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.

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.

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.

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.

Currie extends RenRe stay; new CRO named...

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

Atrium and Validus set up in Singapore...

Four potential bidders have been shortlisted as possible buyers for troubled insurance giant American International Group's (AIG) Philippine life insurance unit.

Catastrophe modeling firm AIR Worldwide has increased its French insured loss estimates for winter storm Klaus to between EUR500mn-EUR1bn.

Mapfre became the second (re)insurer to lose a AA- rating status last week after ratings agency Fitch downgraded the Spanish (re)insurer’s core subsidiary insurer financial strength (IFS) rating...