February 2008/4

The acquisition of Caribbean property insurer Island Heritage boosted the premium income of "Class of 2005" reinsurer Flagstone Re, which rose 91 percent last year, it revealed in its 2007 results yesterday (18 February).

Lloyd's has confirmed it is in the process of making a formal application to become an admitted reinsurer in Brazil, a move first revealed by The Insurance Insider, following the country's plans to scrap its collateral requirements for higher rated reinsu

US retail broker Brown & Brown, Inc has announced an increase in its 2007 revenues in its results last week.

The Dubai International Financial Centre (DIFC) has entered into a joint venture with the London Court of International Arbitration (LCIA) as the emirate aims to establish itself as an international arbitration jurisdiction.

Analysts reacted with cautious optimism as organic growth boosted Marsh and McLennan Companies Inc’s (MMC) 2007 revenues in its 2007 results, which were published last week.

Bermudian (re)insurer Max Capital Group Ltd has posted net income of $303.2mn, or $4.75 per fully diluted share, for the 2007 financial year - a 40 percent increase on 2006 boosted by strong growth in life and annuity premiums.

Negative goodwill arising out of the reverse merger of PXRE Group has boosted specialty (re)insurer Argo Group's 2007 results.

Excess capital is limiting growth opportunities in the reinsurance sector according to Jim Bryce, president and CEO of Bermudian reinsurer IPC Holdings.

Airline rates rose by 10 percent in January as the airline market showed tentative signs it may have finally turned away from further softening, according to a report by Aon Aviation.

Bond insurer FGIC Corp has told regulators it wants to break into two in a bid to save its credit rating, according to a New York Insurance Department spokesman.

With 60 percent of Florida catastrophe premiums going to Bermuda, the island’s property cat reinsurers could be in for a windfall if legislation is passed next month to cut the temporary increase in the state fund and give $3bn of limits back to the marke

The acquisition of Lloyd's insurer Talbot has boosted Bermudian Validus' full year 2007 net income by around 120 percent year-on-year.

The Association of British Insurers (ABI) has warned that tougher planning controls are needed if flood insurance is to remain widely available for new homes in the UK.

Bermudian financial guaranty and credit (re)insurance specialist Assured Guaranty Ltd (AGL) fell to a loss of $260.1mn in the fourth quarter of last year after taking a $297.5mn sub-prime derivative hit.

The number of sub-prime related cases filed in federal courts is dramatically outpacing the savings-and-loan (S&L) litigation of the early 1990s, according to a recent study.

A significant reduction in the UK’s run-off liabilities has driven a EUR2bn decrease across Europe, according to a new survey launched by PricewaterhouseCoopers LLP (PwC) in conjunction with the Association of Run-Off Companies.

Royal Bank of Scotland Insurance (RBSI) has culled 100 middle managers as part of its ongoing restructuring that aims to align its disparate brands and prevent them undercutting each other.

US insurer Liberty Mutual Group saw profits fall 7 percent last year, down to $1.5bn from $1.6bn in 2006.

Zurich Financial Services Group's (ZFS) cost cutting plans helped push the company's profit to a record $5.6bn last year with improvements made across all its business divisions.

After two years characterised by more financial strength ratings upgrades than downgrades, AM Best has predicted actions will be more "fairly balanced" for US property and casualty (P&C) insurers in 2008.

Ron Sandler, the chairman of Bermudian insurer Ironshore Ltd and the former CEO of Lloyd's, has taken the helm at newly nationalised UK bank, Northern Rock.

All four major ratings agencies are ready to take action on American International Group (AIG) after the giant insurers shock admission that it faces far greater losses from its exposure to the continuing credit crisis than previously reported.

French reinsurer SCOR said 1/1 renewals confirmed the successful integration of last year’s acquisition of Converium, with a high retention rate and access to new business.

The jury has retired to consider its verdict in the trial of Gen Re and American International Group (AIG) executives over an allegedly sham finite reinsurance contract.