August 2008/1

Hurricane Gustav has been downgraded to tropical storm status after skirting past New Orleans, with insured losses arising mainly from disruption to offshore oil and gas rigs.

Canadian (re)insurance conglomerate Fairfax Financial Holdings has declared its 165p a share cash offer for Lloyd’s (re)insurer Advent Capital Holdings Plc unconditional after securing a controlling interest in the company, as the Advent board reiterated

William Stovin has been appointed as president and COO of Markel Corporation's London subsidiary Markel International, replacing US-bound Gerry Albanese.

Lloyd's insurer Chaucer Holdings plc reported a slump in half-year profits as it was hit by the double whammy of heavy claims and difficult investment conditions.

UK insurer Liverpool Victoria Insurance Company Ltd (LV) has emerged as the bidder for UK motor insurer Highway Insurance Group plc.

Swiss-domiciled reinsurer Paris Re Holdings Limited has announced improved results for the first half of 2008, with net income up by around a third to $150.6mn despite taking a $14.2mn hit from Windstorm Emma.

Bermudian CastlePoint Reinsurance Company Ltd has agreed a $135mn deal to buy US excess and surplus (E&S) lines and admitted insurer Hermitage Insurance Group.

Swiss Re is re-shuffling senior management in its beleaguered financial markets division, and putting its "non-core" businesses into run-off, The Insurance Insider can reveal.

Highway Insurance Group plc has confirmed that it is in "advanced discussions with a third party" about a potential takeover after shares in the motor insurer surged this morning amid M&A speculation.

In common with many (re)insurers reporting half-year figures, Brit Insurance Holdings plc saw profits suffer as a result of unrealised losses on its investment portfolio, partly offset by reserve releases and a foreign exchange profit.

SCOR has reported a 24.3 percent rise in half-year net profits as last year's Converium acquisition continues to fuel the reinsurer's results.

AM Best has become the latest ratings agency to affirm XL Capital ratings and remove them from review after the Bermudian reinsurer closed a deal to end the majority of its exposure to former bond insurance arm Security Capital Assurance (SCA).