August 2010/3

Chartis is the lead on the $30mn hull cover for a passenger plane that broke in two while landing in Colombia, The Insurance Insider can reveal.

Keogh promoted to vice chairman at Ace...

The timetable for introducing Solvency II has been called into question as large numbers of staff leave UK regulator the Financial Services Authority (FSA) ahead of its abolition.

Concerns are being raised that capacity in the traditional energy market will not be enough to meet future requirements.

Reinsurance broker Guy Carpenter has boosted its Bermuda team by signing up ex-Deutsche Bank convergence executive Erik Manning, confirming reports from sister publication Trading Risk that tipped the island as Manning's next destination.

Catastrophe bond issues may now reach $4bn-$6bn for 2010 after a bumper second quarter, according to revised forecasts from broker Guy Carpenter.

Ace Group is understood to lead the estimated $360mn Saudi Arabian Airlines warehouse loss, which is the largest aviation claim so far this year.

The Federal Reserve's latest economic stimulus measures threaten to extend low interest rates and put further pressure on P&Cinsurers' profits, stockbroker Collins Stewart has warned.

Expansive agency Dual International has signed up Hiscox to provide up to 25 percent of capacity for its global portfolio.

Lloyd's takeover target Brit Insurance has ended its search for a group finance director by hiring former Zurich Financial Services (ZFS) senior executive Scott Egan to replace Matthew Scales.

The UK government has recruited Lloyd's chairman Lord Levene of Portsoken to lead a high-level reform unit at the Ministry of Defence (MoD).

Ironshore International's Pembroke Syndicate 4000 at Lloyd's is the latest insurer to try and exploit heightened demand for liability cover in the oil and gas sector, as it introduces a wide-ranging professional indemnity product for the industry.

Allied World Assurance Company Holdings has bought $250mn worth of shares back from founding investor Goldman Sachs, after posting first-half net income growth of 30 percent last week.

American International Group (AIG) is in talks with potential investors to sell stakes in its AIA Asian life division ahead of its planned initial public offering (IPO), according to reports.

Lockton has claimed a 5 percent increase in organic revenues for its 2009/10 financial year.  

Mortgage-backed securities (MBS) writedowns have continued to overshadow discontinued (re)insurer the Alea Group, with first half net losses deepening to $50mn from $45mn a year earlier.

Caribbean insurer Sagicor has increased its net loss estimates on the Chilean earthquake disaster to $10mn in its half-year results, up from an earlier estimate of $8mn.

Troubled Canadian insurer Kingsway Financial Services (KFS) has posted a second quarter net loss of $19mn, compared to a $38mn deficit in the same period last year, amid underwriting and disposal losses.

Tokio Marine Holdings has booked a 60 percent increase in second quarter profit to Yen56.41bn, as it plans to expand overseas and enjoys signs of recovery in the Japanese economy.

Hannover Re has more than doubled its estimated hit from the Deepwater Horizon oil rig disaster, increasing its loss reserves to EUR89mn in the second quarter from an earlier EUR40mn prediction.

Omega Insurance Holdings has issued a profits warning to investors as it anticipates losses of $35mn for the first six months of the year.

"Transformation is an expensive business" a senior broking executive once explained to The Insurance Insider after we revealed his firm had received a cash injection from its parent after a reorganisation had gone over budget.

Lloyd's insurers have adopted wildly different strategies in their reliance on reinsurance, with some carriers ceding proportionately more than twice as much as their Lime Street rivals, research by The Insurance Insider reveals.

RSA's attempt to swallow up large swathes of Aviva's non-life business in a transformational multi-billion pound deal looks like a long shot, according to analysts.

The long-drawn out sale process for Ri3K is close to resolution, with two final bidders valuing the London market electronic trading business at around £10mn.

Lloyd's is likely to keep its capital ratios the same for 2011, despite the enervating effects of this year's cat losses and the prospect of Solvency II.