August 2009/5

Swiss Re has continued shedding non-core assets with the sale of its CyberComp workers' compensation unit to AmTrust Financial Services.

Run-off (re)insurer Alea Group booked a net loss of $44.7mn in the first six months of 2009, compared to the small profit of $819,000 it eked in the first half of 2008.

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.

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.

Xchanging, the London market and international business process outsourcing specialist, has secured a £110mn syndicated term loan and revolving credit facility.

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 managing agent Chaucer said it is confident of a continued pipeline of new business for its Lloyd's turnkey operations, following the news that Antares Syndicate 1274 is to fly the nest.

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.