February 2007/5

The World Bank is bringing together donor countries today to raise between $30mn and $50mn to complete funding for a Caribbean Catastrophe Risk Insurance Facility (CCRIF).

Giant US IT provider IBM is to make its entry into the London market this year with the release of a system that will facilitate electronic risk placement.

It is imperative that the insurance industry not only understands risk, but thinks of it as an opportunity, according to Aon president and CEO Greg Case.

Bermudian (re)insurer XL Capital has announced a new share repurchase programme authorising it to buy-back up to $1bn of its Class A ordinary shares from investors.

Struggling Bermudian life reinsurer Scottish Re Group said it was "disappointed" with its fourth quarter after unveiling a $233.8mn net loss.

QBE Insurance Group pointed to its recent foray of international acquisitions as deliverers of future growth, while joining the ranks of underwriters unveiling record 2006 results.

2006 was a gold standard year for Bermudian reinsurer Platinum Underwriters Holdings as it joined its rivals in rebounding from the heavy losses of the previous year.

IPC Re's chief executive Jim Bryce has warned that the industry is now at a pricing crossroads and encouraged reinsurers to consider returning funds to shareholders to avoid excess capital chasing down rates.

Rating agency AM Best said Friday (23 February) it expects recent steps to effectively nationalise Florida's property cat reinsurance market will result in a significant decline in sidecar and start-up operations.

The sale of shares in subsidiary Odyssey Re boosted the fourth quarter profits of Canadian combine Fairfax Financial Holdings to $159.1mn.

Converium has reiterated its rejection of advances from SCOR after the French reinsurer stepped up its takeover approach by pre-announcing a public tender offer for the remaining shares in its Swiss rival which it says it will make within six weeks.

The acquisition of Hub International for $1.7bn ($1.8bn including debt) is further proof of investors' growing interest in the broking sector – and the rising multiples being charged by sellers.