February 2008/3

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.

Tony Holt, the respected industry veteran and head of Amlin's underwriting has taken a leave of absence from the Lloyd's insurer because of ill-health.

Aon Corp unveiled a major restructuring last week which saw the launch of a new global insurance business led by two of the firm's frontline generals, Steve McGill, the head of the firm's Americas division, and Ted Devine...

The jury in the trial of five former senior US industry executives charged with transacting an allegedly sham finite reinsurance contract between the two firms is due to retire shortly.

Sustained profit performance bolstered by prior-year reserve releases emerged as a common theme among Bermudians reporting fourth quarter and full year 2007 results.

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.

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.

Catlin Group Ltd is poised to launch a second Newton Re cat bond providing $240mn of natural catastrophe perils coverage.

Sub-prime related writedowns in the financial services sector have surged in the last month, so far wiping a total of $257bn from the balance sheets of companies worldwide, according to the latest figures from information provider Advisen.

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.

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

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