August 2009/1

American International Group (AIG) has turned to another former head of a US insurance giant to chart the troubled waters after last September's government bailout, with the appointment of Robert Benmosche as its new CEO.

As commentators digest Q2 figures from the predominantly US and Bermudian (re)insurers reporting last week, attention turns to the Continental European giants, with Swiss Re, Munich Re and Hannover Re preparing to report in the coming days.

Improved conditions in the financial markets during Q2 helped Validus Holdings regain lost value in its investment portfolio, as strong unrealised gains helped net income climb 81.2 percent...

The liability claim from the Tupolev Tu-154 passenger aircraft that crashed in north-western Iran on 15 July, killing all 168 on board, is currently estimated at up to $55mn, The Insurance Insider understands.

A trio of Bermudian (re)insurers - RenaissanceRe, Montpelier Re and Endurance Specialty Holdings - booked higher Q2 net income, bolstered by reserve releases and improving investment conditions.

XL Capital's second quarter net profits plunged 66 percent year-on-year from $237.9mn to $79.9mn, as the bottom line was dented by foreign exchange losses and a fall in net investment income.

The predictions of a truly hard reinsurance market have failed to materialise and 2010 could even see the market soften, according to predictions made last week.

White Mountains Insurance Group is restructuring its reinsurance business by converting its Bermudian reinsurance arm into a branch of White Mountains Re Sirius.

Parkton Re Ltd, the cat bond put together for North Carolina's state wind pool, has become the latest 2009 issue to upsize as it increased from a planned $125mn to $200mn on closing.

A US federal judge has upheld a jury verdict for United National Insurance Company (UNIC) in a reinsurance spat with Aon Ltd, and added $8.3mn in prejudgment interest to the amount the jury awarded...

RK Harrison has said that the Lloyd's broker Bowood Holdings, which it acquired in October 2008, will become the group's specialist delegated authority broker from 1 October this year...

While WR Berkley CEO Bill Berkley is confident the sluggish US P&C markets are close to turning, similar positive rate change across each of Traveler’s business segments were not enough to fuel Q2 income growth.