July 2007/2

Companies who think more astutely about managing their risk exposures will reduce the volatility in the cost of financing risk, according to a report by broker Marsh.

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.

Accountancy firm Price Waterhouse Coopers (PwC) has settled a lawsuit for $225mn with fraud-riddled manufacturing conglomerate Tyco International, over claims that it ignored fraud committed by top executives at the firm.

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

Hannover Re is to open a branch office in Bahrain to support the (re)takaful business it opened in the kingdom last year.

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

UK motor insurer Highway Insurance Holdings plc said last week that its broking subsidiary has agreed to spend £2mn on a book of 32,000 private car policies from Budget Group-owned intermediary Local Broker.

Lloyd’s listed company Amlin plc became the latest insurer to obtain greater control of its distribution networks when it acquired the underwriting agency Allied Cedar Insurance Group last week.

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.

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

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.

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).