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January 2008/5
  • XL downgrade will hurt competitive position, analysts warn
    Troubled XL Capital's downgrade to A by both AM Best and Fitch Ratings late last week would limit its competitive position, particularly in US casualty business, analysts have warned.
    28 January 2008
  • Lloyd's 2008 capacity almost static at £15.95bn
    Lloyd's has confirmed underwriting capacity at 1 January 2008 of £15.95bn, only fractionally down on the £16.1bn the market began 2007 with.
    28 January 2008
  • Assured Guaranty takes $302.9mn derivative loss
    In what proved to another brutal week for the monoline insurers, the financial guaranty and credit (re)insurance specialist Assured Guaranty Ltd (AGL) took a $302.9mn after-tax unrealised mark-to-market loss...
    28 January 2008
  • Towergate continues acquisition spree
    UK consolidator Towergate Partnership has bought Scottish broker, McAra Associates Ltd, together with the mortgage payment specialist, British Insurance.
    28 January 2008
  • Massachusetts subpoenas ailing bond insurers
    The US state of Massachusetts has issued subpoenas to ailing financial guaranty insurers Ambac Financial Group and MBIA Inc seeking disclosure on their exposure to sub-prime investments.
    28 January 2008
  • Fitch downgrades bond insurer SCA
    XL Capital's decision not to bail out Security Capital Assurance Ltd (SCA) and its financial guaranty insurance subsidiaries has led ratings agency Fitch to slash the bond insurer’s financial strength ratings from AAA to A.
    28 January 2008
  • Bear Stearns trebles sub-prime liability loss estimate to $9bn
    Predicted sub-prime losses for insured management and professional lines have shot up to $9bn from an earlier $3bn as notifications and class action lawsuits continue to mount, according to Bear Stearns analyst David Small.
    28 January 2008
  • Bermudian duo mull Heritage bid
    Bermudians Arch Capital and RenaissanceRe Holdings have emerged as the companies courting Lloyd's insurer Heritage Underwriting Agency, according to sources.
    28 January 2008
  • Analyst disappointed with Allianz preliminary figures despite improvement
    German financial services giant Allianz AG's pre-announced EUR10.8bn of 2007 operating profit, prompting analysts at Keefe, Bruyette & Woods (KBW), to revise their forecast for the firm from Underperform to Market Perform.
    28 January 2008
  • The Hartford reports strong Q4 earnings
    US insurer The Hartford Financial Services Group has reported core earnings of $840mn, or $2.66 per diluted share, in the fourth quarter of 2007, a 22 percent increase on the same period in 2006.
    28 January 2008
  • Markel sets new earnings record in 2007
    Specialty insurance group Markel Corporation has improved on last year's record performance despite seeing its combined ratio rise, it reported in its 2007 results.
    28 January 2008
  • Max considers 2008 acquisitions
    In a letter to shareholders Max Re chairman and CEO Marty Becker said the company would be looking to make acquisitions this year as it makes "economic sense" at this time in the reinsurance cycle.
    28 January 2008
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