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July 2008/4

  • (Re)insurance stocks on both sides of the Atlantic have plunged in trading as fears continue to linger over damage to the financial services sector from the fallout of the sub-prime and credit related crisis.
  • Allianz is poised to close a $120mn US catastrophe bond under an innovative new structure that is designed to minimise basis risk by drilling down to cover (re)insurers' actual loss exposures in greater detail.
  • XL Capital's short-call announcement yesterday that it would report second quarter results after markets close later today comes as speculation grows that the troubled Bermudian is set to reveal details of a strategy to turnaround its fortunes.
  • Flood damage and business interruption losses are likely to make up the largest proportion of insured losses after the first hurricane of the 2008 season hit the North American mainland.
  • US reinsurance broker Towers Perrin has launched a capital markets operation specialising in risk-linked securities, retirement risk transfer transactions and asset risk management services.
  • Aon Risk Services called on the New York attorney general and Department of Insurance to introduce greater transparency and consent standards for all insurance brokers operating in New York.
  • Lloyd's (re)insurer Advent Capital Holdings plc share price fell by over 5 percent in early trading today after revealing the extent of the year's heavy catastrophe claims.
  • Andrew Horton was upbeat in his first public appearance as the new Beazley CEO, as the Lloyd's (re)insurer became the first listed London Market player to announce its interim results last week which saw a 25 percent fall in profits and a slump in investm
  • Bermudian (re)insurer Arch Capital Group Ltd has seen second quarter net income fall slightly to $192.3mn or $2.92 per share, compared to $199.4mn or $2.65 per share, in the prior-year period.
  • Bermudian reinsurers Montpelier Re Holdings Ltd and Platinum Underwriters Holdings Ltd revealed mixed results for the second quarter as favourable reserve development helped soften the impact of weaker pricing.
  • A second consecutive quarter of heavy catastrophe losses took its toll on early reporting US insurers as profits slipped at Allstate Corp, Travelers, Liberty Mutual, WR Berkley and Chubb and Transatlantic Holdings.
  • The New York attorney general's office could be close to reaching a settlement with former American International Group (AIG) CEO Maurice "Hank" Greenberg, according to reports.
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