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.

Aon Middle East has been authorised by the Qatar Financial Centre Regulatory Authority (QFCRA) to operate in Qatar.

The 2008 second quarter results - which began in earnest last week - demonstrate that rate softening has now become more "entrenched", according to Morgan Stanley.

Swiss Re has emerged as one of the possible bidders for the life assurance arm of Barclays Bank, according to reports.

Despite a widely predicated active hurricane season in the Atlantic, reinsurance broker Guy Carpenter is not expecting a particularly turbulent year for cyclone activity in the Pacific.

Shares in US giant American International Group Inc (AIG) made a gentle recovery last week buoyed by a Banc of America Securities (BOA) upgrade.

Two of the founders of Towergate subsidiary Fusion Insurance Services, Kevin Pallett and Geoff Crisp have stepped down from the company.

Rating agency AM Best has downgraded the financial strength rating of Scottish Re Group Ltd, plunging the embattled reinsurer further into junk territory.

Amlin plc has become the latest Lloyd's insurer to enter the US market after announcing the establishment of a representative office in Illinois taking advantage of Lloyd's admitted licence to operate in the state.

US national carriers and Florida-only insurers created a surge in demand for Industry Loss Warranties (ILWs) last month, according to Jim Bryce, president and CEO of Bermudian cat specialist IPCRe.

Arab Insurance Group (ARIG) saw its first half net profits slide as both underwriting and investment income deteriorated.

Spanish (re)insurer Mapfre has reported a 57.7 percent rise in first-half net profit year-on-year to EUR529.4mn.