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July 2008/4
  • ILWs are a 'mini hard market'
    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.
    28 July 2008
  • Advent shares slide as cat losses bite
    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.
    28 July 2008
  • Arch stays ahead of analyst estimates
    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.
    28 July 2008
  • Towers Perrin launches capital markets operation
    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.
    28 July 2008
  • UK Islamic insurer launches as Salaam Halal
    Britain's first dedicated Muslim insurance group, Principle Insurance Company Ltd has officially launched offering motor cover and trading as Salaam Halal.
    28 July 2008
  • US big guns continue to fire on contingents
    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.
    28 July 2008
  • Blue Coast $120mn cat bond set to close
    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.
    28 July 2008
  • Munich profit warning a bellwether for Q2s
    Munich Re's second quarter and full-year 2008 profits warning at the end of last week reflecting its weakened investment performance may serve as a bellwether for the (re)insurance industry as its bottom line continues to be hit by capital markets turmoil
    28 July 2008
  • XL faces day of reckoning
    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.
    28 July 2008
  • 2Qs show extent of softening rates
    The 2008 second quarter results - which began in earnest last week - demonstrate that rate softening has now become more "entrenched", according to Morgan Stanley.
    28 July 2008
  • Fusion founders step down
    Two of the founders of Towergate subsidiary Fusion Insurance Services, Kevin Pallett and Geoff Crisp have stepped down from the company.
    28 July 2008
  • AIG buoyed by upgrade
    Shares in US giant American International Group Inc (AIG) made a gentle recovery last week buoyed by a Banc of America Securities (BOA) upgrade.
    28 July 2008
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