August 2009/1

Shares in Novae Group traded down last week after the Lloyd's insurer posted a £2.1mn loss for the first half, driven by a £26mn hit from aviation reinsurance and credit insurance claims...

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.

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.

Transatlantic Re crowned its transition into a new era of independence with a 6.9 percent Q2 increase in book value per share to reach a record high of $53.57 at 30 June.

Cooper Gay acquires 100% of Brazilian arm; QBE to acquire Elders; RK Harrison announces restructure...

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...