February 2007/5

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

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.

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.

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.

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.

Stephen Way has formally completed his departure from HCC Insurance Holdings, the company he founded in 1974, at the same time as the firm announced a 79 percent leap in profits last year.

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.

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.

Delaware insurance commissioner Matthew Denn had some harsh words for Royal & Sun Alliance (R&SA) despite giving the green light to spin-off its run-off US subsidiary last week.

Adrian Ryan, one of John Charman’s key lieutenants at AXIS Capital until his departure last year, has teamed up with Sean Dalton and Andrew Elliott, the former managing director and head of underwriting at Liberty Syndicates, to plan a new Lloyd’s syndica

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.