January 2008/5

JRG Reinsurance Company has become the latest reinsurer to launch on Bermuda, with $250mn of capital to write working layer reinsurance business for US specialty insurers.

US insurance giant American International Group (AIG) has announced five appointments in an executive reshuffle.

January has continued to be a record month for derivatives trading platform Insurance Futures Exchange Services (IFEX), with a further 701 lots, or $7,010,000 of (re)insurance limit, traded last week.

(Re)insurance shares recovered from a turbulent last week in the markets clawing back ground by close of trading on Friday (25 January) after falls caused by fears of a US recession.

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.

A New York federal judge has approved a $13.5mn settlement to the securities class action launched by disaffected RenaissanceRe shareholders against the firm.

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.

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...

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.

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.

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.

Bermudians Arch Capital and RenaissanceRe Holdings have emerged as the companies courting Lloyd's insurer Heritage Underwriting Agency, according to sources.