August 2008/2

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

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

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.

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

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).

US insurer HCC Insurance Holdings Inc saw its first half profits drop to $173.4mn, compared to $197.9mn in the prior-year period, as the credit crunch took its toll.

Despite the "extremely competitive market conditions", AXIS Capital's founding chief executive John Charman said the firm's strong second quarter was testament to its underwriting strengths and strategy of diversifying its business relationships.

Catlin Group Ltd has posted a good set of results "distorted by poor investment returns that should wash through", according to one analyst.

Shares in Lloyd's (re)insurer Advent Capital leapt last week after the company effectively rejected a formal takeover approach from its largest shareholder, Fairfax Financial Holdings.

CNA Insurance Co and American Reliable are suing Willis for $275mn and $251mn respectively over allegations relating to their placement of toxic Personal Accident spiral and workers' compensation business in 1996-1998.

Every analyst is entitled to at least one blooper - so the UBS trio Andrew Kligerman, Julie On and Brian Meredith deserve a degree of sympathy after their upbeat assessment of American International Group's prospects on the eve of the insurer's results.

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.