February 2007/1

Bermudian ACE Ltd became the latest (re)insurer to benefit from an unexpectedly benign catastrophe environment as it revealed record 2006 operating income of $2.35bn, last week.

US reinsurer Transatlantic Re has reported that the absence of significant catastrophe losses drove it to its "most successful year ever" in 2006.

Bermudian reinsurer White Mountains Re said its net written premiums were down for the final quarter of last year, and flat for the year, as improving rates for catastrophe exposed lines off-set falling markets elsewhere.

When the reinsurance brokers published their 1/1 renewals analysis last month the general consensus was of flat-to-downward rating pressures outside of US catastrophe-exposed business, so there should have been little surprise when Munich Re...

Hannover Re is set to enter a landmark financial transaction that will lay off credit risk on its reinsurance recoverables to the capital markets, a move first revealed by The Insurance Insider in January last year.

Broker PWS Holdings is under investigation by the Serious Fraud Office (SFO) over an alleged $1.6mn Costa Rican reinsurance fraud.

The industry continues to count the cost of last month's Windstorm Kyrill with ratings agency Moody's estimating insured losses of up to EUR8bn across Europe.

A series of devastating tornadoes ripped through Central Florida last Friday (2 February), killing twenty people and cutting power supplies to more than 40,000 residents.

Last week's launch explosion involving an SES New Skies Boeing-built satellite on a Sea Launch platform in the Pacific is likely to cost space insurers $256mn, with potential for further claims to hit the marine market.