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February 2008/3
  • PARIS RE renewals supported by new business
    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.
    11 February 2008
  • Berkley sets annual record despite fourth quarter dip
    US insurer WR Berkley Corp reported record net income of $744mn for 2007 despite seeing profits dip 7 percent in the final quarter.
    11 February 2008
  • Buffett hits out at investment banks
    Investment banks are the architects of their own downfall through the collapse in the US sub-prime mortgage market, according to Warren Buffett.
    11 February 2008
  • Aon launches new global retail platform; Appel appointed head of Aon Re
    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...
    11 February 2008
  • Gen Re finite jury set to deliberate
    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.
    11 February 2008
  • Willis and Aon contrast on organic growth
    Broking giant Willis Group disappointed analysts after recording weak organic growth despite strong earnings in the fourth quarter.
    11 February 2008
  • Omega admits sale talks as M&A winds continue to blow
    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.
    11 February 2008
  • Re-audit boosts London's ECF figures despite target miss
    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.
    11 February 2008
  • Sub-prime D&O losses estimated at $3.6bn as writedowns surge
    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.
    11 February 2008
  • Liberty restructures operations
    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.
    11 February 2008
  • FSA sticks to principles despite challenging times
    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
    11 February 2008
  • RenRe to launch first cat bond; results hit by investment losses
    Veteran Bermudian reinsurer RenaissanceRe is to launch its first cat bond to provide US all natural perils cover.
    11 February 2008
  • Catlin to launch $240mn Newton Re II cat bond
    Catlin Group Ltd is poised to launch a second Newton Re cat bond providing $240mn of natural catastrophe perils coverage.
    11 February 2008
  • Caribbean cat fund expands for 2008
    The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is to be expanded for 2008 renewal, doubling available coverage to $100mn per peril.
    11 February 2008
  • HCC in $10mn settlement over share options
    US insurer HCC Insurance Holdings Inc has settled the class action lawsuit over its stock-option granting practices for $10mn.
    11 February 2008
  • Hardy takes next step towards Bermuda
    Lloyd's (re)insurer Hardy Underwriting Group (HUG) has received court approval for its scheme of arrangement to redomicile its operations to Bermuda.
    11 February 2008
  • Chaucer buys out Quanta's Pembroke stake at Lloyd's
    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.
    11 February 2008
  • Beazley sets up political risk division
    Lloyd's (re)insurer Beazley Group has set up a new division focusing on political and contingency risks.
    11 February 2008
  • AWAC reassures on sub-prime with record results
    Bermudian Allied World Assurance Company Holdings (AWAC) posted record 2007 net income of $469.2mn, edging ahead of the $442.8mn booked in the prior year as it reported its first results since buying out founding shareholder American International Group..
    11 February 2008
  • A tale of two Bermudians as ACE and XL report
    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.
    11 February 2008
  • Brazil welcomes Munich Re as admitted carrier
    German giant Munich Re has become the latest group to take advantage of the deregulated Brazilian market.
    11 February 2008
  • Generali reports strong results across the board
    Premium income in the life and non-life sectors showed healthy growth at Italian bancassurance group Assicurazioni Generali, boosted by consolidation last year.
    11 February 2008
  • Novae updates syndicate forecasts
    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.
    11 February 2008
  • Holt takes leave of absence from Amlin
    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.
    11 February 2008
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