January 2009/4

Hiscox Ltd, the UK quoted (re)insurance group, has joined a growing number of (re)insurers reporting hardening US catastrophe rates in the key January renewals season.

The Chicago Mercantile Exchange (CME) has traded $30mn notional limit of its CHI hurricane cat futures in the first weeks of 2009, as reinsurance broker Carvill withdraws from the initiative which it founded in 2007.

AJ Gallagher is to acquire the renewal rights from a Liberty Mutual middle-market commercial property/casualty business in a deal potentially worth nine figures.

Shipowners face a hike in premiums next month after the International Group of P&I Clubs (IG) unveiled general increases on all classes of vessel in its excess of loss reinsurance renewal...

Bermudian (re)insurer Validus Holdings Ltd joined the crowd of underwriters increasing their loss estimates from Hurricane Ike as the harsh impact of the September 2008 storm continues to mount.

Bermudian-headquartered (re)insurer Aspen Insurance Holdings Ltd has endured a struggle to renew the reinsurance programme for its financial institutions (FI) book written out of London reflecting concerns over the sector's loss exposures, The Insurance Insider can reveal. 

Lloyd's insurer Chaucer Holdings plc confirmed last week that it is looking to raise additional capital after speculation had contributed to a near 40 percent slide in its share price this month.

The drag of Transatlantic Holdings' relationship with majority shareholder American International Group (AIG) was evident in the downgrade of its core operating companies' financial strength ratings from AA- to A+ by Standard & Poor's last week.

Bermuda-based (re)insurer Arch Capital Group has received approval in principle from the Lloyd's Franchise Board and UK regulator the Financial Services Authority (FSA) to establish a new managing agent and syndicate at Lloyd’s.

Ironshore Inc continued its raid on American International Group (AIG) with the appointment of a trio of executives to man a newly created US property/casualty operation.

Swiss Re led the slide in European insurance stocks on Friday (23 January) as its share price fell more than 20 percent amid concerns that it is set for a further round of heavy write-downs and may need to raise capital when it reports its fourth quarter

AIG appoints new chief investment officer; managerial restructuring...