February 2008/3
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Sustained profit performance bolstered by prior-year reserve releases emerged as a common theme among Bermudians reporting fourth quarter and full year 2007 results.
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Analysts continue to focus on uncertainty surrounding Bermudian giant XL Capital as the troubled (re)insurer reported fourth quarter earnings in line with last month's sub-prime loss fuelled profits warning.
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UK regulator the Financial Services Authority (FSA) has published its 2008/9 business plan, with a focus on "heightened supervisory oversight" in areas such as firms' liquidity, adequacy of stress testing and "general operational preparedness for unexpect
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Omega Insurance Holdings Ltd became the latest Lloyd's insurer mentioned as a possible M&A target after confirming last week that it is in talks with a "number of parties" over a potential takeover.
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Veteran Bermudian reinsurer RenaissanceRe is to launch its first cat bond to provide US all natural perils cover.
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The eagerly awaited 2007 electronic claims file (ECF) figures at the end of last month revealed that the Lloyd's market had missed the 100 percent year-end target for take-up despite a significant improvement in December.
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Catlin Group Ltd is poised to launch a second Newton Re cat bond providing $240mn of natural catastrophe perils coverage.
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The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is to be expanded for 2008 renewal, doubling available coverage to $100mn per peril.
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Lloyd's (re)insurer Liberty Syndicates has announced a reshuffle of its underwriting and risk management units in order to "give greater clarity to the business" and to ensure it is "well positioned to meet changing market needs", according to the firm.
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PARIS RE Holdings Ltd said today it had successfully migrated its portfolio of business from AXA RE onto its own paper at 1/1 renewal.
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German giant Munich Re has become the latest group to take advantage of the deregulated Brazilian market.
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Broking giant Willis Group disappointed analysts after recording weak organic growth despite strong earnings in the fourth quarter.
