January 2008/4

US catastrophe claims reached $6.5bn in 2007, one of the lowest figures during the past decade, according to preliminary analysis by ISO's Property Claim Services Unit (PCS).

Legacy managers must adapt to the demands of new-style run-off portfolios if the sector is to be "genuinely perennial", according to Philip Grant, chairman of the Association of Run-Off Companies (ARC).

UK general insurer Royal & Sun Alliance plans to open offices in key provinces across China starting this year.

Paul Karon, CEO of reinsurance intermediary Benfield’s US division, has sold more than half his stock in the company.

Simon Millar, a director at troubled property services group Erinaceous, has defected to broker Lockton's real estate & construction division.

The testimony of former General Re senior vice president Richard Napier continued at the trial of five executives over an allegedly sham finite reinsurance deal with American International Group (AIG).

Bermudian reinsurer Everest Re has revealed that it would be posting a $311mn pre-tax charge, significantly above analyst expectations of $200mn, to strengthen its reserves after completing a study of its asbestos exposures.

RK Carvill has expanded its offering of hurricane derivatives on the Chicago Mercantile Exchange (CME) and confirmed partnerships with Deutsche Bank and derivatives broker Tradition Financial Services (TFS) ahead of the 2008 hurricane season.

Lloyd's insurer Heritage Underwriting Agency remains a target for predators despite the withdrawal of Ironshore Inc's takeover interest, which was first revealed by The Insurance Insider.

Shares in Marsh & McLennan Group (MMC) spiked to $28.37 Thursday (17 January) - up 8 percent on their opening price - as news broke of an approach from rival Willis Group to open takeover talks for its larger rival.

Private equity-backed Lloyd's insurer Canopius Group Ltd is continuing its expansion strategy with a Dublin-based operation that will initially specialise in structured reinsurance.

Falling rates in US directors' and officers' (D&O) liability lines dropped 11 percent in the final quarter of last year - far outstripping decreases in other lines of business tracked by Advisen for the RIMS Benchmark Survey.