February 2007/2

The first sign of the magnitude of last month’s Florida legislation for reinsurers emerged with Bermudian RenaissanceRe paring back growth targets for 2007 managed property cat reinsurance by 20 percent...

Novae Group plc, the UK quoted insurer that has been rebuilding following the devastation caused by its financial and professional indemnity losses between 1997-2002, pleased shareholders today...

French reinsurer SCOR has said that following last year’s rating upgrades into the crucial “A” territory it has “largely recovered its shares of business lost in 2002-2003”.

German reinsurer Hannover Re reported premium growth of 2 percent in its total property and casualty reinsurance portfolio for the January renewals.

The growing interest amongst investors for exposure to the insurance sector has encouraged rating agency Fitch Ratings to form a new group that will rate all forms of insurance-linked securities (ILS).

Ironshore Insurance Ltd, the Bermuda-based $1bn insurer formed by the father-and-son team Bob and John Clements at the tail end of last year, has received an A- (Excellent) rating from AM Best.

Beleaguered Bermudian reinsurer PXRE is facing termination charges of up to $60mn on cat bonds and reinsurance contracts if, as expected, it goes into run-off.

Veteran London market figure Graham White was appointed as the new deputy chairman of Lloyd's by the Council of Lloyd's on 5 February.

Giant US insurer American International Group's (AIG) Lexington Insurance Co has increased its capacity of commercial domestic property terrorism insurance to $250mn from $100mn.

Reinsurance broker Benfield Group has bolstered its Fac team again with the appointment of Michael Lazarus as head for Australia, New Zealand and South Africa.

Reinsurance broker Guy Carpenter has appointed Ajay Junnarkar as its chief financial officer as it seeks to "further its capital markets capabilities".

Numis Securities lowered its earnings forecast on the UK-headquartered broker Jardine Lloyd Thompson Group plc (JLT) and reiterated its sell recommendation on the company's stock.