December 2007/5

Natural disasters cost $61bn in economic damages in 2007, approximately $25bn of which was insured losses, according to research by reinsurance giant Swiss Re.

The US property/casualty insurance industry's after tax net income rose 7.1 percent to $49.4bn in the first nine months of 2007, but profitability slipped to 13.1 percent for the period from 13.8 percent in the previous year, as underwriting results deter

Jardine Lloyd Thompson Group plc (JLT) has become the latest broker to launch an underwriting operation as it looks to develop its revenue streams.

Bermudian catastrophe reinsurance specialist IPC Holdings Ltd has seen its reinsurance subsidiaries assigned a negative outlook by AM Best over enterprise risk management (ERM) concerns.

Bermudian-headquartered insurance giant ACE Ltd has sought to reassure investors over the potential exposure of its investment portfolio to the sub-prime fallout.

Catlin's $225mn Newton Re cat bond has attracted new investors to the sector from outside the traditional investor base - a testament to the growing attractiveness of insurance linked securities (ILS) to the capital markets.

UK run-off firm Randall & Quilter Investment Holdings (R&Q) saw its share price climb after trading began on the London Stock Exchange's Alternative Investment Market (AIM) yesterday, having raised £17mn in capital in its initial public offering (IPO).

The sub-prime woes of XL Capital Ltd deepened as its shares fell almost 7 percent yesterday to a 52-week low of $49.23 on the New York Stock Exchange after ratings agency Moody's Investor Service placed the Bermudian (re)insurer's ratings on review for po

Insurance linked securities (ILS) pioneer and prolific cat bond issuer Swiss Re is expected to return to the capital markets shortly with $660mn of notes in two new cat bond transactions.