August 2007/4

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.

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.

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.

Cayman Islands reinsurance vehicle, Greenlight Capital Re, said it had second quarter earnings of $21.3mn – a three hundred percent increase on its inaugural second quarter last year.

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.

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.

Listed Lloyd’s insurer Hardy Underwriting Group impressed analysts after upgrading its syndicate forecasts in a “bullish” trading statement on 16 August.

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.

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.

US start-up insurer SPARTA Insurance Company has been assigned an A- financial strength rating from rating agency AM Best.