February 2009/4

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

IPGL Ltd, which is 55.1 per cent-owned by City grandee Michael Spencer, sold its entire 12.18 percent stake in the AIM-quoted UK stockbroker Numis Corporation, last week.

Ironshore Inc is to grow further into American International Group (AIG) territory with a managing general underwriter (MGU) arrangement for its new environmental unit with Berkshire Hathaway subsidiary National Fire and Marine.

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

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

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

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...

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...

Advent Capital joined the calls for an overhaul of how the industry underwrites Gulf of Mexico energy risks after Hurricane Ike ripped through the firm’s reinsurance protection and led to a £24.2mn underwriting loss.

Bermudian-headquartered Flagstone Re has become the latest casualty of heavy investment losses as it slumped to fourth quarter and full-year net losses.

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...