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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.