January 2009/4

Hannover Re has bought buy a book of US life reinsurance business from Scottish Re with estimated premium volume of $1.2bn in what it described as a "transformational step" for its global life unit.

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.

Adding the Madoff scandal to the list of litigation-spawning incidents which have caused a myriad of unprecedented dislocations in the financial system could be "the straw that breaks the camel’s back" for the professional and managerial indemnity markets

European insurers' pure solvency ratios are "extremely stretched" and 2009 will be an acutely difficult year for some of Europe's largest market participants, particularly in the life sector...

US insurer Navigators Group is pulling its energy, engineering and construction risks together into a new business unit, Navigators Technical Risk (NavTech).

Max Capital has revealed a negative return of approximately 20 percent on its alternative investment portfolio for 2008, prompting unrealised asset write-downs of around $233mn and a full-year loss and negative net operating return on average shareholders

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.

Brit Insurance Company appointed JP Morgan Cazenove to become its co-adviser and was rewarded with a downgrade two days later by the firm’s parent company, JP Morgan.

Bermuda-headquartered Lloyd's (re)insurer Catlin is predicted to swing to a full-year loss for 2008, and may need a capital infusion, according to Numis Securities.

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.

Creditors of collapsed Icelandic banks have brought legal actions in the UK High Court totalling £360mn to date.

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