July 2008/3

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.

Bermudian-headquartered Scottish Re has seen one of its subsidiaries sink further into junk status last week just days after the embattled reinsurer finally published its full-year results.

Willis Group Holdings named Gary Schmalzriedt as the chairman of its reinsurance brokerage, Willis Re, last week.

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).

Despite increased competition in the run-off sector and turbulence in the international credit markets, run-off specialist Randall & Quilter has revealed that there are still a number of business prospects it plans to explore.

Growth is imperative for insurers despite the fact that recent history warns that the pursuit of growth in the insurance industry should be eyed skeptically, says a report by analysts at US investment bank Morgan Stanley.

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.

Xchanging is poised to agree a major outsourcing deal with the expansive (re)insurance broker Cooper Gay & Co Ltd to take on the firm's back office functions, The Insurance Insider revealed last week.