Australian insurer QBE Insurance Group saw its share price jump 11 percent to A$30.52 today (20 August) on the back of record interim results and a surge in equity markets following last week’s sell-off.
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This year’s first North Atlantic hurricane, Dean, has struck Jamaica causing up to $3bn in insured losses according to early estimates, and is now heading for Mexico.
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Slivers of optimism have appeared within the (re)insurance industry despite last week’s brutal stock market conditions which saw the S&P 500 Property/Casualty insurers index fall 10 percent in just two days as sub-prime jitters...
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As Hurricane Dean bears down on the Yucatan Peninsula of Mexico, there are few signs of trading around industry loss warranties (ILWs) and the other hedging strategies typically employed in anticipation of a major hurricane loss.
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Despite moderate price reductions, the Lloyd’s listed (re)insurer Heritage Underwriting Agency plc’s said rates are “still at very acceptable levels” in its latest syndicate forecasts.
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Listed Lloyd’s insurer Hardy Underwriting Group impressed analysts after upgrading its syndicate forecasts in a “bullish” trading statement on 16 August.
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Lloyd’s insurer Chaucer Holdings plc has confirmed it will increase its motor portfolio to offset the reduction in capacity in its other classes.
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According to reports last week, the European Commission (EC) is set to investigate the role of rating agencies over their response to the US sub-prime mortgage crisis.
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The brutal uncertainty in the equity markets, together with the menacing presence of Hurricane Dean, is a reminder of the capricious nature of the (re)insurance business.
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Bermuda-based life reinsurance specialist Scottish Re Group revealed a second quarter profit of $99.5mn, which was boosted by a one-time tax benefit from last year’s loss of $123.9mn in the same period.
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