February 2008/2

Swiss Re has reported 2007 net income down 9 percent to SFr4.2bn, as its fourth quarter figures were decimated by a previously announced SFr1.2bn writedown of credit default swaps (CDS) in November.

Shares in American International Group (AIG) slid by more than 7 percent in early trading after the insurer announced the biggest quarterly loss in its history driven by a $11.12bn pre-tax writedown in its financial products division, AIGFP.

The appointment of Peter Zaffino as CEO of Guy Carpenter and Britt Newhouse as chairman does not signify “internal problems” at the reinsurance broker, according to one analyst.

US lawyers have brought a class action lawsuit against Swiss Re in connection with last November’s SFr1.2bn writedown of two credit default swap (CDS) contracts.

Amlin's standing as a leader amongst the quoted Lloyd’s insurers was reinforced today with "record" results that included a 30 percent leap in pre-tax profits to £445mn and a lowly 63 percent combined ratio.

Guy Carpenter has suddenly replaced its chief executive David Spiller with Peter Zaffino, the firm's head of US treaty operations, The Insurance Insider can reveal.

RSA has sold Guildhall Insurance Company to Enstar Group in a move that continues the group's disposal of its legacy business.

Directors’ and officers’ (D&O) rates for financial institutions have surged as the impact of the sub-prime crisis takes grip, according to new research.

As broadly healthy earnings continue to be set against the threat of the softening market, AM Best has affirmed its stable outlook on the reinsurance sector, with a minority of upgrades and downgrades expected to balance out around a majority of...

UK general insurer Royal & Sun Alliance (RSA) bounced back to a profit of £638mn for 2007 despite taking a hit from last summer’s UK floods.

A US jury has returned a verdict of guilty on all counts in the trial of Gen Re and American International Group (AIG) executives over a sham finite reinsurance contract between the two companies.

Further concerns have emerged over the future of XL Capital affiliate Security Capital Assurance (SCA), after the monoline bond insurer’s ratings were slashed by Standard & Poor’s (S&P).