February 2009/4

The cost of casting off its problem child banking arm Dresdner dragged Allianz to a worse than expected full year loss of EUR2.44bn, compared to a net profit of EUR7.97bn in 2007.

Australian property and casualty insurer QBE has posted a solid 2008 performance compared with its peers, with after-tax profits of A$1.86bn as investment losses were offset by foreign exchange gains.

Despite a stellar set of 2008 results that include a 13 percent rise in pre-tax profits, RSA is to cut 1,200 jobs in the UK by mid 2010 as part of a £70mn cost cutting exercise.

The future of American International Group (AIG) hangs in the balance amid reports that the fallen insurance giant is in advanced discussions with the US government that could see it broken up into state-controlled divisions to keep it from bankruptcy.

US insurer Liberty Mutual is set to sponsor another cat bond with the launch of its $200mn Mystic Re III transaction – taking the tally of insurance linked securities (ILS) issuance to $550mn for 2009.

All eyes will be on American International Group (AIG) in the coming days amid fears that it is set to unveil the largest quarterly loss in US corporate history that could see it teeter once again on the edge of bankruptcy.

ARC Congress, 2009 PLUS D&O Symposium, more fourth quarter and FY results...

Atrium and Validus set up in Singapore...

In a sign of hardening prospects for the insurance market, Aon has structured a five-year “cost certainty” insurance deal with global defence and aerospace company BAE systems.

Currie extends RenRe stay; new CRO named...

The Centre for the Study of Financial Innovation's (CSFI) annual Insurance Banana Skins survey - which asks respondents to rank the risks facing the industry - has placed investment performance as the key challenge facing insurers in 2009.

A federal judge approved a $69mn settlement in a policyholder class action against Marsh & McLennan (MMC) over an investigation into an alleged nationwide bid-rigging scheme, and separately awarded $19mn in legal fees connected to the case.