July 2007/2

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.

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

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.

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