January 2009/4

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.

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.

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...

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.

Investment bank Merrill Lynch has agreed to pay out $475mn and $75mn to settle two class action lawsuits filed against it in relation to its sub-prime related losses.

Outgoing Hannover Re and E+S Rück CFO Elke König has been tipped for a role at giant reinsurer Swiss Re, according to sources.

Aioi Insurance, Mitsui Sumitomo (MSI), and Nissay Dowa confirmed plans to merge by April 2010, creating Japan's largest non-life insurer with a combined market value of approximately ¥1.4tn ($11bn).

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.

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.

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.

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.