December 2007/3

Nearly half of European insurers have reflected strong AAA capital adequacy scores after assessment by ratings agency Fitch's new stochastic Prism model.

US giant American International Group revealed Friday (7 December) that the sub-prime fallout and credit crisis has cost it $3.75bn in the fourth quarter to date.

Talbot Underwriting, which was acquired by Bermudian reinsurer Validus Holdings in July, has said it will maintain its Lloyd’s capacity at £325mn next year.

Bermuda-based Lloyd's (re)insurer Hiscox Ltd has said it is on course for a record result this year in a trading statement released today (10 December).

Ratings agency Standard & Poor's (S&P) has lowered its counterparty credit ratings on global financial services firm Marsh & McLennan Cos (MMC) to BBB- from BBB, with a stable outlook.

Hardy Underwriting Group (HUG) plc's proposed redomiciliation to Bermuda has generally been positively received by analysts.

Shares in reinsurance intermediary Benfield Group fell 8 percent to 279p this morning following a profits warning, despite committing to an advanced capital repatriation strategy, before recovering by late afternoon to 298.5p.

Record reserve releases have helped disguise poor 2006 underwriting performance in the UK motor sector, according to analysis by financial services consultant Deloitte & Touche.

Louis Robles, known as the "King of Torts" has been sentenced to 15 years in jail and ordered to repay $13.5mn stolen from thousands of asbestos victims he represented.

UK insurer Admiral Group plc has successfully used the Part VII mechanism to transfer business from its Lloyd's Syndicate 2004 to Admiral Insurance Company and close the syndicate.

Liberty Syndicates - one of the largest Lloyd's (re)insurers - has confirmed that it will reduce its capacity by 9.5 percent next year.

UK (re)insurer Brit Insurance Holdings plc has invested in Norton Re II, a $118.2mn Bermuda-based sidecar-style vehicle launched to replace the original $107.7mn Norton Re which expires this year.