July 2007/2

Liechtenstein-based liability insurer Gable Insurance had its shares suspended from the AIM stock exchange at 16p after missing the deadline to post its audited results for 2006.

US insurer The Travelers Cos announced last week it has settled one its largest asbestos cases for a total of $449mn.

Forecaster Tropical Storm Risk (TSR) has lowered its prediction for the North Atlantic hurricane season from 55 percent above the norm to 40 percent.

Lloyd’s insurers Hiscox plc and Kiln plc have confirmed they intend to reduce their capacity limits next year reflecting the declining market rates.

The scale of the UK’s flood damage is now likely to cost the insurance industry more than £1.5bn, according to the Association of British Insurers (ABI).

On the eve of publication of the European Commission (EC) Solvency II directive, (re)insurance groups and niche players are set to benefit from the proposed capital changes, but mid-sized, generalist companies may lose out, according to accounting firm P

Bermudian firm Aspen Insurance Holdings is to enter the Professional Liability Insurance market later this year through its UK operation.

Last week saw the launch of renewable energy underwriting initiatives by Lloyd’s insurer Ascot Underwriting, and ACE European Group in anticipation of growth in the alternative energy sector.

Lloyd’s members’ agent Hampden Agencies Ltd is set to derail the proposed merger of AIM-listed insurer Heritage Underwriting Agency plc’s syndicates, after it recommended that Names reject the plan.

Insurers are electing to retain more risk, which is fuelling greater competition among reinsurers, according to Willis Re’s review of the mid-year renewals published last week.

Relations between Catlin Group Ltd and AM Best appear to have thawed with the Bermuda-headquartered (re)insurer welcoming the agency’s move to assign ratings to its US admitted lines operation, and upgrade Catlin Specialty Insurance Company (CSIC).

Sagicor joined its Caribbean rival Guardian Holdings Ltd in having a Lloyd’s presence after it acquired Gerling at Lloyd’s, and its Syndicate 1206, last week.