August 2008/3

BluePoint Re Ltd, the Bermuda-based financial guaranty reinsurer owned by US bank Wachovia Corp, has filed for Chapter 15 bankruptcy protection in New York, citing defaults on mortgage-related products.

US insurer Allstate Corp has agreed to pay Florida regulators a $5mn fine and granted an additional 5.6 percent rate cut to the state's homeowners as part of its settlement with the jurisdiction.

QBE Insurance Group's appetite for growth by M&A continued last week when it snapped up the Australasian business of struggling US mortgage insurer PMI Mortgage Insurance Ltd's for A$1bn.

Ratings agency Standard & Poor's (S&P) has maintained its Stable outlook for Lloyd's syndicates despite the increasingly challenging pricing environment they operate in.

Interbroker-dealer Evolution Markets has launched a new division for trading and structuring catastrophe derivatives following its successful entry into the weather derivatives market.

German reinsurer Cologne Re, part of Warren Buffett's General Re group, posted first-half profits of EUR166.6mn, up from EUR129.2mn in the prior-year period, despite being hit by catastrophes in Europe and Australia.

Tropical Storm Fay is expected to reach hurricane strength after crossing western Cuba and is on track to hit Florida later today (18 August), according to forecasters at Tropical Storm Risk.

Costs in sterling and revenues in dollars has been the awkward position for many London-based brokers so the deteriorating pound is providing a welcome fillip.

"Class of 2005" Bermudian Flagstone Reinsurance Holdings says it is planning to move into the primary market in India.

Lloyd's insurer Amlin plc has continued its strategy of acquiring interests in small UK producers with the purchase of a minority stake in TL Dallas Group Ltd.

The restoration of New York as the centre of Guy Carpenter's power was reflected last week in the migration of global chief operating officer Charlie Fry to the US.

Risk Management Solutions (RMS) has launched new winter storm and severe convective storm models for North America to assess losses from different weather events.