February 2008/3

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is to be expanded for 2008 renewal, doubling available coverage to $100mn per peril.

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.

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.

US insurer WR Berkley Corp reported record net income of $744mn for 2007 despite seeing profits dip 7 percent in the final quarter.

Premium income in the life and non-life sectors showed healthy growth at Italian bancassurance group Assicurazioni Generali, boosted by consolidation last year.

German giant Munich Re has become the latest group to take advantage of the deregulated Brazilian market.

Investment banks are the architects of their own downfall through the collapse in the US sub-prime mortgage market, according to Warren Buffett.

Chaucer Holdings plc will own 100 percent of capacity on Lloyd's Syndicate 4000 after completing a deal to buy out Quanta's interests in Pembroke, the joint venture set up by the companies in 2006 after the Bermudian went into run-off.

US insurer HCC Insurance Holdings Inc has settled the class action lawsuit over its stock-option granting practices for $10mn.

Lloyd's (re)insurer Hardy Underwriting Group (HUG) has received court approval for its scheme of arrangement to redomicile its operations to Bermuda.

Aon Global has appointed Rob Woods as CEO of its London broking teams.

Lloyd's managing agency Novae Syndicates Limited has reported no deterioration in run-off reserves as it continues to successfully manage down its legacy business.