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August 2007/4

  • Karen Clark, the founder of modeling firm AIR Worldwide, has launched an independent company to act as a consultancy for (re)insurers that use catastrophe models.
  • Caribbean-based financial services group, Guardian Holdings Ltd (GHL) is to combine its two European motor insurance companies to create a single Gibraltar-based insurer and brand.
  • Bermudian (re)insurer RenaissanceRe has promoted Larry Richardson to senior vice president of its strategic investments arm, Renaissance Re Ventures.
  • Montpelier Re has made progress in its new US operation as it diversifies from its roots as a Bermudian monoline reinsurer.
  • US start-up insurer SPARTA Insurance Company has been assigned an A- financial strength rating from rating agency AM Best.
  • 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.
  • 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.
  • Listed Lloyd’s insurer Hardy Underwriting Group impressed analysts after upgrading its syndicate forecasts in a “bullish” trading statement on 16 August.
  • Lloyd’s (re)insurer Kiln plc released full details of its investment portfolio last week, as market uncertainty continued over insurance company’s exposure to sub-prime debt and collateralised debt obligations (CDOs).
  • Lloyd’s insurer Chaucer Holdings plc has confirmed it will increase its motor portfolio to offset the reduction in capacity in its other classes.
  • 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.
  • 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.