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.

"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.

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.

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.

Willis's recently acquired London market broking subsidiary Glencairn, part of the $2.1bn Hilb Rogal & Hobbs takeover, is set to be the core of a new, predominantly wholesale broker Faber Dumas, The Insurance Insider understands.

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.

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.

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.

Ratings agency Standard & Poor's revised its outlook for the US commercial lines and property & casualty (P&C) sector to negative last week on the back of continued price softening and declining investment returns.

Sagicor Group of Companies has announced that group net profits increased by around $9mn compared with the prior-year period after profiting from the Lloyd's platform it acquired in September 2007.

Lloyd's insurer Hiscox Ltd has posted a rise in pre-tax profits with reserve releases, a solid investment performance and strong underwriting returns defying the gloom of the soft market and credit crunch.