February 2011/5

Bermuda-headquartered Aspen Insurance Holding has appointed Mario Vitale to oversee its US operations as the firm continues its ambitious plans for growth in the states.

Swiss Re said this morning (2 March) that the 22 February New Zealand earthquake will cost the firm approximately $800mn.

Malta-based captive run-off specialist Grafton (Europe) has had its A- rating with a stable outlook affirmed by AM Best.

Former Alea CEO Mark Cloutier has predicted a market full of opportunities for the legacy sector as 2011 progresses, claiming the industry was full of "the walking dead".

Extreme weather events and environmental disasters could cause a return of London market excess-of-loss (LMX) spirals, according to John LaBarbera of US law firm Cozen O'Connor.

London-based insurance-linked securities (ILS) investment manager Securis Investment Partners plans to launch a new fund on the main London Stock Exchange (LSE) next month.

Serial insurance-linked securities (ILS) issuer Chubb Corp is launching its fourth East Lane Re cat bond, seeking $200mn of cover against north-eastern US wind and earthquake losses.

UK and international P&C insurer RSA reported a 15 percent year-on-year drop in net profit to £355mn for 2010, led by weather losses that were £175mn worse than a year earlier and a £30mn Chilean earthquake hit.

The insurance arm of UK government-controlled the Royal Bank of Scotland Group (RBS) has slid into an operating loss for 2010 as it heads towards being sold in 2012.

Soon-to-be-acquired Brit Insurance revealed a 30 percent slide in full-year profits while also revealing that its year-end financials will be sufficiently good so as to ensure shareholders receive an additional payment from private equity duo Apollo and CVC.

Specialty insurer HCC saw profits slide a mere 2.5 percent in 2010 as it largely withstood high industry cat losses, torpid investment returns and falling rates.

Insurance giant Allianz lifted its 2010 group net income by 12 percent to EUR5.2bn on improved results from its P&C division.