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February 2009/4
  • Lloyd's (re)insurer posts £24mn underwriting loss
    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.
    23 February 2009
  • Flagstone slumps to 2008 loss on investments
    Bermudian-headquartered Flagstone Re has become the latest casualty of heavy investment losses as it slumped to fourth quarter and full-year net losses.
    23 February 2009
  • IPCRe posts 40 percent loss ratio; profits slump on investments
    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.
    23 February 2009
  • Berkshire stock hits 5-year low
    Shares in Berkshire Hathaway hit fresh 5-year lows last week as financial market turmoil took its toll on the company's stock holdings and shareholders speculated that...
    23 February 2009
  • Hartford shares tumble again as fears return
    Troubled US insurer Hartford Financial saw its shares lose almost half of their value last week, leading a slide in life insurer stocks over growing concerns about the sector’s exposure to variable annuities and commercial mortgage-backed securities (CMBS).
    23 February 2009
  • Cat bonds return with $200mn Atlas V
    The Lehman Brothers-induced ILS drought finally ended last week with the completion of Scor's $200mn Atlas V catastrophe bond, and news that Goldman Sachs is marketing the renewal of Chubb's East Lane III.
    23 February 2009
  • Industry-wide European loss index closer to launch
    The much-anticipated European industry-wide loss index has drawn closer to fruition with the Swiss incorporation of Perils AG, a firm established to aggregate European windstorm exposure and loss data.
    23 February 2009
  • Swiss Re shares fall further after torrid week; another downgrade
    Swiss Re's share price plunged 19 percent last week as investors digested the replacement of the firm's CEO, the widely expected downgrade by Standard and Poor's and a poorly-received analysts' conference call with its board of directors.
    23 February 2009
  • Willis places Stanford FI cover in London Market
    Stanford Financial Group, the banking and investments group at the heart of $8bn fraud allegations from US regulator the Securities and Exchange Commission (SEC), bought directors' and officers' liability insurance (D&O), Bankers’ blanket bond insurance (BBB) and errors and omissions (E&O) cover in the London Market through global insurance broker Willis, The Insurance Insider can reveal.
    23 February 2009
  • People Moves
    Currie extends RenRe stay; new CRO named...
    23 February 2009
  • 1/1 renewals 'mixed' for Paris Re; cuts QS capacity
    Swiss-headquartered Paris Re's hopes for reinsurance price hikes at the key 1/1 renewals were not fully realised as it reported only "meaningful increases" in loss-affected classes, while loss-free programmes were either flat or with “very moderate” increases.
    23 February 2009
  • Generali downgraded on write-down concerns
    Assicurazioni Generali, one of Europe's largest insurers, saw its financial strength ratings cut last week on concerns over the impact of the financial turmoil.
    23 February 2009
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