January 2008/3

Lloyd's insurer Amlin plc has seen its premium income drop 7 percent so far at the January renewals reflecting weaker market conditions.

Stockbroker Equity Development are upbeat about Randall & Quilter Investment Holdings (R&Q)'s prospects following its recent initial public offering and approval to establish a Bermudian reinsurer, R&Q Re (Bermuda) Ltd.

Despite falls in UK insurance stocks over the last six months, valuations broadly remain ahead of their US and Bermudian property casualty counterparts, according to research by Numis Securities.

Florida's insurer of last resort, Citizens Property Insurance Corp, is mulling the prospect of buying reinsurance cover to protect itself against this year's hurricane season, Insider Week can reveal.

Recently merged New York law firm Dewey & LeBoeuf LLP has opened an office in Dubai, with a primary focus on corporate finance.

Trading Risk, the new publication from the publishers of The Insurance Insider and Insider Week, launches tomorrow (15 January).

Run-off (re)insurer Alea Group Holdings has agreed to "fully and finally" commute all exposures under an excess-of-loss reinsurance treaty which will see the firm record a net loss of around $8.8mn in the 2007 fourth quarter.

Former General Re senior vice president Richard Napier has lifted the lid on the allegedly sham finite reinsurance deal with American International Group.

Angus Simpson has resigned as managing director of London market broker Glencairn Ltd after 10 years at the firm.

Derivatives platform Insurance Futures Exchange Services (IFEX) which began trading in US hurricanes as futures contracts last September, now has cumulative trading volumes totalling more than $31mn of (re)insurance limit, equivalent to 3,100 lots, it rev

Ratings agency Moody's has downgraded the senior secured debt ratings of giant bond insurer MBIA Inc, on the back of "various financial developments and capital initiatives" recently announced by the firm.

Countrywide Financial, one of the US's largest mortgage lenders heavily affected by the sub-prime lending debacle, has been purchased by Bank of America in a $4bn all-share deal.