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July 2008/3

  • As the global credit crisis continues to widen and deepen, separating companies whose share performance signals underlying concerns over the sub-prime fallout from those dragged down by the general stockmarket malaise is becoming increasingly difficult.
  • As D-day approaches for the protracted auction of RBS' Insurance operations there are now thought to be just three insurers firmly in the running.
  • As the second quarter earnings season begins in earnest, asset drag and casualty reserve releases are expected to emerge as dominant themes, while investors will look for guidance on the spate of weather-related losses and potential sub-prime liability...
  • Tropical Storm Dolly motion is expected to move into the Gulf of Mexico and head towards the US/Mexico border later in the week, according to the United States National Hurricane Centre.
  • Lloyd's is "better positioned" to weather the current insurance cycle thanks to recent initiatives to shore up capital and limit pressure on the central fund, according to rating agency Moody's.
  • Reinsurance broker Guy Carpenter & Company said there were no surprises as the market continued to soften at the 1/7 renewals.
  • Second quarter US cat losses, which the ISO has revised upwards to $6.03bn, are likely to hit the bottom line of personal as well as commercial lines insurers, according to the latest analysis from Fox-Pitt, Kelton.
  • UK motor underwriters were buoyed by the news that average premiums increased in the second quarter after reporting falling rates for the first quarter, according to the AA's Insurance Index.
  • Everest Re is to set up a representative office in Brazil after it received approval to operate in the newly-deregulated reinsurance sector in May, according to reports.
  • AM Best has left the ratings of Zurich Financial Services (ZFS) unchanged following the acquisition of a 50 percent stake in Spanish bank Banco Sabadell's insurance subsidiaries.
  • Hannover Re received its second ratings boost this year when AM Best upgraded its issue credit rating from A to A+ and affirmed its A financial strength ratings with a positive outlook last week.
  • The European Commission has cleared Berkshire Hathaway and Munich Re to complete their buyout of SCOR's stake in Global Aerospace Underwriting Managers (GAUM).