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.

Omega Insurance Holdings Ltd Lloyd’s Syndicate 958 has withstood the impact of hurricanes Katrina Wilma and Rita to post a profit for 2005, maintaining its pedigree of a pure underwriting profit in every year it has traded since its launch in 1980.

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.

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.

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.

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.

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.

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...

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.

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).

US broker Hilb Rogal & Hobbs’ (HRH) acquisition of London market broker Glencairn hit its 2007 earnings by $0.11 per share it revealed yesterday (25 February).