February 2009/3

Swizerland-based Paris Re's hopes for hiked reinsurance prices at the key 1/1 renewals were not fully realised with "meaningful increases”"only apparent in classes affected by losses, as loss free programs were...

Bermudian (re)insurer IPCRe saw its 2008 operating income fall by a relatively modest 19 percent to $258.7mn, compared to $317.9mn in 2007, as it revealed a loss ratio for the year of 40.2 percent.

QBE Europe confirmed last week it is to acquire the renewal rights and to the portfolio of mainly UK industrial and commercial property business written by Endurance Worldwide Insurance Ltd from London, taking on 30 Endurance employees in the process.

Despite concerns over its Standard & Poor's rating, Bermudian Everest Re saw its share price jump last week after its Q4 operating performance outstripped analysts' expectations.

Insurers hoping for successful subrogation against Boeing in a long-running battle over the defective 702 series satellites have been dealt a blow after an International Chamber of Commerce (ICC) arbitration panel ruled in favour of the aerospace manufacturer.

Class of 2001 (re)insurer Endurance joined the growing throng of reinsurers reporting sizeable drops in net income for 2008 as the impact of investment losses and the brunt of Hurricane's Gustav and Ike continue to slice through industry earnings.

Argo Group's full year 2008 net profit fell 56 percent to $62.9mn as underwriting losses at its international specialty segment, combined with modest investment write-downs and the loss of a flattering extraordinary item relating to the 2007 acquisition of PXRE Group, made their presence felt.

Former AIG chief executive Maurice 'Hank' Greenberg has made a scathing attack on the boardrooms of financial institutions accompanied by a robust defence of his faith in the ability of senior management to set things right if they are of the right calibr

As shipowners prepare to face another expensive protection and indemnity (P&I) renewal this week (20 February), Standard & Poor's has warned of growing pressure on the ratings of International Group (IG) P&I clubs.

AXIS Capital posted a 66.8 percent drop in full-year net income for 2008 to $351mn compared with $1.1bn for 2007, a result which founding CEO and president John Charman said reflected the negative impact of “the extreme volatility of the global financial markets” on the Bermudian’s alternative investment portfolio.

SP AusNet - the Australian energy firm owned by Singapore Power - has been filed with a class-action lawsuit relating to the deadly bushfires that swept across Victoria state earlier this month.

Maurice 'Hank' Greenberg, chairman and CEO of CV Starr & Co and founder and former CEO of troubled American International Group (AIG) expressed deep criticism of the impact mark-to-market, or fair value, accounting has had on the insurance industry.