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December 2007/4

  • Bond investors on Zurich Financial Services' (ZFS) loss-stricken Kamp Re 2005 paid out $29.7mn in losses from the principal amount of the notes on 14 December.
  • Anxious investors are awaiting the release of fourth quarter results from a number of banking groups this week, with concern mounting over the size of sub-prime related losses yet to come to light in the banking system.
  • Aon Corp is selling its US property and casualty arm Combined Insurance Co to ACE Ltd for $2.4bn and has committed to returning all the proceeds to its shareholders.
  • AM Best bolstered its London operations with the hiring of Lloyd's head of capital and broker relationships, Nick Charteris-Black.
  • Ironshore Inc - the Bermudian start-up insurer currently circling the quoted Lloyd's minnow Heritage Underwriting - has appointed the former Lloyd's chief executive Ron Sandler as chairman.
  • Ratings agency Moody's Investors Service has placed the financial strength ratings (FSR) and subordinated debt rating on Hannover Re Group subsidiaries on review for possible upgrade.
  • Catlin Group Ltd's Bermudian operating subsidiary has launched a new cat bond, Newton Re, providing $225mn of cover in two tranches for US wind and quake over a three year period.
  • Non-life insurance stocks contain some risk, but more reward despite exposure to the sub-prime crisis and the downward pressure on rates, according to Standard & Poor's (S&P) analyst Tony Silverman.
  • The Association of Insurance and Risk Managers (AIRMIC) has welcomed moves by the Financial Services Authority (FSA) to further investigate inefficiencies in the commercial general insurance market.
  • Standard & Poor's (S&P) has upgraded the financial strength ratings on the main subsidiaries of the Royal & SunAlliance Group (R&SA) from A- to A.
  • Standard & Poor's (S&P) has upgraded ratings on Renaissance Reinsurance Ltd from A+ to AA- as it praised the company's parent for holding onto its competitive position in the property cat market following the departure of senior management in 2005.
  • Marsh UK is expected to decide before year end on how it will deal with its embedded legacy burden, the broker has confirmed.