February 2009/4

The wildfires that raged through Australia earlier this month will lead to insurance losses of at least $505mn (A$790mn), according to estimates.

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...

Florida's regulators approved State Farm's controversial plan to withdraw from the Sunshine State's property insurance market within two years.

Bermudian reinsurer Platinum Underwriters posted solid 2008 results last week, which saw it navigate the dual trials of Hurricane Ike and the second half investment meltdown relatively unscathed.

Straitened Australian insurer Insurance Australian Group (IAG) has raised $450mn ($287mn) after warning that its first-half profits will be adversely impacted...

(Re)insurers Arch Capital Group and Montpelier Re joined the crowd of Bermudians posting poor fourth quarter 2008 results, as the dire investment conditions took their toll.

Fairfax Financial Holdings Ltd continued to swim against the tide of financial turmoil as it reported its best ever annual profits on the back of record investment gains.

A class action lawsuit filed on 12 February under the US Employee Retirement Income Security Act (ERISA) has potentially opened up a new avenue for Madoff-related losses in the insurance industry.

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

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.

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

French insurance giant AXA saw its 2008 full year profit fall by 83 percent to EUR923mn as it suffered the effects of negative marks-to-market on its corporate bond portfolio...