August 2008/3

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.

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.

Chinese insurer Ping An Insurance reported a 2 percent drop in its half-year profits with a rise in premium offset by a decline in its investment income as the company warned of possible further credit crunch-related losses.

Benfield Group Ltd received a boost last week after Merrill Lynch upgraded the stock to "Buy" following its solid first-half year results.