August 2008/1

Asked about the gathering storm of sub-prime last year, Henry Keeling described the crisis as presenting an "attractive opportunity" for the Bermudian (re)insurer.

Trading in Carvill's reinsurance catastrophe derivative contracts is now over $60mn in nominal value as the US hurricane season is sizing up to be the most potent since 2005.

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.

Shares in Jardine Lloyd Thompson Group plc (JLT) fell around 2 percent to 404.5p despite the firm booking a 9 percent increase in revenues and trading profits in its half-year results.

Early reporting Lloyd's (re)insurers offered results hit by the year's heavy cat claims and difficult investment conditions.

In contrast to the familiar pattern of capital-strong Bermudians boosting figures in the soft market with reserve releases, White Mountains Insurance Group took a $51mn Q2 hit as a result of adverse development in its reinsurance business.

Hiscox Bermuda CEO and chief underwriting officer Robert Childs is to return to London and be replaced by Imagine Group Holdings Ltd's head of underwriting, Robert Forness.

American International Group (AIG) has been stung by the first wave of high profile departures at Ascot Underwriting, the Lloyd's managing agency it bought out last month.

Later this month, potential acquirers of a EUR100mn German run-off portfolio should receive information packs which will enable them to price their interest.

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.

Despite agreeing a deal with SCA and regulators to shed the majority of its $65.7bn pre-IPO notional exposures to the bond insurer, XL is still on the hook for potential liabilities under guarantees that were around $1.1bn in notional value at the end of