August 2008/2

Catastrophe modelling firm Risk Management Solutions (RMS) has upgraded its UK Inland Flood Model after last year's heavy floods.

Aon Re Global has announced the appointment of former Guy Carpenter MD and deputy head of its international department Christer Pehrson as executive director.

Fortis Insurance UK saw half-year pre-tax profits more than double in a performance it attributed to a focus on profitable underwriting and cost control.

Independent Services Group (ISG) is poised to write homeowners insurance business in Louisiana following the formal completion of the purchase of US insurer in run-off Americas Insurance Company (AIC) from insurance services company Whittington Group.

Hurricane forecaster Tropical Storm Risk (TSR) has increased its prediction for this year's North Atlantic season and is now expecting 18 tropical storms in 2008.

A disgruntled investor has threatened to assert his appraisal rights in court following the announcement that New York-headquartered Tower Group is to buy CastlePoint Holdings, the Bermudian reinsurer it established in 2006 for $490mn.

Bermudian Endurance Specialty Holdings is building its presence in UK construction insurance with a team headed by former HDI Gerling UK underwriter Simon Challinor.

UK independent broker Heath Lambert has reported "steady and consistent progress" in half-year 2008 performance, despite the sale of its wholesale/reinsurance units over the period.

XL Capital's $3.375bn capital raise and deal with Security Capital Assurance (SCA) has received a cautious welcome from ratings agencies and investors after closing last week (5 August).

A forty percent increase in facultative reinsurance revenues for the first half of the year could not prevent overall profits falling at broker Benfield.

Earnings at expansive Bermudian (re)insurer Max Capital Group more than halved in the first six months of 2008, down to $82mn from $174.1mn in the prior-year period, despite a rise in investment income.

Hannover Re's operating profit was down 14.4 percent in the first half of 2008 to EUR400mn after being hit by a 24.1 percent fall in investment income in the period as the German reinsurance giant missed analyst targets.