August 2008/1

For the second quarter in a row, analysts were upbeat on Lancashire Holdings Ltd, despite the Bermudian insurer booking a fall in profits hit by the "unusually large" number of Q2 industry losses.

New York headquartered Tower Group is to buy CastlePoint Holdings, the Bermudian reinsurer it established in 2006 for $490mn.

Shares in Lloyd's (re)insurer Advent Capital have climbed a further 4 percent today (5 August) after the company rejected an overture from its largest shareholder, Fairfax Financial Holdings.

Swiss Re is to pay £753mn for the life assurance arm of Barclays, the group has confirmed.

Our monthly column keeping a check on recent US and EU legislative and regulatory developments, in association with Sidley Austin LLP

Randall & Quilter's appetite for acquisitions shows no sign of waning with the group's founding CEO Ken Randall eyeing "numerous opportunities".

The scheme of arrangement on the four EW Payne Pools was finally approved in the UK High Court last month.

Mangrove Bay has become the first major contingent capital facility issued by a non-life (re)insurer to be called upon after the Bermudian (re)insurer confirmed last month that it would be exercised.

As the softening insurance cycle continues to pervade the industry – putting pressure on commissions and increasing competition between brokers for clients – the battle for market share is as fierce as ever.

Despite both booking a 6 percent rise in total revenues for the second quarter, Aon was able to trump rival Willis on its reinsurance operations.

A second consecutive quarter of heavy catastrophe losses took its toll on early reporting US insurers as profits slipped at Allstate Corp, Travelers, Liberty Mutual, WR Berkley and Chubb.

US national carriers and Florida-only insurers created a surge in demand for Industry Loss Warranties (ILWs) last month, according to Jim Bryce, president and CEO of Bermudian cat specialist IPCRe.