December 2007/3

Closing prices for 2008 US cat windstorm losses leapt nearly 6 percent last Thursday on the derivatives platform Insurance Futures Exchange Services (IFEX) signalling traders think there is a greater chance of a major windstorm loss next year.

Lloyd's insurer Heritage Underwriting Agency is looking for a white knight alternative to Ironshore Inc, the $1bn Bermudian-based insurer which is keen to buy the firm.

UK run-off firm Randall & Quilter Investment Holdings (R&Q) is looking to raise around £20mn when it lists on the London Stock Exchange's Alternative Investment Market (AIM) later this month.

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.

The UK Financial Services Authority (FSA) is to further investigate inefficiencies in the commercial general insurance market before deciding on whether to mandate commission disclosure.

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).

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

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

Bermudian insurer Aspen Insurance Ltd (AIL) has had its financial strength rating upgraded to A (Excellent) from A- (Excellent) by AM Best.

Shares in bond insurers fell last week after rating agency Moody's Investors Service warned that MBIA Inc is "somewhat likely" to fall short of the capital required to maintain its rating as a result of potential mortgage-related losses.

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.