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 Navigators Group has become the latest company to gain regulatory approval to operate in Brazil.

Aon Corporation has announced the launch of a new Takaful unit, which will form part of its reinsurance arm Aon Re Global.

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

Bermudian energy mutual Oil Insurance Ltd has reduced the 2008 premiums due from its members at last month's board meeting.

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.

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.

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.

UK insurance buyers group the Association of Insurance and Risk Managers (AIRMIC) has made a submission to the EU Commission supporting continuation of the block exemption.

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.

Rating agency Moody's Investors Services Ltd affirmed its rating on German giant Hannover Re and its subsidiary E+S Rückversicherung but simultaneously withdrew its ratings on the companies.