August 2009/5

Ratings agency AM Best has downgraded the financial strength ratings (FSR) of Tower Hill Preferred Insurance Company - one of Florida's largest writers of residential property insurance.

Apart from revealing stellar results this week, Bermudian reinsurer Ariel Re announced it is to open a branch office in Zurich to write global credit and surety reinsurance from the 2010 renewal season.

UK insurance services provider Charles Taylor Consulting (CTC) posted a pre-tax profit of £5.6mn for the first six months of the year, compared to £5.2mn in H1 2008, as total revenues climbed to £45.8mn.

The International Association of Insurance Supervisors (IAIS) said that despite the problems thrown up in the wake of the Lehman Brothers collapse, the insurance-linked securities (ILS) market is likely to keep developing.

Class of 2005 (re)insurer Ariel Re continued the positive theme for international (re)insurers as it unveiled bumper H1 results this week.

While rising claims notifications are increasing pressure on rates across Europe and the Middle East and Africa (EMEA), competition between carriers and abundant capacity are still the main downward drivers for rates in most markets, according to Marsh.

As the reinsurance industry prepares for its annual pilgrimage to Monte Carlo next month, over 300 executives will gather in London to debate and examine market conditions on the eve of the Reinsurance Rendez-Vous.

International specialty (re)insurer HCC Insurance Holdings has succeeded in a knock-out bid for the remaining third-party capacity on its £54mn Lloyd's Syndicate 4040.

Willis Group has named Vic Krauze as president of Willis HRH, its North American retail business.

Robust investment returns helped propel recovery-mode Lloyd's insurer Chaucer plc and fellow carrier Hiscox Group to bumper first-half results, while Omega Group followed the pack with broadly unchanged profit after a stable first half.

Lloyd's (re)insurance broker RFIB has broadened its energy offering with a new office, RFIB Energy Australia, which will be headed by former head of Benfield Corporate Risk’s Perth office, Simon Race.

XL Capital's global insurance operation, XL Insurance, has hired Peter Bitterlin as regional energy underwriting manager for Europe and Asia Pacific.