July 2008/2

Reinsurance software specialist Q.Know Technologies Inc is understood to have closed doors to new business as the firm undergoes “financial restructuring”, The Insurance Insider can reveal.

Tropical windstorm Bertha - named the first Atlantic hurricane of 2008 - will skirt past Bermuda, after an unprecedented early start to the hurricane season.

Investor pressure is thought to have been the key driver behind Zurich Financial Services (ZFS) sudden exit from the bidding process for the insurance business of the Royal Bank of Scotland (RBS) announced last Thursday (11 July).

Insured losses from natural catastrophes so far this year have totalled $13bn in a period that will be remembered for years to come for its high natural catastrophe death toll, according to reinsurance giant Munich Re.

The Securities and Exchange Commission (SEC) has revealed "significant weaknesses" in ratingspractices following a 10-month investigation into rating agencies Moody's, Fitch and Standard & Poor's (S&P).

Lloyd's broker SSL is to move into the reinsurance arena with a new division headed by former Glencairn executive Jeffrey Wright.

With the announcement by Swiss Re last week that Stefan Lippe is to become group deputy CEO and COO, replacing Andreas Beerli, the reinsurance giant appears to be refocusing its attentions on the underwriting side of the business.

The US Treasury and Federal Reserve has attempted to stave off a further deepening of the credit crunch with plans for a temporary increase in a longstanding credit line for beleaguered mortgage giants Fannie Mae and Freddie Mac.

Recently launched SME online marketplace Coverzones has secured further funding with an investment from UK insurer MMA as it looks to expand its business, The Insurance Insider can reveal.

Following the withdrawal of Zurich Financial Services (ZFS) from the bidding process, the sale options for Royal Bank of Scotland's (RBS) insurance business look to be dwindling - along with the value the banking giant can expect to extract from the unit.

New Insurance Australia Group (IAG) CEO Michael Wilkins detailed a much anticipated restructure last week that will see the Australian insurer withdraw its investment from Lloyd's Syndicate Alba and sell some of its UK-based motor insurance operations.

Marsh has made an out of court settlement with United Insurance Brokers (UIB) over claims that the broker poached senior aviation staff, according to reports.